Riyadh - Sharikat Mubasher: Aramco, the Saudi leading integrated energy and chemicals company, injected an additional $4 billion into its global venture capital (VC) arm, Aramco Ventures, raising its total investment allocation to $7 billion.
In a press release, the company revealed that the new investments will increase its overall capital allocation to $7.5 billion, including the $500 million venture capital fund Wa’ed Ventures.
This decision mirrors the importance of Aramco’s VC program in enabling the development of new technologies, exploring diverse opportunities for Aramco, and paving the way for collaborations with innovative startups.
It also aims to advance the company’s long-term strategy that focuses on new energies, chemicals, transition materials, diversified industrial businesses, and digital technologies.
Ahmad Al Khowaiter, Executive Vice President of Technology and Innovation at Aramco, stated that the company aims to support pioneers to grow and bring their ideas to life through Aramco Ventures.
“By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level,” Al Khowaiter noted.
He added: “This will provide crucial impetus to businesses at various stages of development around the world, while also contributing to Aramco’s own long-term objectives.”
