Wa’ed Ventures Allocates $100 Million to Invest in AI Startups and Appoints Strategic Investment Advisory Board

Wa’ed Ventures, the $500 million venture capital fund wholly owned by Saudi Aramco, has committed $100 million to invest in early-stage global AI companies.

The fund has established an advisory board of AI experts from diverse fields, including research, academia, and entrepreneurship, with backgrounds at institutions such as Meta, Amazon, MIT, and Oxford, to guide these strategic investments and facilitate localization of global AI startups.

“Our decision to focus on AI aligns with the needs of the Kingdom’s entrepreneurial ecosystem,” said Anas Al-Qahtani, Acting CEO of Wa’ed Ventures. “By investing in AI innovation, we aim to foster economic growth, enhance quality of life, and position Saudi Arabia as a leader in AI. This funding will not only support local entrepreneurs but also attract global AI talent, unlocking significant potential in this field.”

A PwC report projects that Saudi Arabia could generate $135 billion in revenue from AI technologies by 2030, positioning AI as a critical driver of economic growth and contributing over 12% to the Kingdom’s GDP.

In line with its focus on AI and infrastructure technologies, Wa’ed Ventures has recently invested in Rebellions, a South Korean AI chip firm, and AiXplain, a U.S.-based AI infrastructure provider, further underscoring its commitment to advancing AI applications and infrastructure in Saudi Arabia.