Riyadh - Sharikat Mubasher: The Saudi venture studio BIM Ventures signed a memorandum of understanding (MoU) with the Japan-based SBI Holdings to establish a joint investment fund worth $100 million, in partnership with the Ministry of Investment (MISA), to foster startups and invest in the Saudi market, a recent statement unveiled.
The MoU was signed during the Saudi-Japan Vision 2030 Business Forum in the presence of Minister of Energy Abdulaziz Al Saud, Minister of Culture Badr Farhan, Minister of Investment Khalid Al Falih, and Minister of Communications and Information Technology Abdullah Alswaha, along with Japan’s Minister of Economy, Trade, and Industry Ken Saitō.
The fund will focus on nurturing startups by providing crucial funding during their establishment and growth phases. It will offer expert guidance and mentoring to ensure the success of these emerging companies.
This fund aims to magnet foreign investments to the Saudi market, creating a supportive and innovative investment environment.
Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, said: "The partnership with SBI Holdings reflects our dedication to enhancing the entrepreneurial ecosystem in the Kingdom. We aim to provide opportunities for startups to achieve growth and innovation, fostering bilateral relationships between Saudi Arabia and Japan.”
He noted that BIM Ventures’ primary goal is to collaborate with MISA to attract local and global partnerships.
Meanwhile, Yoshitaka Kitao, Chairman and CEO of SBI Holdings, commented: “Together with MISA and BIM, SBI Group is honored to support venture companies in Saudi Arabia and contribute to the economic growth of the Kingdom by leveraging the global network and experience in venture investment accumulated since its establishment in 1999."
This initiative aligns with Saudi Arabia's objectives to increase the private sector's contribution to the gross domestic product (GDP), attract more foreign investments, and elevate the Kingdom's ranking among the top ten economies in the Global Competitiveness Index by 2030.
