Skip to main content

Saudi Aramco launches sustainability fund

The more than $1 billion new Saudi fund will invest in hydrogen, ammonia and other alternative fuels to oil.

Saudi’s state-owned oil company Aramco announced yesterday the launch of a venture capital fund that will focus on sustainability-related projects. 

What it means: The $1.5 billion fund will "invest in technology that can support a stable and inclusive energy transition.” It will be managed by Aramco’s venture capital arm. The fund will invest in the following, Aramco said in a press release: 

  • carbon capture and storage
  • greenhouse gas emissions
  • energy efficiency
  • nature-based climate solutions
  • digital sustainability
  • hydrogen
  • ammonia
  • synthetic fuels

Aramco will target projects globally, not just in Saudi Arabia or the Gulf. 

Why it matters: Saudi Arabia is one of the biggest oil producers in the world but is seeking to diversify its economy per the Vision 2030 initiative. The kingdom is investing in an array of green technology projects to this end. 

Saudi entities are already involved in some of the sectors Aramco’s fund will focus on. Earlier this week, a Saudi company signed a green hydrogen agreement with South Africa. The Saudi Public Investment Fund also just created a company that will work to reduce carbon emissions.  In August, a Saudi firm agreed to build a green hydrogen plant in Egypt.

Know more: Other Gulf countries are also interested in alternative fuels. Last month, Qatar’s state energy company announced a blue ammonia project. The Abu Dhabi National Oil Company is also working on carbon capture and storage. 

Join hundreds of Middle East professionals with Al-Monitor PRO.

Business and policy professionals use PRO to monitor the regional economy and improve their reports, memos and presentations. Try it for free and cancel anytime.

Already a Member? Sign in


The Middle East's Best Newsletters

Join over 50,000 readers who access our journalists dedicated newsletters, covering the top political, security, business and tech issues across the region each week.
Delivered straight to your inbox.


What's included:
Our Expertise

Free newsletters available:

  • The Takeaway & Week in Review
  • Middle East Minute (AM)
  • Daily Briefing (PM)
  • Business & Tech Briefing
  • Security Briefing
  • Gulf Briefing
  • Israel Briefing
  • Palestine Briefing
  • Turkey Briefing
  • Iraq Briefing

Premium Membership

Join the Middle East's most notable experts for premium memos, trend reports, live video Q&A, and intimate in-person events, each detailing exclusive insights on business and geopolitical trends shaping the region.

$25.00 / month
billed annually

Become Member Start with 1-week free trial
What's included:
Our Expertise

Memos - premium analytical writing: actionable insights on markets and geopolitics.

Live Video Q&A - Hear from our top journalists and regional experts.

Special Events - Intimate in-person events with business & political VIPs.

Trend Reports - Deep dive analysis on market updates.

We also offer team plans. Please send an email to and we'll onboard your team.

Already a Member? Sign in