Saudi Aramco's venture arm, Wa'ed Ventures, plans to invest $100 million in artificial intelligence startups to support Saudi Arabia's goal of improving its global competitiveness in AI.
To facilitate these investments, Wa'ed Ventures has formed an advisory board consisting of former executives from well-known companies like Meta Platforms Inc. and Amazon.com Inc.
The investment strategy will focus on early-stage AI companies, and the funds will be deployed over the next three years.