Aramco to construct Zoom’s first global data centre in Saudi Arabia and invest $300 million in VC arm

Saudi Arabian Oil Company (Aramco) has entered into a strategic partnership with Zoom, the video conferencing platform, to build its first global data centre in Saudi Arabia. The data centre will serve the region and be connected to Zoom’s global network, which is expected to contribute to the digital transformation of various sectors such as energy, education, healthcare, and industry. The partnership will also see the two companies explore joint development of innovative technology solutions for the energy sector.

In addition, Aramco announced $300 million in additional financing for Wa’ed Ventures, its Kingdom-focused venture capital arm, bringing the firm’s total size to $500 million from $200 million.

The new funds will enable Aramco to accelerate its investment performance both regionally and globally. Wa’ed Ventures aims to localize global frontier technologies and advance the innovation ecosystem in Saudi Arabia, as well as expand investments in mid and growth-stage startups, with a focus on domains such as environmental, social, and governance (ESG), the metaverse, and quantum computing.

These announcements were made at the second edition of LEAP 2023, taking place in Saudi Arabia until February 9th, under the theme of “Into New Worlds”. Aramco’s President and CEO, Amin Nasser, stated that the company’s diverse network of partners and its new strategic partnership with Zoom will further enable innovative solutions in the digital transformation ecosystem.