– Wa’ed Ventures commits $100 million to invest in early-stage global AI startups, aiming to boost Saudi Arabia’s AI ecosystem.
– An advisory board of global AI experts has been appointed to identify strategic investments and localize global startups.
– By 2030, Saudi Arabia is expected to generate $135 billion from AI technologies, positioning AI as a major economic driver, contributing over 12% to GDP.
Wa’ed Ventures, a $500 million venture capital fund fully owned by Saudi Aramco, has pledged $100 million for investments in early-stage global AI companies, according to media reports.
To drive these investments and localize global AI startups, Wa’ed Ventures has formed an advisory board comprising global AI experts. The board members have experience in AI research, academia, and entrepreneurship, with ties to organizations like Meta, Amazon, MIT, and Oxford.
“Our decision to focus on AI investments aligns with our understanding of the Kingdom’s entrepreneurial ecosystem,” said Anas Al-Qahtani, Acting CEO of Wa’ed Ventures. “By supporting innovation in AI, we aim to drive economic growth, enhance quality of life, and position Saudi Arabia as a leader in AI. This investment will localize talent and unlock AI’s potential.”
A PwC report predicts that Saudi Arabia could generate $135 billion from AI technologies by 2030, making AI a key driver of the economy and contributing over 12% to the GDP, Zawya news website reported.
This initiative aligns with Wa’ed Ventures’ strategy to invest in AI and infrastructure technologies. Recent investments include Rebellions, a Korean AI chip firm, and AiXplain, a U.S.-based AI infrastructure provider.
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