Aramco’s $500 million venture capital fund, Wa’ed Ventures, has made the audacious decision to set aside $100 million for early-stage AI investments in an effort to help establish the Kingdom as a major hub for AI worldwide.
An advisory board of internationally recognized leaders in artificial intelligence (AI) has already been appointed by Wa’ed Ventures to help with strategic deal sourcing and speed up localization for international startups. As former employees of Meta, Amazon, MIT, Oxford, and other prestigious institutions, the board members have a variety of backgrounds in the AI industry, including policymaking, research, academia, and entrepreneurship.
“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 incentivise local entrepreneurs but also support the localisation of global talent, ultimately unlocking the immense potential of AI,” said Anas Algahtani, Acting Chief Executive Officer of Wa’ed Ventures.
A recent PwC report estimates that by 2030, Saudi Arabia will benefit more from AI than any other Middle Eastern nation, with an estimated $135 billion in value. By 2030, artificial intelligence would account for over 12% of the nation’s GDP, placing it as one of the main economic drivers.
In keeping with its dedication to investing in high-potential AI applications and infrastructure players, Wa’ed has launched a new AI strategy. Wa’ed Ventures has announced in recent months that it has invested in the California-based startup AiXplain, a leading supplier of critical infrastructure for accelerated AI development, as well as the Korean AI chip company Rebellions.
