Aramco Ventures Expands AI Investments with New Office in Paris
Aramco Ventures, the investment division of Saudi Aramco, has launched a new office in Paris to oversee its investments in the artificial intelligence sector throughout Europe.
This initiative aligns with the company's broader strategy to prioritize advanced technologies, with expectations that its investments in AI could reach hundreds of millions of euros.
Mahdi Al-Adel, CEO of Aramco Ventures, commented to Reuters during the "Adopt AI" conference last Tuesday, expressing the company's intent to capitalize on the rapid expansion of specialized data centers for artificial intelligence.
He noted the fierce competition among major corporations to secure the necessary capital and infrastructure for competitive advantages in this evolving sector.
Al-Adel highlighted that France was selected as a key investment destination in Europe due to the notable achievements of French startups in AI, such as the company "Mistral," as well as the strong pool of technological talent and government support for this industry.
Initially, the company plans to focus its investments on French startups and local funds, with a long-term goal of expanding its reach across Europe.
In addition to artificial intelligence, Aramco Ventures will also explore opportunities in cybersecurity and quantum computing.
Aramco Ventures aims to invest in modern technologies that align with Saudi Aramco's goals of achieving net-zero emissions and promoting clean energy initiatives, while also fostering startups that drive innovation beyond the energy sector.
Despite challenges such as bureaucratic hurdles and regulatory complexities that have hindered Europe's competitiveness in AI compared to the United States and China, Aramco Ventures remains optimistic about the potential in France and other European markets.
