Wa’ed Ventures, the $500 million venture capital fund wholly owned by Aramco, announces earmarking $100 million for early-stage AI investments, a bold move to support positioning the Kingdom as a global AI hub.
To aid with strategic deal sourcing and accelerate localisation for global startups, an advisory board consisting of globally renowned leaders in artificial intelligence (AI) has already been appointed by Wa’ed Ventures. 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.
“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. This investment will not only incentivise local entrepreneurs but also support the localisation of global talent, ultimately unlocking the immense potential of AI,” said Anas Algahtani, Acting Chief Executive Officer of Wa’ed Ventures.
According to a recent report by PwC, Saudi Arabia’s gain from AI is expected to exceed other countries in the Middle East with an estimated $135 billion in value by 2030. This would position artificial intelligence as one of the leading economic drivers, composing more than 12% of the country’s total GDP by 2030.
Wa’ed’s new AI strategy marks another initiative by the fund in keeping with its commitment towards investing in high-potential AI applications and infrastructure players. During the past few months, Wa’ed Ventures announced its investment in the Korea AI chip company Rebellions, as well as the California-based startup AiXplain, a leading provider of essential infrastructure for accelerated AI development.