A venture capital fund owned by Saudi Aramco, Wa’ed Ventures with an amount of $500 million, announced an allocation of $100 million for investing in early-stage AI opportunities as a step to build upon the position of the kingdom as a global hub in AI.
To ensure effective investment strategies and further support localization for global startups, Wa’ed Ventures has constituted an advisory board comprising internationally recognized AI leaders. Experts from leading institutions and companies including Meta, Amazon, MIT, and Oxford will offer insight into policy, research, academia, and entrepreneurship as they guide AI-focused initiatives.
Wa’ed Ventures Acting CEO, Anas Algahtani said, “Based on our understanding of a growing ecosystem within the Kingdom, investing in AI reflects the commitment to creating economic growth, improved quality of life, and positioning Saudi Arabia among the world leaders for Artificial Intelligence.” Algahtani pointed out investments are to be locally stimulating; however, international talents are to arrive, creating a boom in the global AI localization process.
By 2030, according to a report from PwC, the AI sector in the country may reach an estimated $135 billion in GDP. This would make AI a significant actor in the economy of the country, representing well over 12% of Saudi GDP in the period of interest.
The latest investments of Wa’ed Ventures include funding in the Korean AI chip company Rebellions and California-based startup AiXplain, a leader in AI infrastructure. The new AI strategy therefore represents a continuation of Wa’ed’s commitment to high-potential applications and infrastructure, a big step toward Saudi Arabia being a world leader in AI technology and innovation.
To Read More: Technology