In a significant move towards enhancing bilateral economic relations between Saudi Arabia and Japan, SBI Holdings, Inc., headquartered in Minato-ku, Tokyo, under the leadership of Yoshitaka Kitao, Representative Director, Chairman, President & CEO, has announced the signing of a Memorandum of Understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) and BIM Ventures, led by Managing Partner & CEO Mohamed Amine Merah. This strategic alliance aims to establish a business partnership focused on fostering innovative startups and creating new avenues of economic growth in both Saudi Arabia and Japan.
Empowering Saudi Startups Through Strategic Investment
At the core of this partnership lies the commitment to bolstering the entrepreneurial ecosystem in Saudi Arabia. With MISA spearheading investment affairs in the Kingdom, including foreign investment, and playing a pivotal role in promoting Saudi Arabia as a premier investment destination, the collaboration seeks to leverage SBI Group and BIM Ventures’ expertise, resources, and networks to support the growth of startups. Through a dedicated fund with a size of $100 million, specialized in assisting startups to expand or establish themselves in Saudi Arabia, the alliance aims to provide essential financial backing to fuel the innovative endeavors of budding entrepreneurs.
Nurturing Entrepreneurial Talent with Vision 2030
Aligned with Saudi Arabia’s ambitious Vision 2030, the Kingdom is witnessing a paradigm shift in its economic landscape, characterized by rapid transformation and growth. Inspired by this vision, MISA is actively supporting the joint efforts of SBI Group and BIM Ventures to establish and manage a fund in Saudi Arabia. This strategic initiative not only creates new opportunities for Saudi and Japanese startups but also contributes to job creation and economic diversification within the Kingdom.
The scope of the business alliance extends beyond the establishment of the fund, encompassing a range of collaborative efforts aimed at promoting investment opportunities and supporting the expansion of portfolio companies in Saudi Arabia. Leveraging their respective local and global networks, SBI Group and BIM Ventures are poised to work closely with MISA to drive economic cooperation between Japan and Saudi Arabia.
Building on a Legacy of Success
With a proven track record of establishing investment funds and executing investments in the Middle East, SBI Group’s commitment to the region is unwavering. Recent milestones, including the signing of an MoU with Aramco in December 2023 and the establishment of “SBI Middle East” in Riyadh in February 2024, underscore the group’s dedication to expanding its presence and fostering economic cooperation in Saudi Arabia.
Pioneering a New Era of Economic Cooperation
Through the alliance with MISA and BIM Ventures, SBI Group is poised to build a robust, flexible, and synergistic relationship aimed at driving economic growth and promoting further business expansion in the region. By harnessing the power of entrepreneurship and innovation, the partnership stands as a testament to the transformative potential of collaboration in shaping the future of economic cooperation between Japan and Saudi Arabia.
May 29, 2024
This strategic partnership between SBI Holdings and Bim Ventures is a promising step towards strengthening economic ties between Japan and Saudi Arabia. The focus on the development of innovative startups and the development of economic growth through cooperation is a positive signal for both countries. This initiative can unlock new opportunities and create valuable economic partnerships for years to come.