Page 11 - MEOG Week 05 2022

MEOG NEWS IN BRIEF MEOG

COMPANIES education solutions. It is headquartered in company invest in Cognite is a strong show
Dhahran, with offices in Palo Alto, New York, of faith in our trajectory, and in the value
Aramco announces Beijing, and Shanghai. of contextualized, actionable data as the
foundation to shape a more efficient, more
The fund is named after Dammam Well-7,
Prosperity7 Ventures the first oil well to strike commercial oil in sustainable industrial future,” says John
Saudi Arabia, also known as the ‘Prosperity
Markus Lervik, CEO and co-founder of
Aramco has officially announced the launch Well’. Cognite.
of Prosperity7 Ventures, a one-billion- Building on a corporate heritage that COGNITE
dollar Venture Capital fund. The fund has has been bookmarked by explorers and
been operational for over a year, but was entrepreneurs, Prosperity7 continues the
today launched officially by Aramco Chief tradition of turning big ideas into realities. OIL
Technology Officer Ahmad Al-Khowaiter ARAMCO
during the LEAP 22 technology conference in Report claims Iran oil
Riyadh. Aramco invests in Cognite
Prosperity7 is designed as a global financial revenue jump
VC, with a long-term view to support the Cognite, a global leader in industrial software
development of next-generation technologies innovation, announces today that Saudi Iran’s oil export income grew by 494
and business models that will bring prosperity Aramco, via its subsidiary Aramco Overseas percent in the first 5 months of the Raisi
and positive impact on a vast scale. Company B.V., has invested in Cognite by administration, Fars news agency affiliated
Aramco Chief Technology Officer Ahmad purchasing 100% of Aker BP’s shares in the with the Revolutionary Guard reported
Al-Khowaiter, said: “Through the breadth company. Tuesday.
of the Saudi Aramco ecosystem, its vast “Cognite has proven that their technology The report is an attempt to shed a positive
resources, and its far-reaching footprint delivers complex real time insights seamlessly light on the embattled hardliner government,
across geographies and sectors, Prosperity7 and is optimizing how energy is being covering a range of budgetary and other
can present unparalleled opportunities supplied to the world,” says Saudi Aramco economic indicators, but the claim about
for scalability and impact. This potential Senior Vice-President of Technical Services, more oil exports is not too far from other
would be instrumental in creating stronger Ahmad A. Al-Sa’adi. “We are impressed by the estimates showing weakness in enforcing
foundations for success for its portfolio great momentum Cognite has shown since United States sanctions.
companies.” inception where it now serves some of the Fars said that from mid-August when
The fund supports exceptional leading industrial companies globally.” Ebrahim Raisi took office until mid-January,
entrepreneurs in building transformative “This transaction demonstrates Iran sold about $2.8 billion of oil and related
companies striving to solve some of unprecedented confidence in Cognite and its products, while in the last four months of the
the world’s most pressing challenges. high potential to transform industry through previous administration oil exports totalled
Prosperity7 will support building long-lasting technology. This comes in addition to the just $500 million. (The report mentions the
partnerships, providing quality mentorship, USD 225 million raised from leading global figures in rials, and we converted the amounts
and access to a network of leading companies, technology investors TCV and Accel,” says using an average exchange rate of $1=250,000
venture capital firms, and market experts Øyvind Eriksen, board chair of Cognite, and rials.)
worldwide. President and CEO of Aker ASA. The Raisi administration and its political
The fund identifies ground-breaking Cognite currently works with Saudi allies almost on daily basis try to show
companies with exceptional leadership Aramco as a digitalization partner aiding in that his government has a far better record
in diverse industries which are deploying digitalizing and improving the efficiency of in economic performance, including
disruptive technologies with the ability to Saudi Aramco’s operations through Cognite’s circumventing Unites States’ sanctions.
scale and transform. Investments include Industrial Data Platform, Cognite Data Putting the two figures together, Iran is still
early-stage enterprise, blockchain, financial Fusion™. far behind in meeting its budget estimate from
and industrial technologies, healthcare, and “To have the world’s leading energy oil revenues. The roughly $3.3 billion dollars

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