Saudi Aramco's Wa'ed Ventures Commits $100M to AI Startups

Team S · 2024-10-28T12:36:57.000Z

Saudi Aramco's venture capital arm, Wa'ed Ventures, has announced a $100 million investment initiative for AI startups, to be deployed by 2027. This strategic move aligns with Saudi Arabia's ambitious goal to become a global AI leader and secure a position among the top 15 nations in the field. Anas Algahtani, acting CEO of Wa'ed, emphasized that this investment aims to stimulate local entrepreneurship and attract global talent to the region. The initiative is part of Saudi Arabia's broader economic diversification plans, known as Vision 2030, which seeks to leverage data and AI technologies to drive growth beyond the oil sector. Wa'ed Ventures, Saudi Aramco's $500 million venture capital division, has already made significant strides in the AI space. Recent investments include a $15 million stake in South Korean chipmaker Rebellions, as well as participation in funding rounds for AI platform aiXplain and Peter Thiel-backed company Tenderd. This AI-focused investment strategy is part of a larger regional competition with the United Arab Emirates, as both nations vie for the title of regional tech superpower. Both countries are heavily investing in data centers to support AI technologies and drive their respective tech ecosystems. https://www.offshore-technology.com/news/saudi-aramco-waed-ventures-ai/

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Saudi Aramco's Wa'ed Ventures Commits $100M to AI Startups | Newnex