The Saudi corporate building studio, BIM Ventures, has revealed a memorandum of understanding with SBI Holding, in coordination with Saudi Arabia’s Ministry of Investment. This agreement aims to establish a joint investment fund dedicated to nurturing and investing in startups within the Saudi market, with an impressive capital of $100 million. This development emerged alongside the Saudi-Japanese Vision 2030 Business Forum taking place in Tokyo.
The memorandum showcases the mutual desire to enhance the economic ties between Saudi Arabia and Japan, providing both financial and logistical support to innovative startups in Saudi Arabia to ensure sustained growth within this critical sector.
The anticipated impact of the fund includes aiding startups by offering essential funding for their establishment and growth phases. Additionally, the fund is expected to provide expert guidance to ensure the success of these companies. It also aims to attract foreign investment to the Saudi market and create an environment conducive to innovative and encouraging investments.
Mohammed Marah, the Managing Partner and CEO of BIM Ventures, expressed that the agreement with SBI Holding reflects a commitment to fostering an entrepreneurial ecosystem in Saudi Arabia and to providing opportunities for startups to innovate and grow, ultimately contributing to the bilateral relations between the two nations. The core objective is to collaborate with the Ministry of Investment to draw local and international partnerships that can positively impact the Saudi economy.
On the other hand, Yoshitaka Kitao, CEO of SBI Holding, regards the Middle East as a strategically important region and is committed to enhancing the deployment of their managerial resources there. The collaboration with Saudi Arabia’s Ministry of Investment and BIM Ventures aligns with their pride in supporting Saudi startups, contributing to the country’s economic development through leveraging their global network and accumulated expertise in venture investments since their inception in 1999.
This initiative is part of the Kingdom’s efforts to realize its vision of increasing the private sector’s contribution to the GDP, attracting more foreign investment, and elevating Saudi Arabia’s ranking among the top ten economies on the Global Competitiveness Index by 2030.
