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Aramco Weighs $1 Billion Venture Capital Fund For Tech

Saudi Arabia is making efforts to diversify its oil-dependent economy

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Rory Jones and

Rory Jones

The Wall Street Journal

Biography Rory Jones
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Summer Said

Summer Said

The Wall Street Journal

Biography Summer Said
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summer.said@wsj.com

Updated Sept. 6, 2018 11:46 a.m. ET

DUBAI—Saudi Arabia’s national oil company is considering a $1 billion venture-capital fund to invest in international technology firms, according to people familiar with the proposal, as the kingdom deepens efforts to diversify its economy.

Saudi Arabian Oil Co., better known as Aramco, is weighing a fund to make multimillion-dollar investments in technologies that complement the oil giant’s operations and is also considering opening an office in Silicon Valley or elsewhere in the U.S. to generate deals, the people said.

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        <svg class="shareSVG shareSVG--close" id="Layer_1" xmlns="http://www.w3.org/2000/svg" viewbox="0 0 21.9 22"><polygon id="XMLID_4_" points="12.2,11 12.2,10.9 21.9,1.2 20.7,0 10.9,9.7 1.2,0 0,1.2 9.7,10.9 9.7,11 9.7,11.1
      0,20.8 1.2,22 10.9,12.3 20.7,22 21.9,20.8 12.2,11.1 "/></svg>
    </span>
  
    </div>
  
  </div>
  <!-- end scrim share menu -->