Aramco Ventures Launches AI Investment Office in Paris
Aramco Ventures, the investment arm of Saudi Arabia's Aramco, has announced the opening of a new office in Paris aimed at managing its investments in the artificial intelligence sector in Europe.
This expansion is part of the company's strategy to focus on advanced technology, with expectations that its investments in AI within the region will reach hundreds of millions of euros.
Mahdi Al-Adel, CEO of Aramco Ventures, stated to Reuters on the sidelines of the "Adopt AI" conference last Tuesday that the company aims to capitalize on the significant growth of specialized AI data centers.
He noted that there is intense competition among major firms for the capital and infrastructure needed to gain competitive advantages in this field.
Al-Adel emphasized that Aramco Ventures selected France as a strategic investment location in Europe due to the success of French startups in AI, such as Mistral, along with a strong technological talent pool and government commitments to support the sector.
The company will initially focus on investing in French startups and funds, with the broader goal of expanding its investment reach across Europe.
Additionally, Aramco Ventures plans to explore other sectors, including cybersecurity and quantum computing, alongside artificial intelligence.
As part of Aramco's investment strategy, Aramco Ventures aims to invest in modern technologies that support the company's goals for carbon neutrality and expansion into clean energy projects, while also fostering innovation in startups outside the energy sector.
Europe has faced challenges in competing with the United States and China in the AI arena due to bureaucratic hurdles and difficulties in issuing technology-related permits and legislation. Nevertheless, Aramco Ventures remains optimistic about the opportunities presented by France and other European countries in this growing sector.
