Saudi Aramco collaborates with SBI to explore digital assets and semiconductor investments

Saudi Aramco, the national oil company of Saudi Arabia, and SBI Group, a Japanese financial conglomerate, announced a partnership on December 6, 2023. The two companies will jointly explore investment opportunities in digital assets and the semiconductor field.

Saudi Aramco is the world’s largest oil producer and has a significant cash reserve, while SBI Group is one of Japan’s largest financial groups. According to Ledger Insights, the potential areas of collaboration between the two parties include:

– Co-development and investment in digital assets and semiconductor projects.
– Exploring potential opportunities in digital asset trading and infrastructure.
– Researching the relevant applications of digital assets in Saudi Aramco’s business.

SBI plans to establish its Middle East business headquarters, “SBI Middle East,” in Riyadh.

Both parties stated that this collaboration will contribute to their development in the field of digital assets and create new investment opportunities. SBI specifically mentioned its interest in expanding the business of Japanese digital asset startups in Saudi Arabia and expressed their intention to provide support together.

SBI has been actively promoting digital assets, venture capital funds, and other related matters since this year.

Saudi Aramco has also made its mark in the blockchain industry, participating in investments such as the blockchain oil trading platform VAKT, smart contract solution Data Gumbo, and blockchain quality inspection project IR4LAB.

(Sources: Ledger Insights)

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