Riyadh - Sharikat Mubasher: Wa’ed Ventures, the $500 million venture capital (VC) fund owned by Aramco, earmarked $100 million to invest in early-stage artificial intelligence (AI) startups in Saudi Arabia, in a move to position the Kingdom as a global AI hub.

The VC fund appointed an advisory board encompassing globally renowned leaders in artificial intelligence (AI) to aid with strategic deal sourcing and accelerate localization for global startups, a recent statement revealed.

Anas Algahtani, Acting Chief Executive Officer of Wa’ed Ventures, affirmed that the investments will incentivize local entrepreneurs and support the localization of global talent, ultimately unlocking the immense potential of 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 artificial intelligence,” Algahtani added.

Moreover, this investment came as part of Wa’ed Ventures’ AI strategy to invest in high-potential AI applications and infrastructure players.