Riyadh – Saudi Arabian Oil Company (Aramco) entered into a strategic partnership with Zoom to build the latter’s first global data centre in Saudi Arabia, aiming to endorse the digital transformation ecosystem.

Zoom’s data centre will serve Saudi Arabia and the region by connecting to the Zoom global data centre network; a step that will contribute to the digital transformation of different market sectors like energy, industry, education, and healthcare.

Through its collaboration with Aramco, Zoom will explore joint developments of innovative technology solutions to enhance the energy sector, according to a press release.

More Funds to Wa’ed Ventures

Aramco unveiled additional financing worth $300 million to Wa’ed Ventures, which raised the size of the firm’s Kingdom-focused venture capital (VC) arm to $500 million from $200 million.

The new funds pledged to the VC arm will enable Aramco to deliver an accelerated investment performance, both regionally and globally.

Meanwhile, Wa’ed Ventures aims to localise global frontier technologies to advance the innovation ecosystem in Saudi Arabia, in addition to expanding investments in mid and growth-stage startups. Furthermore, Aramco will finance underserved domains like environmental, social, and governance (ESG), as well as the metaverse and quantum computing.

The two key announcements were made during the second edition of LEAP 2023 event, which is taking place in Saudi Arabia until 9 February under the theme Into New Worlds.

Aramco President and CEO, Amin Nasser, commented: “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.”

Nasser added: “Furthermore, with an expanded fund size, Wa’ed Ventures aims to facilitate the cross-pollination of innovation between the global and local markets.”

On the first day of LEAP 2023, Etihad Etisalat Company (Mobily) penned two major agreements with Ericsson, where they announced the launch of Mobily Pay and the deployment of the Ericsson Artificial Intelligence (AI)-based network solution.

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