Saudi Aramco's Wa’ed Ventures Allocates $100 Million for AI Investments, Taps Ex-Meta and Amazon Talent

Oct 27, 2024, 07:41 AM

Saudi Aramco's venture arm, Wa’ed Ventures, has allocated $100 million for investments in artificial intelligence (AI), as the kingdom seeks to become a regional tech powerhouse. Wa’ed has appointed former employees from Meta and Amazon to explore potential deals. The venture firm has already invested millions in AI startups this year, reflecting Saudi Arabia's commitment to advance its technological capabilities and diversify its economy beyond oil.