Insider Brief
- Wa’ed Ventures, a $500 million fund owned by Aramco, has allocated $100 million for early-stage AI investments to bolster Saudi Arabia’s position as a global AI hub, aiming to drive economic growth and attract international talent.
- An advisory board of AI leaders from top institutions, such as Meta, Amazon, MIT, and Oxford, has been appointed to support deal sourcing and help localize global startups within the Kingdom.
- In line with Saudi Arabia’s projected $135 billion AI-driven GDP growth by 2030, Wa’ed has recently invested in AI infrastructure players, including Rebellions from Korea and California-based AiXplain.
PRESS RELEASE — Wa’ed Ventures, the $500 million venture capital fund wholly owned by Aramco, announces earmarking $100 million for early-stage AI investments, a bold move to support positioning the Kingdom as a global AI hub.
To aid with strategic deal sourcing and accelerate localization for global startups, an advisory board consisting of globally renowned leaders in Artificial Intelligence (AI) has already been appointed by Wa’ed Ventures. The board members come from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship; having worked in Meta, Amazon, MIT, Oxford and other top-rank institutions.
“Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem. By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in Artificial Intelligence. This investment will not only incentivize local entrepreneurs but also support the localization of global talent, ultimately unlocking the immense potential of AI,” said Anas Algahtani, Acting Chief Executive Officer of Wa’ed Ventures.
According to a recent report by PwC, Saudi Arabia’s gain from AI is expected to exceed other countries in the Middle East with an estimated $135 billion in value by 2030. This would position Artificial Intelligence as one of the leading economic drivers, composing more than 12% of the country’s total GDP by 2030.
Wa’ed’s new AI strategy marks another initiative by the fund in keeping with its commitment towards investing in high-potential AI applications and infrastructure players. During the past few months, Wa’ed Ventures announced its investment in the Korea AI chip company Rebellions, as well as the California-based startup AiXplain, a leading provider of essential infrastructure for accelerated AI development.
About Wa’ed Ventures
Wa’ed Ventures is a $500 million venture capital fund wholly owned by Aramco to promote economic diversification and new business growth in the Kingdom by investing in high-growth tech startups across multiple sectors. Established in 2013, Wa’ed Ventures manages a portfolio of 70+ startups, providing end-to-end support to startups from funding to providing access to partner resources. The company is located in the city of Dhahran, Saudi Arabia. For more information, please visit: www.waed.net
For more information, please contact:
Nagham Aleithan
Email: nagham.aleithan@waed.net
