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Wa'ed Ventures, a venture capital fund owned by Aramco, has announced a significant investment of $100 million aimed at early-stage AI startups. This initiative is part of a broader strategy to position Saudi Arabia as a global hub for artificial intelligence, with expectations of generating substantial economic growth. The fund's advisory board comprises experts from leading institutions, enhancing its strategic approach to AI investments.
The investment is projected to contribute to an estimated $135 billion in AI-related gains for Saudi Arabia by 2030, representing over 12% of the nation's GDP. By fostering local entrepreneurship and attracting global talent, Wa'ed Ventures aims to unlock the potential of AI technologies. This move aligns with the Kingdom's vision for economic diversification and technological advancement.
• Wa'ed Ventures allocates $100 million for early-stage AI investments.
• Saudi Arabia expects $135 billion in AI gains by 2030.
AI refers to the simulation of human intelligence in machines, enabling them to perform tasks that typically require human intelligence.
Venture capital is financing provided to startups and small businesses with perceived long-term growth potential, crucial for funding innovative AI projects.
Early-stage investments are funds allocated to startups in their initial phases, essential for developing new AI technologies and solutions.
Wa'ed Ventures is a venture capital fund focused on investing in high-growth tech startups, particularly in AI, to drive economic diversification in Saudi Arabia.
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