Leading oil producer, Saudi Aramco has announced it is making a multi-million dollar investment in Japanese drone and air mobility technology company, Terra Drone. This investments falls in line with Saudi Arabia’s long-term initiative to reduce the nation’s dependence on hydrocarbons.
Through its $200 million (€184 million) venture capital arm, Wa’ed Ventures, Saudi Aramco is investing $14 million (€12 million) in Terra Drone which, in turn, will use the money to create the subsidiary Terra Drone Arabia.
Terra Drone Arabia will provide oil and 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 says.
