A man walks near a compound for Saudi Aramco in Jiddah, Saudi Arabia, Nov 3, 2019. (PHOTO / AP)

Saudi Aramco said on Wednesday it has boosted its Aramco Ventures unit by $4 billion, more than doubling the oil giant's overall venture capital funding.

The additional funding, $4 billion over four years, boosts Aramco Ventures' capital to $7 billion. Aramco also has a $500 million venture capital fund Wa'ed Ventures, which invests in Saudi start-ups.

Aramco said such venture capital investments aim to progress its long-term strategy through focusing on "new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies" 

Aramco Ventures managed three funds before the capital increase: the $500 million Digital/Industrial Fund, the $1 billion Prosperity7 Fund, and the $1.5 billion Sustainability Fund.

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"The decision reflects the growing significance of Aramco’s venture capital program in enabling the development of disruptive new technologies, creating diversification opportunities for Aramco, and paving the way for collaborations with innovative start-ups," Aramco said in its statement.

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Such venture capital investments aim to progress Aramco's long-term strategy through focusing on "new energies, chemicals and transition materials, diversified industrial businesses, and digital technologies," it added.