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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

2 years 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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Microsoft Plans $10 Billion-Plus Gulf Expansion Despite Iran Conflict

Security is shaping Microsoft’s approach, from resilience work with governments to what it will say about how the money splits by country.

Published

4 days ago

September 24, 2026

Nour Nasir

Microsoft

Microsoft is planning more than $10 billion of investment across the UAE, Saudi Arabia, Qatar and Kuwait through 2030, Vice Chair and President Brad Smith told Reuters, calling the spending schedule aggressive. The Iranian conflict that began on February 28 has not persuaded the company to scale back.

“We’re sustaining all the investments we planned to make before this conflict started, and we are in fact adding to them,” Smith said. The $10 billion-plus total does not, however, show how large those additions are.

The investment, which Smith described as part of Microsoft’s continued infrastructure expansion, is aimed at cloud and AI infrastructure and at the company’s growing regional operations. Microsoft also intends to put more than $400 million into subsea and terrestrial connectivity across the Middle East by 2030.

The spending fits the region’s own ambitions too. Gulf governments have been investing heavily in AI infrastructure as part of a push to diversify their economies beyond oil and gas and turn themselves into global technology hubs. Major cloud and AI providers have been drawn in part by the land and relatively low-cost energy on offer.

Microsoft is widening its partnerships with regional AI companies, though not on identical terms. In 2024, it invested $1.5 billion in Abu Dhabi-based G42 for a minority stake, and Smith currently sits on G42’s board. Saudi Arabia’s Humain and Qatar’s Qai are working with Microsoft on selected priority areas, but Smith said the company does not plan to make capital investments in either.

Also Read: Egypt’s Mobile Wallets Are Booming, But Cash Still Has Power

The conflict has added another strand to Microsoft’s work in the region. Since it began, Smith said, the company has supported regional partners with digital resilience assessments, and it is now working with Gulf countries through a digital resilience initiative focused on preparedness and the protection of critical data.

So far, the company has given no country-by-country breakdown of the investment, citing security among other factors. So while the headline figure is public, how Microsoft divides the spending among the four countries is not.