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.

Info Via:

WSJ: https://www.wsj.com/articles/aramco-weighs-1-billion-venture-capital-fund-for-tech-1536247788

Arabian Business: https://www.arabianbusiness.com/energy/403634-with-aramco-ipo-shelved-saudi-arabias-pif-looks-to-tech-mega-city-projects

Photo: AHMED JADALLAH/REUTERS

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