Aramco's Venture Arm Wa'ed Ventures Allocates $100 Million for AI Startups.

Wa'ed Ventures, the venture arm of Saudi Aramco, has set aside $100 million to invest in artificial intelligence startups over the next three years. This move is part of Saudi Arabia's efforts to become more competitive in the global AI market. The company has appointed an advisory board consisting of former employees from tech giants like Meta and Amazon to explore early-stage investment opportunities in the AI sector.

Anas Algahtani, acting CEO of Wa'ed, emphasized that this investment aims to encourage local entrepreneurs and attract global talent to Saudi Arabia. The initiative is expected to contribute to the country's AI development and foster innovation in the region.

Report by Bloomberg Law