Saudi Aramco Invests Millions In Japanese Drone Company To Create Subsidiary
Saudi Aramco, the world's leading oil producer, is making a multi-million dollar investment in Japanese drone and air mobility technology company Terra Drone as it seeks to fall in line with Saudi Arabia's long-term initiative to reduce the nation's dependence on hydrocarbons, the companies announced late Tuesday.
Through its $200 million venture capital arm, Wa'ed Ventures, Saudi Aramco is investing $14 million in Terra Drone which, in turn, will use the money to create the subsidiary Terra Drone Arabia. That unit will provide oil-gas inspection services for the company while at the same time generating local jobs and accelerating development of the drone industry in the Middle East, the companies said.
Full press release: