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Aramco Announces Strategic Partnership with Zoom, Increase in Funding for Wa’ed Ventures

Aramco President and CEO, Amin Nasser, addresses the second edition of LEAP in Riyadh, Saudi Arabia. (Aramco)
Aramco President and CEO, Amin Nasser, addresses the second edition of LEAP in Riyadh, Saudi Arabia. (Aramco)
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Aramco Announces Strategic Partnership with Zoom, Increase in Funding for Wa’ed Ventures

Aramco President and CEO, Amin Nasser, addresses the second edition of LEAP in Riyadh, Saudi Arabia. (Aramco)
Aramco President and CEO, Amin Nasser, addresses the second edition of LEAP in Riyadh, Saudi Arabia. (Aramco)

Saudi Aramco announced on Monday a strategic partnership with Zoom and an increase in funding for Wa’ed Ventures. The announcements were made at the second edition of LEAP, a major international technology conference held annually in Saudi Arabia.

The strategic partnership with Aramco aims to build Zoom’s first global data center in the Kingdom, to support the digital transformation ecosystem. The data center is expected to connect to the Zoom global data center network and will serve Saudi Arabia and the region.

With Aramco, Zoom will also explore the joint development of innovative technology solutions for the energy sector. The partnership aims to contribute to the digital transformation of various market sectors, such as energy, industry, education and healthcare.

Aramco also announced additional funds had been allocated by the company to Wa’ed Ventures, increasing the size of its Kingdom-focused venture capital arm from $200m to $500m. The increase aims to enable the company to deliver an accelerated investment performance regionally and globally.

Wa’ed Ventures aims to localize global frontier technologies to advance the Kingdom’s innovation ecosystem; expand investments in mid and growth-stage startups; and fund underserved domains such as environmental, social and governance, the metaverse and quantum computing.

Aramco President and CEO Amin Nasser said: “Our establishment of a diversified network of partners has helped us maintain a track record of reliability, and our new strategic partnership with Zoom is expected to further enable innovative solutions focusing on the digital transformation ecosystem.”

“Furthermore, with an expanded fund size, Wa’ed Ventures aims to facilitate the cross-pollination of innovation between the global and local markets.”

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Oil Prices Flat as Investors Await US Inventory Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
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Oil Prices Flat as Investors Await US Inventory Data

A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo
A pumpjack brings oil to the surface in the Monterey Shale, California, US April 29, 2013. REUTERS/Lucy Nicholson/File Photo

Oil prices traded flat on Thursday as investors eye developments in the Middle East and more details on China's stimulus plans, and await the release of official US oil inventory data.
Brent crude futures were down 4 cents to $74.18 a barrel by 0648 GMT, while US West Texas Intermediate crude futures were at $70.37 a barrel, down 2 cents.
Both benchmarks settled down on Wednesday, closing at their lowest levels since Oct. 2 for a second day in a row, said Reuters.
The benchmarks are down 6-7% so far this week after the Organization of the Petroleum Exporting Countries (OPEC) and the International Energy Agency cut demand forecasts for 2024 and 2025.
Prices have also fallen as risk premiums have cooled with fears having eased that a retaliatory attack by Israel on Iran could disrupt oil supplies, though uncertainty remains over conflict in the Middle East.
"We are now playing a waiting game for two things. Firstly, the China NPC (National People's Congress) standing committee to flesh out the details and the size of the fiscal stimulus package which I believe is coming," Tony Sycamore, IG market analyst in Sydney, said.
Investors are waiting for further details from Beijing on its broad plans announced on Oct. 12 to revive its ailing economy.
China said on Thursday it would expand a "white list" of housing projects eligible for financing and increase bank lending for such developments to 4 trillion yuan ($562 billion) as it aims to shore up its ailing property market.
Sycamore said Israel's response to Iran's recent attack was the second major focus for the market.
"It's coming, we know that but we don't know when," he said, adding that both factors created upside risks for crude oil prices.
In Iran, the authorities are working to control an oil spill off Kharg Island, the country's IRNA news agency reported on Wednesday.
"It appears to be unrelated to the Israel-Hamas war, but it drew attention to Iran's oil export facilities," ANZ analysts said in a note.
In the US, crude oil and fuel stocks fell last week, market sources said, citing American Petroleum Institute figures on Wednesday, against expectations of a build-up in crude stockpiles.
Crude stocks fell by 1.58 million barrels in the week ended Oct. 11, the sources said on condition of anonymity. Gasoline inventories fell by 5.93 million barrels, and distillate stocks fell by 2.67 million barrels, they said.
Ten analysts polled by Reuters had estimated on average that crude inventories rose by about 1.8 million barrels in the week to Oct. 11.
"Any signs of weak demand in EIA's weekly inventory report could put further downward pressure on oil prices," ANZ analysts said.
The Energy Information Administration, the statistical arm of the US Department of Energy, will release its data at 11 a.m. EDT (1500 GMT) on Thursday.
Also supporting oil prices, the European Central Bank is likely to lower interest rates again on Thursday, the first back-to-back rate cut in 13 years, as it shifts focus from cooling inflation in the euro zone to protecting economic growth.