Saudi Aramco Energy Ventures to set up SAR 1.9 bln fund in 2020

Saudi Aramco Energy Ventures (SAEV), the corporate venturing subsidiary of state-owned Saudi Aramco, is planning to launch a new $500 million (SAR 1.88 billion) fund this year, Majid Mufti, the company’s CEO, told Bloomberg.

The new fund will be financed by returns on the previous investment, which has backed 45 technology companies, primarily in the US and Europe, since 2012.

Last month, the venture capital firm opened an office in Beijing, Mufti added.