Wa’ed Ventures, the $500 million venture capital fund wholly owned by Aramco, recently announced that it is allocating $100 million for early-stage AI investments, a move that seeks to support Saudi Arabia’s position as a global AI hub.
To support strategic deal sourcing and accelerate localization for global startups, Wa’ed Ventures appointed an advisory board consisting of global leaders in AI. The board members come from diverse backgrounds within the AI industry, including policymaking, research, academia, and entrepreneurship, having worked in Meta, Amazon, MIT, Oxford, and other top-rank institutions.
Supporting Saudi Arabia’s growing AI ecosystem
“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,” stated Anas Algahtani, acting CEO of Wa’ed Ventures.
Algahtani added that this investment will not only incentivize local entrepreneurs but also support the localization of global talent, ultimately unlocking the immense potential of AI.
According to a recent report by PwC, Saudi Arabia’s gain from AI will likely exceed other countries in the Middle East with around $135 billion in value by 2030. This would position AI as one of the leading economic drivers, making up more than 12 percent of the country’s total gross domestic product by 2030.
Read: Saudi Arabia, India strengthen ties in communications and space technology
Investments in key tech players
Wa’ed Ventures’ new AI strategy marks another initiative that aligns with its commitment to investing in high-potential AI applications and infrastructure players. Established in 2013, Wa’ed Ventures manages a portfolio of over 70 startups, providing end-to-end support to startups from funding to providing access to partner resources.
In the last few months, Wa’ed Ventures announced its investment in the Korean AI chip company Rebellions, as well as the California-based startup AiXplain, a leading provider of essential infrastructure for accelerated AI development.
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