Saudi aviation surpasses localization goals, boosts women in leadership 

JEDDAH: Saudi Arabia’s Eastern Province is leading the Kingdom in attracting foreign direct investment, with the value of its FDI stock standing at SR366 billion ($97.6 billion) — 42 percent of the country’s cumulative total, according to a senior official.

Speaking at the Jubail Investment Forum 2025, held from April 27 to 28, Minister of Investment Khalid Al-Falih announced that by early 2025, the Eastern Province had issued 5,456 active foreign investment licenses, supporting over 53,000 jobs with a localization rate of 36 percent.

Saudi Arabia is aiming to attract $100 billion in FDI a year by the end of this decade, as it seeks to make significant strides in diversifying its economy and reducing dependency on oil revenues in alignment with its Vision 2030 objectives.

“There are more than 600 investment opportunities available in the region, with a total value exceeding SR330 billion,” Al-Falih said, adding that the “Invest Saudi” platform provides a comprehensive overview of these opportunities to connect local and global investors, according to a post on his ministry’s X account. 

Net FDI inflows to the Kingdom totaled SR15.96 billion in the third quarter of 2024, a 37 percent increase on the second quarter of the year but an annual drop of of 24 percent, according to data from the General Authority for Statistics.

In his speech, Al-Falih said that by early 2025, 34 international companies had been granted licenses to establish their regional headquarters in the Eastern Province, as part of Saudi Arabia’s initiative to attract more firms to the Kingdom.

The licenses cover various sectors, including petrochemicals, energy, and mining, as well as real estate and manufacturing. 

The minister highlighted the strategic and competitive advantages of the region, including its prime geographic location, which connects it to six neighboring countries, as well as its abundant natural resources, such as fossil and renewable energy. 

He also highlighted the Ras Al-Khair Special Economic Zone, launched in 2023, which aims to support the value chain of maritime industries with a targeted investment of SR26 billion, according to the minister. 

“It aims is to localize up to 50 percent of the main shipbuilding components over the next decade,” the minister said, as per the X post. 

The Jubail Investment Forum aims to highlight the role of the Eastern Province, particularly the industrial city of Jubail, in supporting Saudi Arabia’s Vision 2030. It also seeks to boost the region’s investment appeal, showcasing the Kingdom’s continuous efforts to cultivate a competitive business environment and provide enticing incentives for investors.

RIYADH: Digital platform operator iMENA Holding has raised $135 million in a pre-initial public offering funding round led by Sanabil Investments, a unit of the Public Investment Fund, as venture capital activity in Saudi Arabia gains momentum.

The round, comprising private placements and in-kind contributions, also attracted participation from FJ Labs, entrepreneur Saygin Yalcin, and a group of investors from the Kingdom, iMENA said in a statement. The transaction remains subject to regulatory approval.

Proceeds will be used to consolidate iMENA’s stakes in three key businesses — OpenSooq, SellAnyCar, and Jeeny — while supporting vertical and geographic expansion and enhancing synergies across its portfolio, it added.

The transaction comes as the business restructures into a Saudi closed joint stock company under the name iMENA Holding, positioning it for future public market access. 

It also coincides with a surge in venture capital activity in Saudi Arabia, which attracted $391 million in investments during the first quarter of 2025, a 53 percent increase from a year earlier, according to MAGNiTT. 

Nasir Al-Sharif, chairman of iMENA Holding, said: “This transaction marks an important inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest investment entities.” 

He added: “The high growth and profitability of our businesses, in sectors and markets within which we have high conviction, provide material value creation opportunities and an exciting pathway for us to accelerate forward.” 

The company’s businesses operate in key sectors including real estate, automotive, and mobility, with a footprint across Saudi Arabia, the UAE, and Jordan, as well as Oman, Kuwait, and the wider Middle East and North Africa region. 

iMENA’s businesses have achieved an average annual growth rate exceeding 55 percent, with approximately 40 percent of revenues generated from Saudi Arabia and another 40 percent from the UAE, the two largest strategic markets for the group. 

PIF-backed Sanabil Investments, which deploys around $3 billion annually across private investments including venture capital, growth funding, and small buyouts, said it backed iMENA for its “proven scalability and profitability.” 

“Leveraging our own experience in Internet marketplaces, we understand their unique strategy and are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange,” said a spokesperson for Sanabil Investments. 

Saygin Yalcin, founder and CEO of SellAnyCar, will join iMENA Holding’s board of directors and management committee to help drive strategic direction. 

The new board includes Al-Sharif and Khaldoon Tabaza, co-founder and managing director of iMENA. Adey Salamin, co-founder of iMENA and CEO of OpenSooq, also joins alongside Yalcin. 

Other members include Mazin Al-Dawood, CEO of Osool and Bakheet Investment; Usman Sikandar, head of Investment Banking at Al Rajhi Capital; and Marco Somalvico, vice president of M&A at e&. Sanabil Investments will also appoint a member to the board in due course. 

Al Rajhi Capital acted as financial adviser on the private placement. Hossam Al-Basrawi, CEO of Al Rajhi Capital, said: “Al Rajhi Capital is proud to support iMENA’s transformation and potential IPO journey. The group’s integrated model and strategic vision make it a standout in the region’s digital landscape.”