A Memorandum of Understanding (MoU) between BIM Ventures, the Saudi Venture Studio, and SBI Holdings was signed today in Tokyo, Japan, at the Saudi Japan Vision 2030 Business Forum. Through this partnership with the Saudi Arabian Ministry of Investment, a joint investment fund with a $100 million fund size will be established with the purpose of supporting startups and making investments in the Saudi market.
The Minister of Energy, HRH Abdulaziz bin Salman bin Abdulaziz; the Minister of Culture, HH Prince Badr bin Abdullah bin Farhan; the Minister of Investment, HE Eng. Khalid Al-Falih; the Minister of Communications and Information Technology, HE Eng. Abdullah Alswaha; and the Minister of Economy, Trade and Industry, Ken Saito, from Japan, witnessed the official signing of the Memorandum of Understanding during the Saudi Japan Vision 2030 Business Forum. in addition to officials from both businesses and the Ministry of Investment.
This strategic alliance demonstrates Saudi Arabia and Japan’s shared commitment to bolstering their bilateral economic ties.
Supporting creative startups in the Saudi market is the main goal; essential financial and logistical support is provided to promote sustainable growth in this important industry.
The fund’s mission is to help startups by providing critical funding during their launch and expansion stages. In order to guarantee these new businesses’ success, it will also offer professional advice and mentoring. In addition, the fund seeks to draw foreign capital into the Saudi economy by fostering an inventive and encouraging investment climate.
Mohamed Amine Merah, Managing Partner and CEO of BIM Ventures, commented on the agreement, saying, “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. Our primary goal is to work with the Ministry of Investment to attract local and international partnerships, thereby positively impacting the Kingdom’s economy.”
Yoshitaka Kitao, Representative Director, Chairman, and CEO of SBI Holdings, added, “SBI Group positions the Middle East as a strategically important region and plans to strengthen deployment of management resources in this region. 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 program is in line with Saudi Arabia’s overarching goal to boost the GDP contribution of the private sector, draw in more foreign capital, and bring the Kingdom up to the top ten economies in the world by 2030 in terms of global competitiveness.
