Saudi Arabia’s venture capital fund, Wa’ed Ventures—a $500 million subsidiary of Aramco—has allocated $100 million to invest in artificial intelligence startups, advancing the Kingdom’s goal to become a global AI leader and bolster economic growth through technology-driven innovation.
To support these efforts, Wa’ed Ventures has assembled an advisory board of experts from top institutions like Meta, Amazon, MIT, and Oxford. This board will assist in sourcing investment opportunities and promoting global talent localization within Saudi Arabia.
Acting CEO Anas Al-Gahtani emphasized, “By supporting AI startups, we aim to foster innovation, improve quality of life, and position Saudi Arabia as a global leader in AI. This investment not only supports local entrepreneurs but also helps localize global talent, unlocking AI’s potential for the Kingdom.”
Wa’ed Ventures has already begun its AI investment journey with stakes in companies like Korea’s Rebellions and California-based aiXplain, further signaling its commitment to the Kingdom’s AI ecosystem.
As AI is projected to add $135 billion to Saudi Arabia’s GDP by 2030, Wa’ed Ventures’ strategy is set to make AI one of the Kingdom’s key economic drivers. Globally, AI could add over $13 trillion to the economy by 2030, according to McKinsey, and Saudi Arabia is primed to capture a significant share of this growth. Established in 2013, Wa’ed Ventures manages a diverse portfolio of over 70 startups, offering comprehensive support from funding to resource access.