Wa’ed Ventures, Aramco’s $500 million venture capital fund, has earmarked $100 million for early-stage AI investments.
To support this initiative, Wa’ed Ventures has appointed an advisory board of global AI leaders from institutions such as Meta, Amazon, MIT, and Oxford. These experts, with backgrounds in policymaking, research, academia, and entrepreneurship, will aid in sourcing strategic deals and accelerating the localization of AI-focused startups within the Kingdom.
“Our decision to allocate funds to AI investments reflects our commitment to fostering innovation in Saudi Arabia’s growing ecosystem. By supporting AI startups, we aim to accelerate technological advancements that will drive economic growth, improve quality of life, and establish Saudi Arabia as a global leader in AI. This initiative will also encourage local entrepreneurship and attract global talent to the Kingdom,” said Anas Algahtani, Acting CEO of Wa’ed Ventures.
A PwC report forecasts that AI will contribute an estimated $135 billion to Saudi Arabia’s economy by 2030, making up more than 12% of its GDP. This underscores AI’s role as a key driver of economic growth.
Wa’ed’s new AI strategy follows recent investments in AI chip company Rebellions and California-based startup AiXplain, demonstrating the fund’s commitment to advancing AI infrastructure and high-potential applications.
