Company enters into a strategic agreement with Zoom. Wa'ed Ventures has received $300 million more from Aramco, raising the total fund size to $500 million. An expansion of funding for Wa'ed Ventures and a strategic partnership with Zoom were also announced by Aramco today. The declarations were made at LEAP 2, a significant international technology conference held yearly in the Kingdom of Saudi Arabia.
In order to support the ecosystem of the digital transformation, Zoom's strategic relationship with Aramco plans to construct its first global data center in the Kingdom. The Data Center will service Saudi Arabia and the area and is anticipated to be connected to the Zoom global data center network. Zoom and Aramco will also look into collaborating on the creation of cutting-edge technological solutions for the energy industry. The alliance wants to aid in the digital transformation of a number of key segments, including energy, business, healthcare, and education.
Wa'ed Ventures, Aramco's venture capital arm with a focus on the Kingdom, will now have $500 million in funding, up from the previous $200 million. With the expansion, the company hopes to provide an enhanced investment performance on a regional and international scale. In order to strengthen the Kingdom's innovation ecosystem, Wa'ed Ventures wants to localize global frontier technologies, increase investments in mid- and growth-stage firms, and finance underdeveloped domains like the environment, social and governance, the metaverse, and quantum computing.
The president and chief executive officer of Aramco, Amin H. Nasser, stated: „Our development of a diverse network of partners has helped us retain a track record of dependability, and our new strategic relationship with Zoom is expected to further allow creative solutions concentrating on the digital transformation ecosystem.“ Wa'ed Ventures also hopes to promote innovative Cross-pollination between the local and global markets with its larger fund size.
