Saudi Aramco Energy Venture (SAEV), a subsidiary of Saudi Aramco, plans to launch a new fund, according to Mubasher, citing Bloomberg.

The new fund has reached around $500 million, according to SAEV CEO, Majid Mufti, who revealed that the venture capital firm opened an office in Beijing.

It is worth mentioning that SAEV’s investments are mainly focused on upstream and downstream oil and gas, petrochemicals, renewables, energy efficiency and water sectors.

Additionally, SAEV has a mission to achieve which is to invest globally into early-stage and high growth companies with technologies of strategic importance to Aramco, to accelerate their development and their deployment in Saudi Arabia, enhance the identification and management of reserves, promote primary energy production, improve operational efficiency, increase value capture in downstream processing, and support optimization of the Kingdom’s energy and water consumption.