{"id":1454,"date":"2024-10-28T16:47:21","date_gmt":"2024-10-28T16:47:21","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1454"},"modified":"2025-01-16T15:42:17","modified_gmt":"2025-01-16T15:42:17","slug":"waed-ventures-earmarks-100-million-for-early-stage-ai-investments-to-position-saudi-arabia-as-global-ai-hub","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1454","title":{"rendered":"Waed Ventures Earmarks $100 Million for Early-Stage AI Investments to Position Saudi Arabia as Global AI Hub"},"content":{"rendered":"\r\n

Riyadh, Saudi Arabia<\/em>\u00a0\u2013\u00a0Wa\u2019ed Ventures<\/a>, the $500 million venture capital arm of Aramco, has announced a $100 million commitment to early-stage artificial intelligence (AI) investments, reinforcing Saudi Arabia\u2019s ambition to establish itself as a global leader in AI. This significant move aligns with the Kingdom\u2019s broader vision to position AI as a key economic driver, with projections indicating that AI could contribute $135 billion, or over 12% of Saudi Arabia\u2019s GDP, by 2030, according to a recent PwC report.<\/p>\r\n\r\n\r\n\r\n

To strategically source deals and accelerate the localization of global AI technologies, Wa\u2019ed Ventures has appointed an advisory board comprising prominent AI experts from diverse fields, including policymaking, research, academia, and entrepreneurship. Board members bring a wealth of experience from leading global organizations and institutions, including Meta, Amazon, MIT, and Oxford, further underscoring Wa\u2019ed\u2019s commitment to fostering innovation within the Kingdom.<\/p>\r\n\r\n\r\n\r\n

\u201cOur decision to invest in AI is grounded in a strong understanding of Saudi Arabia\u2019s<\/a> rapidly evolving ecosystem,\u201d said Anas Algahtani, Acting CEO of Wa\u2019ed Ventures. \u201cBy supporting AI startups, we aim to drive economic growth, enhance quality of life, and position the Kingdom as a global leader in artificial intelligence. This investment will not only inspire local entrepreneurs but also support the localization of global talent, unlocking AI\u2019s immense potential in Saudi Arabia.\u201d<\/p>\r\n\r\n\r\n\r\n

As part of this strategy, Wa\u2019ed Ventures has recently invested in South Korea\u2019s AI chip manufacturer, Rebellions, as well as California-based AiXplain, a company specializing in infrastructure for accelerated AI development. These investments highlight Wa\u2019ed\u2019s continued dedication to high-potential AI applications and infrastructure, further cementing the fund\u2019s role in developing an AI-powered ecosystem within the Kingdom.<\/p>\r\n\r\n\r\n\r\n

With a focus on early-stage investments, Wa\u2019ed Ventures is poised to provide pivotal support to local and global AI startups, fostering technological innovation and propelling Saudi Arabia to the forefront of the global AI landscape.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Riyadh, Saudi Arabia – Wa’ed Ventures, the $500 million venture capital arm of Aramco, has announced a $100 million commitment to early-stage artificial intelligence (AI) investments, reinforcing Saudi Arabia’s ambition to establish itself as a global leader in AI. This significant move aligns with the Kingdom’s broader vision to position AI as a key economic driver, with […]<\/p>\n","protected":false},"author":1,"featured_media":1455,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[1],"tags":[101,881,402,827,385,14,590,880],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t