"Saudi Aramco and Terra Drone partner for a revolutionary approach to oil and gas inspection"

Oil giant Saudi Aramco is investing in Japanese drone company Terra Drone to create a subsidiary for ... [+]

TERRA DRONE

Saudi Aramco, the world's leading oil producer, is making a multi-million dollar investment in Japanese drone and air mobility technology company Terra Drone as it seeks to fall in line with Saudi Arabia's long-term initiative to reduce the nation's dependence on hydrocarbons. The companies announced late Tuesday that through its $200 million venture capital arm, Wa'ed Ventures, Saudi Aramco is investing $14 million in Terra Drone which, in turn, will use the money to create the subsidiary Terra Drone Arabia.

This move represents a significant step forward for both companies, as Terra Drone Arabia will provide oil-gas inspection services for Saudi Aramco while at the same time generating local jobs and accelerating development of the drone industry in the Middle East. The new subsidiary offers an opportunity for Terra Drone, one of the top two drone service providers in the world, to further its global expansion. Currently, Terra Drone provides drone and urban air moblity (UAM) solutions in 10 countries and this new subsidiary will provide an opportunity to expand their services to Middle East.

This strategic partnership is an indication of Saudi Aramco's commitment to embracing new technologies and innovative solutions to reduce its dependence on hydrocarbons. It is also a sign of the company's forward-thinking approach to investing in the drone industry, which is rapidly growing in popularity and importance across the globe. This collaboration with Terra Drone is a significant step towards the modernization of the oil and gas industry in Saudi Arabia and the Middle East region.

For Terra Drone, this partnership represents an opportunity to further its global expansion and to take advantage of the growing demand for drone and UAM solutions in the Middle East region. This partnership will also accelerate the development of the drone industry in the region, creating jobs and providing new opportunities for local businesses.

Overall, this partnership is a win-win situation for both companies, as it allows Saudi Aramco to reduce its dependence on hydrocarbons and embrace new technologies, while providing Terra Drone with an opportunity to expand its services and accelerate the development of the drone industry in the Middle East.

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source:(Forbes)