Aramco Plans Billion Dollar Tech Fund

Saudi Arabia’s national oil company is considering a $1 billion venture-capital fund to invest in international technology firms, according to people familiar with the proposal, as the kingdom deepens efforts to diversify its economy.

With IPO efforts floundering, the once-torpid PIF, which aims to raise its assets from roughly $230 billion to more than $2 trillion by 2030, is aggressively pushing a host of big-ticket investments - from Uber to the planned $500 billion NEOM mega city.

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