Daily Management Review

Aramco Digital sets to raise $1.9B for digital technology


Aramco Digital, a Saudi Arabian state-owned digital firm centered on the oil giant Saudi Aramco, will raise $1.9B over three years to develop digital technologies, according to Amin Nasser, chief executive of Aramco.

Julian Herzog
Julian Herzog
The oil holding company's website quotes Nasser as saying, "We expect to invest $1.9 billion over the next three years, which will be Aramco's largest investment in digital technology to date and will also provide value to the kingdom's digital ecosystem."

A network of collaborations, projects, and joint ventures, he claimed, will enable the kingdom enhance its position in artificial intelligence in the energy sector, encourage digital innovation in Saudi industry, and expand Saudi Arabia's digital economy.

Additionally, during the ongoing Iktva digitalization exhibition in the Kingdom, Saudi Aramco announced signing of over 100 agreements and memorandums of understanding worth a combined 7.2 billion riyals (about $2.6 billion) to speed up the company's digital transformation.

source: reuters.com