Saudi Arabia’s leading oil refinery company Aramco doubled its venture capital funds to a tilt reaching $4 billion on Wednesday. The Saudi Aramco Venture Capital now boasts of funds worth $7 billion and plans to diversify its investments. Early January this year, the Saudi Aramco Venture’s funds stood at $3 billion and the new additional injection of $4 billion takes it to a threshold of $7 billion. The allocation of new funds moved its investing strength from $3 billion to $7 billion in 2024.
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“Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life,” read a statement from the leading oil giant.
Saudi Arabia’s Aramco Venture Now Boasts $7 Billion in Funds in 2024
The funding provides Saudi Aramco VC to explore diverse opportunities other than oil and gas. The decision to double the VC funds highlights Saudi Aramco’s growing significance in global ambitions and aspirations.
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The increase in VC funds provides Saudi Aramco with large diversification opportunities in the coming months. The move can pave the way for international collaborations with innovative start-ups that can drive up profits.
In addition, the new funding will also help Aramco’s long-term strategy and be on the lookout for disruptive technologies. The long-term strategy includes focusing on new energies, chemicals, and transition materials. The VC arm will also diversify industrial businesses, and give a boost to digital technologies that can make a difference.
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“Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition,” said Ahmad Al Khowaiter, Aramco Executive Vice President of Technology & Innovation. He added, “By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level”.