The Middle East is providing a major shot in the arm for technology providers with the announcement that Saudi Aramco Energy Ventures has launched a new US$500 million investment fund.
The new fund will focus on investments in technology for oil & gas, renewables, energy efficiency, water and digitalisation, adding a further US$500 million of development funding to the original US$500 million fund launched in 2013. Given the average anticipated investment will be in the region of US$5 million to US$15 million, we can expect that about 50 companies will benefit from the new fund. CEO Majid Mufti anticipates a 6 to 7 years average investment period, making it is clear that SAEV will play a key role in the development of energy and water technology development for the next decade. https://www.oilandgasmiddleeast.com/people/36629-exclusive-saudi-aramco-energy-ventures-ceo-in-its-new-500mn-fund.