Saudi Arabia conglomerate Aramco’s venture unit invested $15 million into South Korean chipmaker Rebellions, a move intended to boost AI and semiconductor development in the former nation.

The unit, dubbed Wa’ed Ventures, has a $500 million pot to play with, serving essentially as an investment vehicle for Saudi Arabia.

The deal with Rebellions is its first in South Korea, it said in a statement, and follows participation in a $6.5 million funding round for US-based AI platform aiXplain.

Rebellions has ties to SK Telecom, with the startup earlier this year combining its business with Sapeon Korea, owned by the operator.

It also has a strong partnership with Samsung, with the pair working on development of a proprietary chip for generative AI.

Speaking to Bloomberg, Fahad Alidi, managing director at Wa’ed Ventures, said investing across the AI stack was not just a strategic move as a capital investor, but also part of a commitment to accelerate Saudi Arabia’s “efforts in the global technology and innovation race”.

Rebellions will use the investment to establish a new subsidiary in Saudi Arabia and launch operations in the country.

As part of Aramco’s push to diversify away from its core business of oil, the company launched a digital unit in late 2023. It then appointed former Rakuten Symphony honcho Tareq Amin to head up the business.

Amin told Mobile World Live earlier this year the unit was focused on developing software, platforms and launching a private 5G play.