ARAMCO BOOSTS VENTURE ARM'S CAPITAL BY $4 BILLION

Saudi Aramco (2223.SE), opens new tab said on Wednesday it has boosted its Aramco Ventures unit by $4 billion, more than doubling the oil giant's overall venture capital funding. The additional funding, $4 billion over four years, boosts Aramco Ventures' capital to $7 billion.

Aramco also has a $500 million venture capital fund Wa'ed Ventures, which invests in Saudi start-ups. Aramco Ventures managed three funds before the capital increase: the $500 million Digital/Industrial Fund, the $1 billion Prosperity7 Fund and the $1.5 billion Sustainability Fund.

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