Wa'ed Ventures is fueling the future of AI with a $100M investment, aiming to transform Saudi Arabia into a global tech leader.
 |
| Saudi Arabia's Wa’ed Ventures invests $100M in AI startups to drive economic growth and position the Kingdom as a global AI leader. Image Courtesy: Waed |
Riyadh, Saudi Arabia - October 27, 2024:
Saudi Arabia's Aramco-backed venture capital fund, Wa’ed Ventures, has allocated $100 million to invest in artificial intelligence (AI) startups. This strategic move aligns with the Kingdom's broader vision to become a global AI hub and drive economic diversification.
By nurturing AI innovation, Saudi Arabia aims to capitalize on the technology's transformative potential to address societal challenges and stimulate economic growth. The $100 million investment will be used to fund promising AI startups, provide mentorship and support, and attract top talent to the Kingdom.
Wa’ed Ventures has established an advisory board comprising renowned AI experts to guide its investment strategy and foster a thriving AI ecosystem. This board will play a crucial role in identifying high-potential startups, facilitating partnerships, and promoting knowledge sharing.
The Kingdom's commitment to AI is driven by its potential to revolutionize various sectors, including healthcare, energy, transportation, and finance. By investing in AI, Saudi Arabia seeks to enhance efficiency, productivity, and decision-making across industries.
As the global AI market continues to expand rapidly, Saudi Arabia's strategic focus on AI positions the nation as a key player in the global tech landscape. By leveraging its abundant resources and strategic location, the Kingdom aims to attract leading AI companies and talent to establish a vibrant AI ecosystem.
Wa’ed Ventures' investment in AI signifies a significant step forward in Saudi Arabia's digital transformation journey. By supporting innovative AI startups, the fund aims to accelerate the development of cutting-edge technologies that will shape the future of the Kingdom and the world.