Aramco announced a partnership with Zoom and a boost in funding for Wa’ed Ventures during the second annual LEAP technology conference in Saudi Arabia.
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 network and will serve Saudi Arabia and the region.
With Aramco, Zoom will also explore the joint development of innovative technology solutions for the energy sector. The partnership aims to contribute to the digital transformation of various market sectors, such as energy, industry, education and healthcare.
Amin H. Nasser, Aramco President & 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.”
Aramco increased its allocation of funds to Wa’ed Ventures, bringing the size of its Kingdom-centered venture capital division from $200 million to $500 million. This increase aims to enhance investment performance both locally and globally. The goal of Wa’ed Ventures is to bring cutting-edge technologies to the Kingdom, invest in growing startups, and support underfunded areas such as environmental and social responsibility, the metaverse, and quantum computing, all with the aim of advancing the Kingdom’s innovation ecosystem.
