The Saudi Arabian Oil Company, Aramco, has announced the launch of its new wholly-owned corporate venturing subsidiary called Saudi Aramco Energy Ventures (SAEV). Headquartered in Dhahran, SAEV will invest in technologies of strategic importance to Saudi Aramco that will enhance its position as a technology leader in the global energy industry, and support its broader Kingdom-wide initiatives in advancing sustainable domestic energy and water consumption, the Saudi daily (Arab News) reported Monday. SAEV’s global investments will target start-up and high growth companies, which can generate greater value through innovative upstream and downstream technologies as well as from renewable energy, water and energy efficiency technologies. Commenting on the event, President and CEO of Saudi Aramco Khalid A. Al-Falih said: "Saudi Aramco Energy Ventures represents a significant step forward in our corporate transformation to become the world’s leading integrated energy company with innovation as a key attribute." "As we continue to address long term energy challenges, SAEV will help us more effectively engage with the global community of innovators and entrepreneurs who are increasingly important enablers of growth and value in our industry through the development of leading-edge technologies," he added. SAEV’s investments will accelerate the development of new technologies and ultimately contribute to economic development as innovations are applied to new commercial opportunities, cost reduction and performance improvement.