Aramco more than doubles capital in global innovation arm
Saudi Arabia 
RIYADH, January 17, 2024 – Saudi Aramco has raised capital allocation in global investment subsidiary Aramco Ventures from USD 3 billion to USD 7 billion, the Saudi NOC announced on Wednesday.
The global venture arm will now have a capital allocation of USD 7.5 billion with USD 500 million from venture capital fund Wa’ed Ventures focused on the start-up ecosystem in Saudi Arabia.
“Innovation is key to addressing some of the fundamental challenges facing the world today, including the energy transition,” said Ahmad Al Khowaiter, executive vice-president of technology and innovation of Saudi Aramco.
“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.”
Prior to the additional allocation, Aramco Ventures managed the following three funds: a USD 500-million digital infrastructure fund; the USD 1-billion Prosperity7 fund focused on technologies beyond the energy sector; and a USD 1.5 billion sustainability fund that invests in start-ups to reduce emissions.
Saudi Aramco intends to achieve net-zero scope 1 and scope 2 emissions across its wholly-owned and operated assets by 2050.
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