Aramco Ventures Expands AI Investments with New Paris Office
Aramco Ventures, the investment arm of Saudi Aramco, has officially opened a new office in Paris to oversee its investments in artificial intelligence (AI) throughout Europe.
This expansion aligns with the company’s strategy to focus on advanced technologies, as investments in AI in the region are anticipated to reach hundreds of millions of euros.
Mahdi Al-Adel, CEO of Aramco Ventures, stated in an interview with Reuters during the "Adopt AI" conference last Tuesday that the company aims to capitalize on the significant growth in specialized AI data centers.
He noted the intense competition among major corporations for the necessary capital and infrastructure to gain competitive advantages in this sector.
Al-Adel highlighted that Aramco Ventures selected France as a strategic investment location in Europe due to the successes of French AI startups, such as Mistral, and the strong pool of technological talent, alongside government commitments to support this sector.
The company plans to initially invest in French startups and funds, with the broader goal of expanding its investment scope across Europe.
Additionally, Al-Adel mentioned that Aramco Ventures will also target other areas, including cybersecurity and quantum computing, in addition to artificial intelligence.
As one of the investment arms of Saudi Aramco, Aramco Ventures aims to invest in modern technologies that support Aramco's strategies for achieving net-zero emissions and expanding clean energy projects, while also fostering startups that contribute to technological innovation outside the energy sector.
Despite Europe lagging behind the U.S. and China in the AI sector due to bureaucracy and challenges in technology approvals and legislation, Aramco Ventures is optimistic about the opportunities that France and other European countries present in this growing field.
