Aramco has allocated an additional US$4bn to its global venture capital arm, Aramco Ventures, reflecting its focus on innovation and diversification
Aramco is increasing its total investment allocation from US$3bn to US$7bn, taking overall venture capital allocation to US$7.5bn, which also includes the US$500mn venture capital fund Wa'ed Ventures that focuses on the start-up ecosystem in the Kingdom of Saudi Arabia.
The decision reflects the growing significance of Aramco's venture capital programme in enabling the development of disruptive new technologies, diversification, and collaborations with innovative start-ups. It aims to help advance the company's long-term strategy, which includes a focus on new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies.
Ahmad Al Khowaiter, Aramco executive vice president of Technology & Innovation, said, "Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition. Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life. By injecting an additional US$4bn in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level. 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."
