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Saudi Aramco logo is pictured at the oil facility in Abqaiq, Saudi Arabia October 12, 2019. Image used for illustrative purpose. Maxim Shemetov
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)
