An investment of SAR310.8 million ($82.8 million) has been made in SHIFT, a comprehensive platform that specializes in technology-driven mobility solutions for people and products, by Merak Capital, an investment firm committed to technology.
This sizeable capital infusion is in line with Saudi Arabia’s Vision 2030 goals, which are to promote economic expansion and diversification by putting realisation programmes in place across a range of industries, including travel, logistics, and transportation.
Offering a full range of services, including car-sharing, chauffeur services, car rentals, last mile and line haul, as well as leasing services, SHIFT, a leading provider of smart mobility solutions and logistics, is changing the face of Saudi Arabia. With its strong fleet of over 12,000 vehicles, the company, which was founded in 2017 and has its headquarters in Jeddah, has made significant progress, operating in 57 cities throughout the Kingdom. With a commitment to automating logistics and mobility services, SHIFT hopes to increase efficiency, control, and environmental impact.
Furthermore, with Saudi Arabia aiming to become a global tourism hub, tourism is becoming an exciting growth area for SHIFT. The company’s smart mobility solutions are ideally positioned to support this vision by giving travelers easy access to cutting-edge transportation options, improving their travel experience, and fostering the expansion of the tourism industry in the Kingdom.
With this investment, Merak Capital becomes a major force in the Kingdom’s economic transformation. SHIFT will be able to grow and innovate its intelligent solutions more quickly, which will improve efficiency, sustainability, and connectivity throughout the Kingdom’s logistics and mobility ecosystem.
Abdullah Altamami, CEO of Merak Capital, commented: “We are extremely excited about our investment in SHIFT, a local champion shaping the future of mobility in the Kingdom, led by its trailblazing founder, Khalid Alsulaiman. Our belief in the impact of technology on the mobility of people, products, and businesses is profound, and with our position and track record as one of the leading technology investment firms in the region, coupled with the innovation and capabilities of SHIFT as a mobility pioneer, we believe this partnership will yield tremendous success for all stakeholders, including our partners, investors, and the thriving economy of the Kingdom across multiple sectors, such as tourism, transportation, hospitality, logistics, and more.”
Khalid Al-Sulaiman, Founder and CEO of SHIFT, expressed his enthusiasm for the investment, stating: “We are thrilled to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionising mobility solutions in Saudi Arabia. This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector. Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving towards a future where technology and sustainability create lasting value for our customers, stakeholders, and communities.”
Merak Capital has demonstrated its dedication to promoting innovation through its latest investment in SHIFT. It emphasizes its proactive leadership of a SAR 112 million funding round for Saudi Arabia’s cutting-edge Jisr human resources platform. Furthermore, with SAR 306 million in available capital, Merak Capital is managing a venture capital fund designed to support the Kingdom’s gaming and eSports industries.
Beyond its investments, Merak Capital has received recognition for being featured in a Stanford Graduate School of Business Case Study that explores the history of the company and its goal of capitalizing on the changing Middle Eastern dynamics, particularly Saudi Arabia’s thriving tech scene.
These notable achievements demonstrate Merak Capital’s critical role in fostering innovation, generating employment, and advancing Saudi Arabia’s sustainable development.
