Aramco, the state-owned energy giant of Saudi Arabia, has injected an additional $4 billion into its global venture capital arm in order to boost diversification and expansion in new technologies. This brings Aramco Ventures’ capital to $7 billion and Aramco’s overall venture capital to $7.5 billion, including the $500 million investment in Wa’ed Ventures, which focuses on start-ups in Saudi Arabia. Aramco Ventures manages three separate funds: Prosperity7, which has grown in capital from $1 billion to $3 billion; the Sustainability Fund, which supports projects that align with Aramco’s goal of net-zero emissions; and the Digital/Industrial Fund, which supports technology businesses that can add value to Aramco’s operations. The additional capital will be deployed to support early to growth-stage enterprises with disruptive technologies and transformative business models.
Saudi Arabia is diversifying its economy in line with Saudi Vision 2030, which aims to raise non-oil state revenue to SAR 1 trillion by boosting investment in sectors such as mining, tourism, and small and medium enterprises, as well as by privatizing state assets.
