Riyadh, Saudi Arabia – Wa’ed Ventures, the $500 million venture capital arm of Aramco, has announced a $100 million commitment to early-stage artificial intelligence (AI) investments, reinforcing Saudi Arabia’s ambition to establish itself as a global leader in AI. This significant move aligns with the Kingdom’s broader vision to position AI as a key economic driver, with projections indicating that AI could contribute $135 billion, or over 12% of Saudi Arabia’s GDP, by 2030, according to a recent PwC report.
To strategically source deals and accelerate the localization of global AI technologies, Wa’ed Ventures has appointed an advisory board comprising prominent AI experts from diverse fields, including policymaking, research, academia, and entrepreneurship. Board members bring a wealth of experience from leading global organizations and institutions, including Meta, Amazon, MIT, and Oxford, further underscoring Wa’ed’s commitment to fostering innovation within the Kingdom.
“Our decision to invest in AI is grounded in a strong understanding of Saudi Arabia’s rapidly evolving ecosystem,” said Anas Algahtani, Acting CEO of Wa’ed Ventures. “By supporting AI startups, we aim to drive economic growth, enhance quality of life, and position the Kingdom as a global leader in artificial intelligence. This investment will not only inspire local entrepreneurs but also support the localization of global talent, unlocking AI’s immense potential in Saudi Arabia.”
As part of this strategy, Wa’ed Ventures has recently invested in South Korea’s AI chip manufacturer, Rebellions, as well as California-based AiXplain, a company specializing in infrastructure for accelerated AI development. These investments highlight Wa’ed’s continued dedication to high-potential AI applications and infrastructure, further cementing the fund’s role in developing an AI-powered ecosystem within the Kingdom.
With a focus on early-stage investments, Wa’ed Ventures is poised to provide pivotal support to local and global AI startups, fostering technological innovation and propelling Saudi Arabia to the forefront of the global AI landscape.