Aramco expands global venture capital programme with $4 bn injection

TDT | Manama                                                     

The Daily Tribune – www.newsofbahrain.com

Aramco has allocated an additional $4 billion to its global venture capital arm Aramco Ventures, more than doubling the capital allotted to it, from $3 billion to $7 billion, according to a press release from Aramco.  

Aramco’s overall venture capital allocation is $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures, which focuses on the start-up ecosystem in the Kingdom of Saudi Arabia.

 “The decision reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative startups. In doing so, it aims to help advance the company’s longterm strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.”  

Ahmad Al Khowaiter, Aramco Executive Vice President of Technology and Innovation, said that innovation is important in addressing important challenges facing the world today, including the energy transition.