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Week in Review

Week 43 in Review: Sustainability Fund, Taleed, F1, and more

Big commitments; big events; big announcements.

 

Here are some of the top headlines over the past week. 

 

Aramco announces $1.5 billion Sustainability Fund 

Aramco this week announced the creation of a $1.5 billion Sustainability Fund to invest in technology that can support a stable and inclusive energy transition. It was unveiled at the sixth edition of the Future Investment Initiative (FII) and is among the largest sustainability-focused venture capital funds globally.

 

Managed by Aramco Ventures, Aramco’s venture capital arm, the Sustainability Fund is an extension of the company’s efforts to meet the world’s growing energy demand, with lower greenhouse gas emissions.

 

The fund plans to invest in technologies that support our announced net-zero 2050 ambition in its wholly-owned operational assets, as well as development of new lower-carbon fuels. Initial focus areas will include carbon capture and storage, greenhouse gas emissions, energy efficiency, nature-based climate solutions, digital sustainability, hydrogen, ammonia, and synthetic fuels. The fund will target investments globally. 

 

Company launches Taleed to accelerate small- and medium-sized enterprise growth

Aramco has announced the launch of a new program, “Taleed”, which looks to accelerate the growth of small- and medium-sized enterprises in Saudi Arabia — helping boost their contribution to economic development and support job creation.

 

The program targets sustainable SME growth across multiple sectors through a portfolio of 20 initiatives, providing a wide range of support from capability building and strategy development to training, market access, advisory services, and business planning.

 

It also look to deliver funding and financial solutions to existing and new businesses through five funds, with a combined capital exceeding SR3 billion ($800 million). The funds are being established in collaboration with partners to support SME development in the sustainability, digital, manufacturing, industrial, and social-innovation domains. 

 

Aramco is partnering with a wide range of entities to deliver Taleed initiatives, and the company has signed 30 Memorandums of Understanding with leading public and private partners to enable development of the SME ecosystem. 

 

Formula 1 Aramco U.S. Grand Prix returns

The return of the Formula 1 Aramco Grand Prix to the U.S. and the state of Texas did not disappoint. Dedicated fans packed the stands for three days to watch practice and qualifying sessions with a three-day attendance of 440,000. 

 

With teams like Ferrari, Mercedes, and McLaren taking to the track on the famed Circuit of the Americas (COTA) course for 56 laps, there was no shortage of energy.

 

Earlier this year, Aston Martin Formula One signed a deal with Aramco for co-title rights to the racing outfit with professional services company Cognizant, making it the Aston Martin Aramco Cognizant Formula One TeamTM. The partnership creates opportunities for Aramco to collaborate on engine development and other motorsports innovations such as high performance sustainable fuels, advanced lubricants, and the deployment of nonmetallic materials in vehicles. 

 

Aramco’s global sponsorship with the international race series was announced in 2020, connecting Aramco with a worldwide audience of 500 million racing fans. The Aston Martin Aramco Cognizant Formula One TeamTM was one of the 10 teams competing in this year’s race.

 

Ithra tackles the theme of ‘Collaboration’ in Tanween 2022

Starting today (Oct. 27), explore the creative process at Tanween, Ithra’s annual creativity season and the largest creativity season, with innovators, creatives, a nd global experts.

 

Celebrating “Collaboration,” Tanween 2022 will feature performances, demonstrations, talks, experiments, workshops, events, and much more. 

 

Second Community Championships expected to be bigger than ever

Riding on the success of the first-ever communitywide sports championship of its kind in the Kingdom last year, the Community Championships are back and are expected to be bigger than ever. 

 

Registration begins on Nov. 1 and closes on Dec. 8, giving an even larger number of Aramco athletes a chance to show. 

 

Last year’s championships demonstrated the power of sports to unite and strengthen relationships, friendships, and solidarity among the various Aramco communities from across the Kingdom. This year we will to continue the momentum and increase opportunities for our employees.
— Abdullah S. Al Shemaly, Northern Area Community Services manager and Community Championships champion

 

When the qualifying games begin, Jan. 1 to Feb. 2, our communities will come together again, on the playing fields and in the stands. When the final competitions take place from March 3-11, 2023, we will have new stories to tell and a firmer bond that holds us together as a community.