Aramco Weighs $1 Billion Venture Capital Fund For Tech

11 months ago - Sun, 9/9/2018, 1:57 PM

Aramco Weighs $1 Billion Venture Capital Fund For Tech

An oil tank at Saudi Aramco's Ras Tanura oil refinery in Saudi Arabia in May. PHOTO: AHMED JADALLAH/REUTERS

Author: MAGNiTT Staff

By Rory Jones and Summer Said/ WSJ

SOURCE: Wall Street Journal - Aramco Weighs $1 Billion Venture Capital Fund For Tech


DUBAI—Saudi Arabia’s national oil company is considering a $1 billion venture-capital fund to invest in international technology firms, according to people familiar with the proposal, as the kingdom deepens efforts to diversify its economy.

Saudi Arabian Oil Co., better known as Aramco, is weighing a fund to make multimillion-dollar investments in technologies that complement the oil giant’s operations and is also considering opening an office in Silicon Valley or elsewhere in the U.S. to generate deals, the people said.

Aramco already invests in startups and high-growth firms in the energy space via its $500 million Saudi Aramco Energy Ventures fund and the Aramco Entrepreneurship Center, which has roughly $200 million to deploy early-stage capital in local Saudi companies.

The new fund would buy into technologies that benefit Aramco’s sprawling operations but don’t necessarily focus on energy, the people familiar with the venture said. Aramco wants to locate tech firms in Saudi Arabia to create jobs, although that goal isn’t the primary reason for establishing the fund, the people added.

 

WANT TO KEEP UP TO DATE?

Get notified about the latest news, research, fundings and job posts from the MENA ecosystem directly in your inbox

Check out our Privacy Policy HERE

Latest jobs

Top News