This year, Saudi Aramco Energy Ventures (SAEV), a subsidiary of Saudi Arabia’s state-owned oil producer, is planning to dedicate a new fund of $500 million to boost investments in the technology sector.
Headquartered in the Eastern Province of KSA, specifically in Dharan, SAEV is the venture capital arm of Saudi Aramco, with the latter being the largest oil-producing company in the world. According to SAEV’s CE, Mr. Majid Mufti, SAEV is planning to expand its existing list of representative offices in Houston, London, Aberdeen, and Oslo, by adding Beijing to them.
Mr. Mufti also shared on the sidelines of the Atlantic Council Global Energy Forum in Abu Dhabi: “There is a new fund that is coming up now, similar to what we used to do, investing in core technology and sustainability. The size of the fund would be about $400 to $500 million.”
He further elaborated on SAEV’s investment history, sharing that the company has already made 45 investments in Europe and the US, mostly in start-up firms and tech-focused funds from its 2012 $500 investment vehicle.
Mr. Mufti added that SAEV would continue to seek investments, and it will follow “the same strategy….on the sustainability side.”
China, having the second biggest economy in the world, is an exciting investment location for SAEV, as it shifts its attention towards Asian markets.
“We just want to make sure that we are [a] global [investors],” Mr. Mufti added.