PHOTO
Saudi Arabia's state energy giant Aramco has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures, increasing its total investment allocation to $7 billion.
It will take Aramco’s overall venture capital allocation to $7.5 billion, which also includes the $500 million venture capital fund Wa’ed Ventures that focuses on the start-up ecosystem in Saudi Arabia, the company said in a statement on Wednesday.
Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation, said: "By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives.”
Aramco’s venture capital program aims to help advance its long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.
(Writing by Brinda Darasha; editing by Seban Scaria)
