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Today: May 23, 2024
January 17, 2024
1 min read

Saudi Aramco’s $4Bln Cash Injection Pumps Up Venture Capital Arm

TLDR:

  • Saudi Aramco plans to inject $4 billion into its venture capital arm, Aramco Ventures.
  • The additional funding will bring Aramco’s total investment in the venture capital arm to $7 billion.
  • The funds will be distributed over the next four years.

The Saudi Arabian Oil Company, also known as Saudi Aramco, has announced that it will increase its funding for its global venture capital arm, Aramco Ventures, by $4 billion. This will bring Aramco’s total investment in the venture capital arm to $7 billion. The additional funds will be distributed over the next four years. Aramco’s Executive Vice President of Technology and Innovation, Ahmad Al Khowaiter, stated that the decision reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies and creating diversification opportunities for the company. The injection of funds will also pave the way for collaborations with innovative start-ups. This move highlights Aramco’s commitment to supporting the growth of the venture capital ecosystem and fostering technological innovation.

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