Aramco’s Venture Arm Allocates $100 Million for AI Investments

Saudi Aramco’s venture arm has earmarked $100 million to invest in artificial intelligence startups as it looks to accelerate Saudi Arabia’s push to become a more competitive force in global AI.

Wa’ed Ventures has appointed an advisory board made up of former employees from companies including Meta Platforms Inc. and Amazon.com Inc.to explore early-stage investments in the sector. Money will be deployed over the next three years, according to the company.

“This investment will not only incentivize local entrepreneurs but also support the localization of global talent,” Anas Algahtani, acting chief executive officer of Wa’ed, said in a ...