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Saudi Aramco launches $1 billion Prosperity7 Ventures fund

Oil hits $105 a barrel as Russia invades Ukraine

Saudi Aramco announced the establishment of a one-billion-dollar investment capital fund (Prosperity7). The fund was formed more than a year ago and was officially opened yesterday during a speech given by Saudi Aramco’s chief technical officer, Ahmed Al-Khuwaiter, at the LEAP 22 conference in Riyadh.

The fund was created with a worldwide, long-term vision in mind, to support the development of next-generation technologies and innovative business models that have a beneficial impact on a large scale.
According to Al-Khuwaiter, Saudi Aramco has enormous resources and its business spans many economic sectors on a local and global scale, making the company an ideal partner for emerging companies through the (Prosperity7) Fund, which provides companies with an unparalleled opportunity to expand and influence.
The (Prosperity7) Fund assists exceptional entrepreneurs by forming partnerships that aim to develop effective solutions to the world’s most urgent concerns. It also encourages long-term collaborations, suitable assistance, and access to a global network of enterprises with entrepreneurs, capital investors, and specialists in various sectors.
The fund’s goal is to target its investments toward forward-thinking enterprises in a variety of industries and sectors that have ideas, technology, and solutions that can be developed and altered. The investments include early-stage start-ups in a variety of industries, including (blockchain) technology, financial and industrial technologies, healthcare, and education solutions.
It is worth noting that the Fund’s headquarters are in Dhahran, with operations in Palo Alto, New York, Beijing, and Shanghai. It was called (Prosperity7) after the Kingdom’s first oil well, which was titled (The Good Well), well No. 7. The (Prosperity7) Fund will be inspired by the early explorers’ history of turning large ideas into practical facts on the ground.

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