Aramco boosts venture arm’s capital to $7 bln

Saudi Arabia oil giant Aramco said on Wednesday that it has allocated an additional $4 billion to its global venture capital arm, Aramco Ventures, increasing its total investment allocation from $3 billion to $7 billion.

This supports Aramco’s long-term strategy through investments in strategic areas of business development and reflects the growing significance of Aramco’s venture capital programme in enabling the development of disruptive new technologies.

“By injecting an additional $4 billion in funding over the next four years, we intend to provide the financial backing required to take game-changing solutions to the next level,” said Aramco Executive Vice President of Technology & Innovation Ahmad Al Khowaiter.