Saudi Arabia’s tech scene is heating up. Wa’ed Ventures, the venture capital arm of Saudi Aramco, has unveiled a bold new initiative to fuel the nation’s AI revolution.

A $100 Million Boost for AI Innovation The venture capital firm has earmarked a substantial $100 million to invest in early-stage AI startups. This strategic move is designed to nurture a thriving AI ecosystem and position Saudi Arabia as a global AI powerhouse.

A Stellar Advisory Board to Guide the Way To ensure the success of this ambitious endeavor, Wa’ed Ventures has assembled a world-class advisory board. Composed of renowned experts and investors from tech giants like Meta, MIT, Amazon, and Oxford University, this board will provide invaluable guidance and support to the portfolio companies.

A Strategic Investment in the Future Wa’ed Ventures’ commitment to AI is evident in its recent investments. The firm has already backed promising AI startups such as South Korea’s chip designer Rebellions and US-based aiXplain.

A Vision for the Future Anas Algahtani, Acting CEO of Wa’ed Ventures, emphasized the strategic importance of investing in AI: “By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in AI.”

A Bright Future for Saudi Arabia’s AI Industry With a strong focus on AI, Saudi Arabia is poised to reap significant economic benefits. PwC predicts that AI could contribute over $135 billion to the country’s economy by 2030, accounting for more than 12% of its GDP