News

Wa’ed Ventures Pledges $100M For Early-Stage AI Startup Funding

The move aligns with Saudi Arabia’s plans to become a global AI hub, as the Kingdom anticipates a $135 billion boost to GDP by 2030.

Published

3 months ago

October 28, 2024

Nour Nasir

wa'ed ventures pledges $100 million for early stage ai startup funding

Wa’ed Ventures, a wholly-owned subsidiary of Aramco, has announced a $100 million allocation aimed at funding early-stage artificial intelligence (AI) startups. The move aligns with Saudi Arabia’s ambitions to establish itself as a global hub for AI innovation and is part of Wa’ed Ventures’ broader mission to nurture high-potential AI technologies.

To strengthen its investment decisions and deal-sourcing, Wa’ed Ventures has assembled an advisory board of experts with backgrounds from leading institutions such as Meta, Amazon, MIT, and Oxford University. These advisors bring a wealth of experience from sectors such as AI research, policymaking, academia, and entrepreneurship, providing critical insights and support to the fund’s investment strategy.

Anas Algahtani, Acting CEO of Wa’ed Ventures, shared: “Our strategic decision to allocate funds to AI investments is rooted in a deep understanding of the Kingdom’s growing ecosystem. By fostering innovation and supporting AI startups, we aim to accelerate the development of cutting-edge technologies that will drive economic growth, improve quality of life, and position Saudi Arabia as a global leader in Artificial Intelligence”.

As part of its active portfolio development, Wa’ed Ventures has made recent investments in Rebellions, a South Korean company specializing in AI chips, and AiXplain, a California-based provider of infrastructure for accelerated AI development. These investments reflect Wa’ed’s commitment to advancing AI applications and supporting companies that can enhance Saudi Arabia’s AI capabilities.

Also Read: Top Free AI Chatbots Available In The Middle East

Wa’ed Ventures’ AI-focused initiative not only targets the growth of local entrepreneurship but also aims to localize international AI talent and technologies, fostering a robust ecosystem that aligns with Saudi Vision 2030 goals.

A recent PwC report highlights the potential economic impact of AI on Saudi Arabia, projecting that by 2030, the country could generate $135 billion from AI-related activities, accounting for approximately 12% of its Gross Domestic Product (GDP). This puts Saudi Arabia in a favorable position within the Middle East to capitalize on the transformative power of AI.

Related Topics:Aramco Artificial Intelligence Saudi Arabia

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Daleel Expands To UAE, Tapping Into $44B Finance Market

The Bahrain-based company offers a personalized financial marketplace with regional expansion supported by investors Flat6Labs and Salica.

Published

21 hours ago

January 20, 2025

Nour Nasir

daleel expands to uae tapping into $44 billion finance market

Daleel, a personalized financial marketplace originally founded in Bahrain, has officially entered the UAE market supported by notable investors, including Flat6Labs and Salica. Known for its ability to connect customers with tailored financial products, Daleel has gained significant traction in its home country, and the company is now eying the wider Middle East’s massive personal finance market, valued at an estimated $44.4 billion.

The platform’s UAE debut was hosted at Visa’s CEMEA Market Support Center in Dubai, marking another milestone for Daleel. The company gained regional attention when it clinched first place and $40,000 in funding at the 2023 Visa Everywhere Initiative finals in Saudi Arabia.

daleel expands to uae

Daleel’s expansion is supported by notable investors, including Flat6Labs and Salica. At the launch event, several key figures in the fintech and financial sectors were present, including Daleel’s co-founders, CEO PK Shrivastava and COO Ridaa Shah.

Reflecting on the launch, PK Shrivastava said, “Launching in the UAE is a landmark moment for the company, and we are pleased to do so alongside Visa, who have championed us from the start. There is a real demand across the region for personalized finance, and we believe this is the right time to expand our marketplace to connect more customers with the best financial solutions”.

Also Read: How (And Why) To Start A Tech Business In Dubai

Daleel’s team combines expertise in open banking, finance, and technology, which has enabled the company to refine its platform for the regional market. Their data-driven system is designed to quickly match customers with financial products, ranging from credit cards and mortgages to savings accounts, offering personalized options in seconds. This transparency and efficiency benefit consumers while providing financial institutions with more cost-effective ways to acquire customers and create data-informed products.

Looking ahead, Daleel plans to secure an open finance license in 2025, which will allow even deeper integration with financial institutions. The company’s ultimate goal is to build a financial ecosystem where decisions that used to take weeks can now be made in minutes, empowering users to achieve better financial outcomes.