Zhitong Finance has learned that Saudi Aramco’s venture capital arm has allocated US$100 million to invest in artificial intelligence startups to accelerate Saudi Arabia to become a more competitive force in the global artificial intelligence field. Wa'ed Ventures has appointed an advisory board made up of former employees from companies including Meta and Amazon to explore early-stage investments in the space. According to the company, the funds will be deployed over the next three years.
"This investment will not only inspire local entrepreneurs but also support the localization of global talent," Wa'ed acting CEO Anas Algahtani said in a statement on Sunday.
The $500 million venture capital arm of state-owned oil giant Saudi Aramco has stepped up investment in artificial intelligence this year as Saudi Arabia aims to transform itself into a top 15 country in artificial intelligence. The fund recently invested $15 million in South Korean chipmaker Rebellions Inc. and has also participated in funding rounds for artificial intelligence platform AIXplain and Peter Thiel-backed Tenderd.
Saudi Arabia’s AI strategy is to use data and AI to drive an economic diversification agenda known as Vision 2030 over the next decade, and then start competing globally after 2030. It has been competing with the United Arab Emirates for investment in artificial intelligence, with both countries racing to build expensive data centers to support the technology and become the region's tech superpower.