Aramco's Wa'ed Ventures earmarks $100m for AI startups
By Cicada DeskEvent date: 1 min read
Added to the archive: Last verified:
In brief
Wa'ed Ventures, Aramco's wholly owned venture arm, allocated $100 million from its $500 million fund to early-stage AI investments, aiming to position Saudi Arabia as a global AI hub.
Wa'ed Ventures, Aramco's wholly owned venture arm, allocated $100 million from its $500 million fund to early-stage AI investments, aiming to position Saudi Arabia as a global AI hub. It formed an advisory board of experts from institutions including Meta, MIT and Oxford, and it had already backed Rebellions and AiXplain.
The announcement cited PwC's projection that AI could add $135 billion, about 12% of GDP, by 2030.
Key figures
- $100mAI allocation
Sources
This report is compiled from the sources below. Cicada links to every source we rely on.
Archive report. Written in 2026 from contemporary sources and dated to the day the event happened.
Cite this story
Cicada Desk. "Aramco's Wa'ed Ventures earmarks $100m for AI startups". Cicada, 28 October 2024. https://cicadaconsultancy.online/en/news/waed-100m-ai-startups-2024
Free to quote and reuse with attribution under CC BY 4.0.
