“This investment will not only incentivise local entrepreneurs but also support the localisation of global talent,” Anas Algahtani, acting chief executive officer of Wa’ed, said in a statement on Sunday.
Saudi Aramco’s venture arm has earmarked US$100 million to invest in artificial intelligence startups as it looks to accelerate Saudi Arabia’s push to become a more competitive force in global AI.
Wa’ed Ventures has appointed an advisory board made up of former employees from companies including Meta Platforms and Amazon.com to explore early-stage investments in the sector. Money will be deployed over the next three years, according to the company.
