Aramco’s Venture Arm Allocates $100 Million for AI Investments - Bloomberg
Saudi Aramco’s venture arm has earmarked $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 Inc. and Amazon.com Inc. to explore early-stage investments in the sector. Money will be deployed over the next three years, according to the company.
“This investment will not only incentivize local entrepreneurs but also support the localization of global talent,” Anas Algahtani, acting chief executive officer of Wa’ed, said in a statement on Sunday.
The $500 million VC arm of oil giant Aramco has been doubling down on AI this year as Saudi Arabia aims to turn itself into a top 15 country for artificial intelligence. The fund recently invested $15 million in South Korean chipmaker Rebellions Inc. and also joined funding rounds for AI platform aiXplain and Peter Thiel-backed firm Tenderd.
Saudi Arabia’s AI strategy is to spend this decade using data and AI to drive the economic diversification agenda known as Vision 2030 — and then start competing globally after 2030.
It has been competing with the UAE for AI investment, with both racing to set up expensive data centers to support the technology and become the regional tech superpower.
Sunday, 27 October 2024
Gulf markets rise as Iran plays down Israel's strikes | Reuters
Gulf markets rise as Iran plays down Israel's strikes | Reuters
Most stock markets in the Gulf ended higher on Sunday as fears of an all-out conflagration in the region eased after Iran played down Israel's strikes on military targets, saying the air attack had caused only limited damage.
The United States, which had pressed Israel to avoid targeting sensitive Iranian energy and nuclear sites, joined other countries in calling for a halt to the cycle of confrontation between Israel and Iran.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.5%, ending three sessions of losses, led by a 3.6% jump in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab.
Among other gainers, telecom firm Etihad Etisalat (7020.SE), opens new tab gained 2.2%, after reporting a net profit of 829 million riyals ($220.9 million), up from 524 million riyals a year ago.
In Qatar, the share index (.QSI), opens new tab finished 1.5% higher, as all its constituents rose including petrochemical maker Industries Qatar (IQCD.QA), opens new tab, which was up 1.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.9%, with Commercial International Bank (COMI.CA), opens new tab rising 2.5%.
While shares rose, crude prices are expected to fall when trading resumes on Monday because Israel's retaliatory weekend strike did not target Iranian oil and nuclear infrastructure or disrupt energy supplies, market analysts said.
In Doha on Sunday, the directors of the U.S. Central Intelligence Agency (CIA) and Israel's Mossad were due to meet Qatar's prime minister to begin negotiations for a new short-term Gaza ceasefire deal, an official briefed on the talks told Reuters.
Most stock markets in the Gulf ended higher on Sunday as fears of an all-out conflagration in the region eased after Iran played down Israel's strikes on military targets, saying the air attack had caused only limited damage.
The United States, which had pressed Israel to avoid targeting sensitive Iranian energy and nuclear sites, joined other countries in calling for a halt to the cycle of confrontation between Israel and Iran.
Saudi Arabia's benchmark index (.TASI), opens new tab advanced 1.5%, ending three sessions of losses, led by a 3.6% jump in aluminium products manufacturer Al Taiseer Group (4143.SE), opens new tab.
Among other gainers, telecom firm Etihad Etisalat (7020.SE), opens new tab gained 2.2%, after reporting a net profit of 829 million riyals ($220.9 million), up from 524 million riyals a year ago.
In Qatar, the share index (.QSI), opens new tab finished 1.5% higher, as all its constituents rose including petrochemical maker Industries Qatar (IQCD.QA), opens new tab, which was up 1.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.9%, with Commercial International Bank (COMI.CA), opens new tab rising 2.5%.
While shares rose, crude prices are expected to fall when trading resumes on Monday because Israel's retaliatory weekend strike did not target Iranian oil and nuclear infrastructure or disrupt energy supplies, market analysts said.
In Doha on Sunday, the directors of the U.S. Central Intelligence Agency (CIA) and Israel's Mossad were due to meet Qatar's prime minister to begin negotiations for a new short-term Gaza ceasefire deal, an official briefed on the talks told Reuters.