Saudi Arabian oil company Aramco has allocated an additional $4 billion for its global venture capital arm, Aramco Ventures, the company announced on Wednesday.
With this decision, Aramco has more than doubled its total investment from $3 billion to $7 billion.
'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. 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,' Ahmad Al Khowaiter, Aramco’s executive vice president of technology and innovation, said.
'Through Aramco Ventures, we aim to support pioneers with big ambitions and ultimately help bring their ideas to life,' Al Khowaiter was quoted as saying in a statement.
Additionally, the company’s $500 million venture capital fund, Waed Ventures, will support a start-up ecosystem in Saudi Arabia.
Prior to the new capital allocation, Aramco Ventures managed a $500 million Digital/Industrial Fund, investing in technologies of strategic importance to the company.
Aramco also manages both the Prosperity7 Fund, with $1 billion invested in disruptive technology ventures beyond the energy sector, and the Sustainability Fund, with $1.5 billion invested to achieve its net zero goals by 2050.
By Duygu Alhan
Anadolu Agency
energy@aa.com.tr