Good morning, esteemed audience.
Greetings, fellow readers. I am delighted to be in your company. Silicon Valley remains the global frontrunner in terms of innovation and reshaping the way individuals live and work.
In a week that serves as a poignant reminder of the historic ties between Aramco and California, it is truly a pleasure to be present here.
In a momentous milestone set to be commemorated next Monday, it will mark an impressive 90 years since the historic signing of an agreement by Standard Oil of California. This groundbreaking accord paved the way for extensive oil exploration endeavors in the vast and resource-rich landscapes of Saudi Arabia.
The humble beginnings of the company that would later evolve into Aramco can be traced back to this pivotal "seed. For several years, Aramco had its corporate headquarters situated in the bustling city of San Francisco.
In the pursuit of oil, Standard Oil's explorers and engineers forged significant human connections, collaborating closely with Saudi desert guides.
In a critical turn of events, it was the timely intervention of Max Steineke, a Stanford graduate, that emerged as the pivotal factor.
In a remarkable achievement, he held the esteemed position of being Aramco's inaugural Chief Geologist, leaving an indelible mark on the company and serving as a beacon of inspiration for his dedicated team. In the year 1938, the search for oil in substantial commercial quantities had yet to yield any fruitful results.
With the clock ticking and the pressure mounting, he was well aware that swift results were imperative, lest they face the prospect of an early departure. A telegram from California, urging them to cease their actions, was en route.
In a display of unwavering determination, he instilled faith in his crew and urged them to delve deeper into their mission. It was at Dammam Well Number 7 that a momentous breakthrough occurred—the first ever commercially viable oil began to surge forth, marking a significant milestone in the industry. Remarkably, this achievement transpired in March of that same year, preceding the arrival of a telegram that would confirm their triumph.
In the years that followed, the site underwent a significant transformation and was ultimately rebranded as "Prosperity Well.
The driving force behind our VC fund, Prosperity7 Ventures, serves as the foundation for its newly established office in Palo Alto, set to be unveiled this week.
However, what awaited them was yet to be revealed. In a remarkable display of mutual trust and optimism, the concession agreement forged in 1933 marked a significant milestone for both parties involved.
In the realm of venture capital, this particular investment can be aptly described as a moonshot endeavor that has now achieved the coveted status of a unicorn.
Throughout its impressive 90-year history, a significant factor contributing to the remarkable growth and success of this organization can be attributed to its unwavering commitment to a pioneering, can-do, start-up mentality. This unique spirit has fostered harmonious collaboration between individuals from both American and Saudi backgrounds, uniting them as a single, cohesive team.
In the face of today's defining challenge, we find ourselves grappling with the delicate task of striking a balance between our indispensable role in global energy security and our equally indispensable role in the global energy transition. All the while, we remain steadfast in our commitment to achieving our ambitious goal of reaching net zero emissions.
In the realm of achieving success, one can confidently assert that human innovation and groundbreaking start-up technologies, fueled by venture capital, will undoubtedly play a pivotal role.
With a staggering sum of 3.5 billion dollars, venture capital programs have reached unprecedented heights. In a remarkable feat, Aramco Ventures has achieved a significant milestone, surpassing 100 investments in its portfolio earlier this month. This notable accomplishment highlights the company's unwavering commitment to fostering innovation and supporting promising ventures.
In Climate 50's annual ranking of the most impactful climate tech investors globally, they have secured a position in the prestigious top 10. Now, our endeavors are being elevated to new heights.
Among the notable entities included in the impressive sum of 3.5 billion dollars is Prosperity7 Ventures.
A groundbreaking $1 billion fund has been established with the sole purpose of targeting investments in disruptive technologies. This ambitious initiative aims to revolutionize multiple sectors and industries, extending far beyond the realm of energy.
This is precisely the reason for our presence.
Aiming to foster connections between visionaries in innovation and technology and the finance and start-up sectors that have made Silicon Valley renowned, we seek to facilitate a dynamic exchange of ideas and opportunities.
In a plea for assistance, we implore your support in the ongoing efforts to curtail our emissions and foster the advancement of innovative, eco-friendly energy sources. This urgent call comes as we strive to strike a delicate balance between fulfilling the global demand for energy and mitigating the harmful effects of carbon emissions.
The prospect of even more impactful partnerships in the energy transition is met with open arms as we embrace the positive disruption they can bring. This shift in focus from the theoretical "what" to the practical "how" and the urgent "how fast" is eagerly anticipated.
In a nutshell, our mission is to assist extraordinary entrepreneurs in constructing groundbreaking companies that tackle the most challenging issues of our time.
Aramco, with its immense strength and scale, is fully supporting this endeavor, ensuring that grand visions can materialize into tangible achievements.
In a thrilling development, it appears that the energy transition gold rush has officially commenced, captivating both men and women alike.
In the quest for victory, it is those who can effectively ensure energy security, promote environmental sustainability, and facilitate a transition that benefits the masses, rather than a select few, who will emerge triumphant.
In an era where the influence of venture capital is becoming increasingly pivotal, the future trajectory of various industries will undoubtedly hinge upon its formidable force.
We extend a warm invitation to all individuals to join us in the pursuit of discovering and supporting groundbreaking startups, commonly referred to as "unicorns.
In a move reminiscent of California's actions nine decades ago, a similar course of action has been taken.
In a show of gratitude, the user expressed their thanks.