The new fund would buy into technologies that benefit Aramco’s sprawling operations but don’t necessarily focus on energy, the people familiar with the venture said. Aramco wants to locate tech firms in Saudi Arabia to create jobs, although that goal isn’t the primary reason for establishing the fund, the people added. The new fund hasn’t been finalized. Saudi Arabia has broached big plans for modernizing its economy and business culture without following through on some, including a proposed IPO of Aramco that has been indefinitely delayed . A spokesman for Aramco declined to comment. Aramco’s plans are Saudi Arabia’s latest attempt to transform into an innovation juggernaut. More broadly, the kingdom has bet billions of dollars on technologies that can hedge against a potential decline in the demand for oil—the country’s biggest revenue source and the thrust of its economy. Saudi Arabia has committed $65 billion to two outside […]