Aramco Ventures Expands AI Investments in Europe with New Paris Office

Aramco Ventures, the investment arm of Saudi Arabia's Aramco, has announced the establishment of a new office in Paris to oversee its investments in the artificial intelligence sector across Europe.

This move is part of the company's strategy to emphasize advanced technologies, with plans for AI investments in the region potentially reaching hundreds of millions of euros.

Mahdi Al-Adel, CEO of Aramco Ventures, stated in an interview with Reuters at the "Adopt AI" conference last Tuesday that the firm aims to capitalize on the significant growth of specialized AI data centers.

He noted the intense competition among major companies to secure the capital and infrastructure necessary for competitive advantages in this sector.

Al-Adel highlighted France as a strategic investment location in Europe due to the success of French startups in AI, such as the company Mistral, along with a robust pool of tech talent and government commitments to support the sector.

The company plans to initially focus on investing in French startups and funds, with a broader goal of expanding its investment scope to cover all of Europe.

Al-Adel also mentioned that Aramco Ventures will target other areas such as cybersecurity and quantum computing, in addition to artificial intelligence.

As one of Aramco's investment branches, Aramco Ventures aims to invest in modern technologies that align with the company's strategies for achieving carbon neutrality and developing clean energy projects, while also supporting startups that enhance technological innovation outside of the energy sector.

Despite Europe lagging behind the U.S. and China in the AI race due to bureaucracy and challenges in obtaining permits and regulations related to technology, Aramco Ventures remains optimistic about the opportunities available in France and other European countries in this burgeoning sector.