Official announcements from Saudi Aramco or Wa’ed, financial reports, or credible news sources

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

Oct 27, 2024, 09:05 AM

Saudi Aramco's venture arm, Wa’ed, has allocated $100 million for investments in artificial intelligence startups. This initiative is part of Saudi Arabia's broader strategy to enhance its competitive position in the global AI landscape. The venture firm has already invested millions in AI projects this year and has appointed former employees from Meta and Amazon to identify and explore potential deals in this sector. This move underscores the kingdom's ambition to establish itself as a regional technology powerhouse.