Remarks by Ahmad O. Al-Khowaiter at TecShift 2024 – An Aramco Entrepreneurship Summit

As-salamu alaykum. 

Friends, partners, I want to thank you all for joining us today. 

Welcome to Ithra…and welcome to TecShift. I want you to join us today in the first edition of Aramco’s entrepreneurship summit. In the planning for this summit, we had two key objectives.

First, our aim was to convene some of the most forward-looking thinkers across industry and technology. Looking out across the room today, I can clearly see that we have really succeeded.

Our second objective was to create an environment that would facilitate collaboration between all participants and pave the way for innovative new solutions to complex problems.

In reviewing the agenda for the next two-days, I think we are well on the way toward success there as well. In many ways, this beautiful place is the perfect setting for our gathering.

That is because Ithra embodies what this summit hopes to achieve. It began as a bold and ambitious idea, one that perhaps some people thought had no chance of success.

But others bought in, they accepted, and eventually a whole range of stakeholders were behind Ithra—from artists to architects to cultural experts and more. They all came together, each contributing their own unique capabilities.

Working together, they brought the project to success. Today, this center has not only led the transformation of the Kingdom’s cultural landscape, it is also helping to advance human knowledge on a global scale.

The evolution of Ithra illustrates a fundamental truth: game-changing ideas do not emerge fully formed in one day. It may begin with a spark, but the journey from idea to execution relies on contributions from many along the way.

Think about all the great technology companies today—and then consider that at some point in their development, they started with one or two people. They relied on a range of outside support. Many helpers along the way to grow and thrive and turn into thriving businesses.

Without that support, even the best ideas, the best technologies, will fizzle out. At Aramco, we believe the stakes are too high to risk that outcome. 

The health, well-being, and continued prosperity of billions of lives depend on whether we can harness the technology that can overcome all the challenges facing us. Which is why we aim to give promising ideas, and the entrepreneurs behind them, the greatest chance of success.

That means going beyond funding.

It means supporting an entire innovation ecosystem—one where entrepreneurs can secure capital, yes of course, but also receive mentorship, connect with market experts and technical experts, and network with the businesses who have the potential to help them scale-up and commercialize.

Such an ecosystem requires the active participation of many along the way.

Innovators with big ideas.

Investors willing to take risks and drive their ideas forward.

Researchers who can help identify potential applications for new technologies and help develop solutions for challenges along the way.

Companies who can bring those technologies to market. And many, many more.

But a comprehensive innovation ecosystem does not emerge spontaneously. It takes thoughtful and deliberate cultivation. That is something that Aramco has engaged in for years through a variety of mechanisms.

For instance, Aramco set up two Venture Capital programs more than 12 years ago: Wa’ed Ventures, which is focused on the Kingdom, and Aramco Ventures, which invests globally.

Aramco Ventures now manages more than $7 billion worldwide to invest in start-ups and high-growth companies, both within and outside the energy sector and many other sectors, like med-tech and fin-tech.

More than just supplying capital, Aramco Ventures uses its deep understanding of the industrial and digital landscape to help companies navigate complex market dynamics and drive innovation.

Wa’ed Ventures invests in Saudi Arabia and around the world, with a focus on attracting global companies to localize their technologies in the Kingdom. It provides a breadth of resources including mentorship, advisory services, assistance with talent recruitment, and consultations with industry experts.

We are excited to announce that Wa’ed is allocating $100 million to invest exclusively in early-stage AI startups. This commitment, a portion of the total $500 million Wa’ed fund, marks a bold move to support the Kingdom’s ambition to become a regional hub for AI innovation. It will pave the way for current and emerging pioneers in the sector to enter the Saudi market and form partnerships with local companies.

Last year, we also launched the Saudi Accelerated Innovation Lab, or SAIL. It focuses specifically on supporting innovative ideas in the digital arena, some of which end up being new ventures for those companies. It is already yielding exciting partnerships, with ongoing projects in areas like cybersecurity, sustainability, and material science.

Now, in an especially exciting development, I am delighted to announce the public launch of LAB7.

LAB7 is Aramco’s Innovation & Product Development Center, or the hard-tech venture builder. It partners with entrepreneurs to build new products, providing a continuum of support all the way to start-up establishment and market entry.

It also features something fairly unique in this space: it grants access to physical workshops equipped with advanced manufacturing technologies and equipment, giving teams a technological sandbox to build and refine their products.

Through these entities—Aramco Ventures, Wa’ed Ventures, SAIL, and LAB7—Aramco brings stakeholders together and catalyzes the development of exciting new technologies across a variety of sectors.

Together, they form a flourishing innovation ecosystem right here in Dhahran. Within just a few square miles there are investors, entrepreneurs, industrial complexes, and world-class institutions like KFUPM and Techno Valley. And they’re all linked to Aramco’s network of R&D centers around the world, from Palo Alto to Beijing, elevating it to a truly global ecosystem.

That enables us to complement our own in-house capabilities with the very best ideas and expertise from outside. We benefit from tapping into entrepreneurs who have identified better, cheaper, or faster solutions, and we help make sure those solutions go from idea to impact.

We know, however, that the magnitude of challenges humanity faces today cannot be overcome by efforts of any one company. So, we encourage others to join us in this endeavor.

Which brings me back to this summit and why we are gathered here today. I think we all agree that technology is the key that can unlock a brighter future for us and our children.

Now, we need to break down the barriers that impede technological development and bring more people into the vast innovation ecosystem I have described. Because only when entrepreneurs have access to the full continuum of support can they achieve the full potential of their ideas.

All the necessary components are assembled here in this room: ideas, funding, networks, expertise. It’s time to get to work and change the world. 

Thank you very much.

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