Aramco to build Zoom’s 1st global data centre in KSA, pledges $300m to VC arm

Aramco to build Zoom’s 1st global data centre in KSA, pledges $300m to VC arm

Riyadh – Mubasher: 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