RIYADH, Feb. 1 (Xinhua) -- The Saudi Arabian Oil Company (Aramco) announced Tuesday the launch of Prosperity7 Ventures, a one-billion-U.S. dollar venture capital fund designed for the development of next-generation technologies and business models.
During the global technology conference LEAP held in Saudi capital Riyadh, Aramco Chief Technology Officer Ahmad Al-Khowaiter announced the official launch of the fund, which has been operational for over a year.
The fund was set to support exceptional entrepreneurs in building transformative companies striving to solve some of the world's most pressing challenges.
The LEAP was held under the theme "One Eye on the Stars," with the participation of more than 350 speakers representing 40 countries from around the world.
It is one of the largest tech conferences and exhibitions concerned with the future of technologies and their role in the prosperity of humanity and finding innovative solutions to the most important challenges it faces. ■
