Aramco’s entrepreneurship arm boosts investment in drone operator

Aramco’s entrepreneurship arm boosts investment in drone operator

RIYADH: The entrepreneurship arm of Saudi Aramco has invested a further $500,000 in a Saudi drone operator to help scale its operations to expand overseas, it was announced on Wednesday. Wa'ed's first investment in FalconViz came in 2016, and the new funding will help the company grow in Europe, the US, and Africa. The firm, based at King Abdullah University of Science and Technology (KAUST), north of Jeddah, offers a range of drone services, including 3-D surveying and mapping, inspections, construction monitoring, and data visualization. Its drones have multiple uses including for land surveying, mining, urban development, and cultural heritage assessments. FalconViz's clients include BCG, HSBC, Neom, and the Saudi Ministry of Culture. Its drones were also used by the city of Jeddah to survey 250,000 square meters of the historic Al-Balad Old Town neighborhood to support the city's UNESCO World Heritage Site application. Mohamed Shalaby, FalconViz's co-founder and vice president of business development, said the Wa'ed investment was "a welcome injection of funds and confidence in our offerings and business strategy. This will enable us to keep investing in our people, growing our services, and expanding our global presence across different sectors.“ Salman T. Jaffrey, the chief investment officer