https://arab.news/6vjkw
JEDDAH: A SR1 billion ($267 million) startup fund was among the major highlights at the Future Investment Initiative, where a series of high-profile deals were signed to accelerate economic growth and attract foreign financeers.
The Beta Lab initiative was launched to support the growth of emerging companies and foster innovation across the Middle East, North Africa, and Asia.
It was created in collaboration with the Ministry of Investment, the Research, Development and Innovation Authority, the Hong Kong Science and Technology Park, and Telkom Indonesia.
The fund’s launch was formalized in the presence of Saudi Arabia’s Minister of Investment, Khalid bin Abdulaziz Al-Falih, as part of “Invest Saudi” – a government-backed initiative that aims to facilitate financial acquisitions within the Kingdom that contribute to national economic developement.
Significant agreements were also signed at FII8 to foster mutual growth, including a collaboration between Hassana Investment Co. and the State Oil Fund of Azerbaijan aimed at exploring investment opportunities in the Kingdom’s infrastructure and real estate sectors, as reported by the Saudi Press Agency.
Japan-based SBI Holdings and BIM Ventures announced the establishment of BIM Capital, a firm dedicated to advancing financial business development in Saudi Arabia and the Middle East.
BIM Capital aims to attract foreign direct investments exceeding SR750 million while managing assets worth over SR7.5 billion, focusing on private equity, venture capital, and debt, as well as real estate investments.
To enhance Japanese investors’ access to Saudi markets, SBI Holdings has partnered with the Kingdom’s National Technology Group to create an exchange-traded fund targeting the Saudi stock exchange.
The Ministry of Investment signed an MoU with the International Finance Corp. to promote growth in the Kingdom’s private sector through advisory services, financial support, and training as well as global investment insights.
SFA Managing Director Shaima Al-Husseini and stc Group Sustainability General Manager Maha Al-Nuhait signed an MoU on behalf of their respective organizations. SPA
Also at FII8, stc Group signed an agreement with the Saudi Sports for All Federation, with the aim to embrace the power of leading an active and healthy lifestyle and cultivate social resilience.
The agreement reflects the two parties’ commitments to creating a lasting social impact and aligns with FII’s ambitions to address critical global issues through creative thinking and sustainable growth.
The collaboration will focus on establishing sustainability reporting frameworks, key performance indicators, and metrics in alignment with community-driven mandates and operations.
Both parties will exchange information and work closely together to develop sustainability reporting methods and co-design suitable data collection processes to identify gaps and opportunities in their respective sustainability practices.
The deal was signed by Shaima Al-Husseini, SFA managing director and Maha Al-Nuhait, stc’s general manager for sustainability, on behalf of their organizations, according to SPA.
SFA is mandated to promote health and well-being through regular physical activity, encourage social integration and community bonding through sports, and support the development of grassroots athletic programs.