Saudi Arabia unveils Sh113b growth fund

Members of media chat before the start of a press conference by Aramco at the Plaza Conference Center in Dhahran, Saudi Arabia November 3, 2019. [Reuters, Hamad I Mohammed]

Aramco Ventures, the venture capital arm of Saudi Aramco, has announced the launch of a $1 billion (Sh113.58 billion) diversified growth fund.

The fund dubbed, Prosperity7, will back upcoming entrepreneurs to build transformative companies and solve some of the world’s toughest problems.

This is in addition to another investment of more than $6.4 billion (Sh723 billion) in future technologies and entrepreneurship. 

The announcements were made during the opening day of LEAP, the international technology platform, which ended in Riyadh yesterday.

Saudi Aramco President and CEO Amin Nasser said Prosperity7 would connect the dots through big ideas.

“Top talents and disruptive technologies from around the world will be connected through Prosperity7 as we look beyond the energy value chain to areas like healthcare, education and blockchain, for viable solutions to the world’s most pressing challenges,” said Mr Nasser.

The event also saw the launch of The Garage, a new platform for start-ups, investment and entrepreneurship by King Abdulaziz City for Science and Technology (KACST). The Garage will act as an incumbation hub for local and international start-ups.