Saudi Aramco's venture arm, Wa’ed Ventures, has allocated $100 million for investments in artificial intelligence (AI) startups to support Saudi Arabia's efforts to become a leader in the global AI sector. With the appointment of an advisory board composed of former employees from Meta Platforms Inc. and Amazon.com Inc., Wa’ed is specifically leveraging expertise from the world's largest technology companies.
Christian Sinding, CEO of Wa’ed, emphasized in a statement: "This investment will not only motivate local entrepreneurs but also promote the localization of global talents." The funds are to be utilized over the next three years to support promising early-stage companies in the AI sector. This strategic direction aligns with the Saudi Vision 2030, which aims to transform the economy through diversification and technological innovation.
This year, Wa’ed Ventures has already invested significant amounts in AI technologies, including $15 million in the South Korean chip company Rebellions Inc. as well as stakes in the AI platforms aiXplain and Tenderd, backed by Peter Thiel. These investments reflect the determination to establish Saudi Arabia as one of the top 15 nations in the field of artificial intelligence.
The strategic collaboration with former employees of Meta and Amazon is intended to ensure that Wa’ed gains access to top-notch knowledge and proven business models. "We recognize that scaling and success in the AI industry heavily depend on innovative approaches and international experience," Sinding continued. These partnerships are expected to help enhance Saudi Arabia's competitiveness in the global market while simultaneously diversifying the local economy.
Saudi Arabia competes intensely with the United Arab Emirates (UAE) for investments in the AI sector.
Despite the ambitious plans, the challenge remains to attract sufficiently qualified professionals and sustainably promote innovative startups. Therefore, Wa’ed Ventures increasingly focuses on international cooperation and the integration of global best practices to achieve the set goals.
