Aramco Ventures, the investment arm of Saudi Arabia’s national oil company Aramco, will be establishing a new office in Paris as part of a major push to expand its artificial intelligence (AI) investment footprint across Europe. The new office will oversee European investments, which are expected to reach hundreds of millions of euros, Aramco Ventures’ Chief Executive Officer (CEO) Mahdi Aladel told Reuters on the sidelines of the recently concluded “Adopt AI International Summit” in the French capital.
According to Aladel, the decision to base the new hub in France reflects the strength of the European country’s artificial intelligence ecosystem, which has grown significantly recently. The official also pointed to the success of home-grown AI companies such as Mistral, as well as France’s deep talent pool and the government’s commitment to investing in AI infrastructure, research, and the wider innovation landscape. These factors, Aladel said, convinced Aramco Ventures that France is the right gateway for the Saudi-based venture’s expansion into European technology markets.
“The move comes at a time when global investment in artificial intelligence infrastructure is accelerating rapidly, driven by soaring demand for advanced data centres capable of powering increasingly complex AI systems. While the United States and China currently dominate the race, Europe has been struggling to keep pace due to slow permitting processes and regulatory barriers that have delayed the development of large-scale AI and data centre projects. Aramco Ventures believes that new investment momentum, combined with strong technical capabilities in countries like France, could help shift that dynamic,” reported OilandGas Middleeast.com.
Aramco’s new Paris office will initially concentrate on opportunities in AI, cybersecurity, and quantum computing. While early investments will likely focus on French startups or French-based funds, the long-term strategy will be to expand capital coverage across the entire continent. Aladel further emphasised that Aramco Ventures aims to support technologies that enhance digital resilience, accelerate AI adoption, and contribute to broader industrial transformation in Europe.
The announcement follows broader comments made by Saudi Aramco leadership at the “Adopt AI International Summit,” where Aramco’s Executive Vice-President of Technology and Innovation, Ahmad O. Al-Khowaiter, highlighted the crucial interplay between AI development and global energy systems.
The senior official further warned that demand for electricity from artificial intelligence data centres is rising sharply, with power consumption reaching approximately 415 terawatt hours in 2024 and expected to more than double by 2030. It underscores the need for more efficient, sustainable energy solutions to support AI growth.
Al-Khowaiter noted that Aramco scaling its own AI and quantum initiatives reflects a company-wide commitment to digital transformation.