Wa’ed Ventures, the $500 million venture capital arm of Aramco, has committed $100 million to early-stage artificial intelligence (AI) investments. This initiative reinforces Saudi Arabia’s ambition to become a global leader in AI. The move aligns with the Kingdom’s broader vision to position AI as a key economic driver, with projections suggesting that AI could contribute $135 billion, or over 12% of Saudi Arabia’s GDP, by 2030, according to a recent PwC report.
Expert Advisory Board for Strategic Deal Sourcing
To strategically source promising deals and accelerate the localization of global AI technologies, Wa’ed Ventures has formed an advisory board featuring prominent AI experts from various fields, including policymaking, research, academia, and entrepreneurship. This board comprises members with extensive experience from leading organizations and institutions, such as Meta, Amazon, MIT, and Oxford, further highlighting Wa’ed’s commitment to fostering innovation within the Kingdom.
Driving Economic Growth and Localization of Talent
Anas Algahtani, Acting CEO of Wa’ed Ventures, stated, “Our decision to invest in AI stems from a deep understanding of Saudi Arabia’s rapidly evolving ecosystem. By supporting AI startups, we aim to drive economic growth, enhance quality of life, and position the Kingdom as a global leader in artificial intelligence. This investment will not only inspire local entrepreneurs but also aid in the localization of global talent, unlocking AI’s immense potential in Saudi Arabia.”
Recent Investments Reflect Commitment to Innovation
In line with this strategy, Wa’ed Ventures has recently invested in Rebellions, a South Korean AI chip manufacturer, and AiXplain, a California-based company specializing in infrastructure for accelerated AI development. These investments reflect Wa’ed’s ongoing dedication to high-potential AI applications and infrastructure, solidifying the fund’s role in cultivating an AI-powered ecosystem within the Kingdom.
By focusing on early-stage investments, Wa’ed Ventures is ready to provide essential support to both local and global AI startups, fostering technological innovation and propelling Saudi Arabia to the forefront of the global AI landscape.
