GCV Powerlist 2017: Majid Mufti

Five years after his last appearance in the Powerlist, Majid Mufti returned to venturing last summer as head of oil company Saudi Aramco’s corporate venturing program following a period of working internally.

In 2012’s Powerlist, Mufti was chief investment officer of Saudi Aramco Energy Ventures (SAEV)  – a position currently held by Bruce Niven, a GCV Rising Star 2017. Now as CEO, Mufti said: “We were one of the more active CVCs in energy last year with eight new deals added to our portfolio.”

These deals included SAEV investing $2.2m in Norway-based Cannseal and €10m ($11m) in Airborne Oil & Gas’s €23m series C round.

Other portfolio companies include Siluria, which produces the bulk petrochemical ethylene, Novomer, which uses CO2 and CO to make petrochemicals, 908 Devices, producer of a handheld mass spectrometer, ConXtech, which enables steel structures to be built in a fifth of the regular time, Zilift, a maker of downhole pumps that do not require a rig, and InflowControl, which makes autonomous downhole valves that prevent water entering oil wells.

Mufti added: “We also had our first partial exit with the corporate organisation buying a key business from one of our portfolio companies. We are investing in relevant deals that matter a deal to the corporate organisation. SAEV was also compensated at fair market value, giving us a great return as a separate organisation.”

This is helpful, given Saudi Aramco is preparing for a 5% flotation late next year.

Before the launch of SAEV, Mufti was based in Hong Kong as a joint venture manager handling Aramco’s downstream investments in China. He started his career as a physical products trader in Asia and a process engineer at a Shell joint-venture refinery. Mufti has a chemical engineering degree from Northeastern University and a master’s degree in finance from NYU Stern.