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Saudi Arabia’s leading oil refinery company Aramco doubled its venture capital funds to a tilt reaching $4 billion on Wednesday. The Saudi Aramco Venture Capital now boasts of funds worth $7 billion and plans to diversify its investments. Early January this year, the Saudi Aramco Venture’s funds stood at $3 billion and the new additional injection of $4 billion takes it to a threshold of $7 billion. The allocation of new funds moved its investing strength from $3 billion to $7 billion in 2024. Also Read: Gold & Oil Prices Continue To Fall as US Dollar Grows Stronger “Through Aramco Ventures, we aim to support pioneers with big ambitions, and ultimately help bring their ideas to life,” read a statement from the leading oil giant. Saudi Arabia’s Aramco Venture Now Boasts $7 Billion in Funds in 2024 Source: (Bandar Aljaloud / Saudi Royal Palace via AP) The funding provides Saudi Aramco VC to explore diverse opportunities other than oil and g...

The kingdom is currently diversifying its economy away from oil and turning to new opportunities, such as gaming and Web3. Saudi Arabia has ramped up its economic diversification efforts driven by its ambitious Vision 2030.  In a bid to diversify its economy away from a dependence on oil, the kingdom has embraced emerging technologies, such as blockchain and artificial intelligence (AI), and tapped into booming markets like gaming. But while the country has yet to leave a significant mark in the global game and AI development, the ripples of its investments in the gaming sector could extend far beyond — at least, that’s what Web3 experts say. “Based on our work and communications that we have, Saudi [Arabia] is very, very interested in Web3,” Animoca Brands co-founder Yat Siu told Cointelegraph. Given the kingdom’s partnerships with entities such as The Sandbox and even Animoca, Siu sees that there’s an effort from Saudi to venture into the new iteration of the internet. The executive...