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Aramco Announced Its Strategic Partnership At LEAP This Year | |
| Sumita Pawar |
According to the news, Aramco announced a strategic partnership with Zoom and more money for Wa'ed Ventures.
The news was shared at the second LEAP conference, which is an important international technology event held every year in the Kingdom of Saudi Arabia.
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The strategic partnership with Aramco aims to build Zoom’s first global data centre in the Kingdom to support the digital transformation ecosystem.
The data centre is expected to connect to the Zoom global data centre network and will serve Saudi Arabia and the region. Zoom will also talk with Aramco about developing new technologies for the energy industry together.
The partnership aims to contribute to the digital transformation of various market sectors, such as energy, industry, education, and healthcare, as stated in the report.
Aramco also announced that additional funds had been allocated by the company to Wa’ed Ventures, increasing the size of its Kingdom-focused venture capital arm from $200 million to $500 million.
The goal of the increase is to help the company speed up its investment performance in the region and around the world.
According to the report, Wa’ed Ventures aims to localise global frontier technologies to advance the Kingdom’s innovation ecosystem, expand investments in mid- and growth-stage startups, and fund underserved domains such as environmental, social, and governance technologies, the metaverse, and quantum computing.
Amin H. Nasser, Aramco President and CEO, said, "Our establishment of a diversified network of partners has helped us maintain a track record of reliability, and our new strategic partnership with Zoom is expected to further enable innovative solutions focusing on the digital transformation ecosystem."
"Furthermore, with an expanded fund size, Wa’ed Ventures aims to facilitate the cross-pollination of innovation between the global and local markets."