Wa’ed Ventures, a wholly owned subsidiary of Saudi Aramco with a capital of $500 million, has allocated $100 million to invest in global startups specializing in AI in their early stages.
To strengthen its strategy in this sector and accelerate localization, the fund has appointed an advisory board comprising global AI experts with diverse backgrounds in research and development, entrepreneurship, and leadership roles in major companies such as Meta and Amazon, as well as prestigious institutions like MIT and Oxford.
In this regard, Anas Al Qahtani, Acting CEO of Wa’ed Ventures, emphasized that this AI-focused investment reflects the fund’s deep understanding of the entrepreneurial ecosystem in the Kingdom. He stated that the aim is to foster innovation and support the growth of startups in this vital sector, adding, “Through this investment, we aim to accelerate the development of advanced technologies, contribute to economic growth, improve quality of life, and position Saudi Arabia as a global hub for AI, opening doors for both local and international talent in this promising field.”
