- Merak Capital invested SAR 310.8 million (USD 82.8 million) in SHIFT, a platform offering technology-driven mobility solutions, aligning with Saudi Arabia’s Vision 2030 objectives for economic diversification.
- SHIFT operates in 57 cities across Saudi Arabia, boasting a fleet of over 12,000 vehicles and providing services like car-sharing, chauffeur services, and logistics.
- Abdullah Altamami, CEO of Merak Capital, expressed excitement about the partnership, emphasizing the transformative potential of technology in the mobility sector.
- Merak Capital also leads a SAR 112 million funding round for Jisr and manages a venture capital fund dedicated to the gaming and Esports sectors, underscoring its commitment to innovation in Saudi Arabia.
Merak Capital, a prominent technology-focused investment firm, has recently announced a significant investment of SAR 310.8 million (approximately USD 82.8 million) in SHIFT, a leading platform dedicated to technology-driven mobility solutions for individuals and goods.
This investment not only underscores Merak Capital’s commitment to innovation but also aligns perfectly with Saudi Arabia’s Vision 2030, which aims to diversify the economy and promote growth across various sectors, including tourism, transportation, and logistics.
SHIFT: Revolutionizing Mobility in Saudi Arabia
Founded in 2017 and headquartered in Jeddah, SHIFT is at the forefront of transforming the mobility landscape in Saudi Arabia. The company provides a comprehensive suite of smart mobility and logistics solutions, catering to the diverse needs of its customers. SHIFT’s services include car-sharing, chauffeur services, car rentals, last-mile and line haul logistics, as well as vehicle leasing.
With operations spanning 57 cities across the Kingdom and a robust fleet of over 12,000 vehicles, SHIFT is well-equipped to meet the growing demands of both residents and tourists.
The company’s vision focuses on automating mobility and logistics services, thereby enhancing efficiency and ensuring a positive environmental impact. By leveraging advanced technology, SHIFT aims to offer seamless and innovative transportation options that not only streamline logistics but also contribute to the overall sustainability goals of Saudi Arabia.
Supporting Saudi Arabia’s Tourism Vision
As Saudi Arabia positions itself as a global tourism hub, the partnership between Merak Capital and SHIFT becomes even more significant. The Kingdom has laid out ambitious plans to attract millions of tourists annually, and SHIFT’s technology-driven mobility solutions are poised to play a crucial role in this transformation.
The company’s services can significantly enhance the travel experience for visitors, providing them with easy access to transportation and helping to facilitate exploration of the rich cultural and historical offerings of the Kingdom.
Through this strategic investment, Merak Capital aims to empower SHIFT to accelerate the development and innovation of its mobility solutions. This partnership is expected to enhance connectivity within the mobility and logistics ecosystem, ultimately contributing to the growth of various sectors, including tourism and hospitality.
Vision for the Future
Abdullah Altamami, CEO of Merak Capital, expressed his enthusiasm regarding the investment, stating, “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.” Altamami emphasized the potential impact of technology on mobility, highlighting the alignment of SHIFT’s innovative capabilities with Merak Capital’s extensive experience in technology investments. This collaboration is positioned to yield substantial benefits for various stakeholders, including partners, investors, and the broader Saudi economy.
Khalid Alsulaiman, the founder and CEO of SHIFT, echoed this sentiment, emphasizing the validation that Merak Capital’s investment brings to the company’s innovative approach. He remarked, “We are thrilled to partner with Merak Capital. 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.” Alsulaiman envisions a future where SHIFT sets new standards for efficiency, sustainability, and service excellence in the mobility industry.
Broader Impact of Merak Capital’s Investments
Merak Capital’s investment in SHIFT is just one aspect of its broader commitment to fostering innovation and driving economic growth in Saudi Arabia. The firm has also taken an active role in a SAR 112 million funding round for Jisr, a pioneering human resources platform based in the Kingdom. Additionally, Merak Capital is managing a venture capital fund with SAR 306 million aimed at strengthening the gaming and Esports sectors within the region.
These initiatives showcase Merak Capital’s strategic approach to identifying and nurturing promising ventures across diverse industries. By investing in technology and innovation, the firm not only supports the growth of individual companies but also contributes to the broader economic transformation envisioned in Saudi Arabia’s Vision 2030.
Recognition and Future Aspirations
Beyond its financial investments, Merak Capital has received acclaim for its significant contributions to the region’s technology landscape. The firm was featured in a Stanford Graduate School of Business Case Study, which explores its journey and vision to leverage the evolving dynamics of the Middle East. This recognition underscores Merak Capital’s pivotal role in driving innovation, creating job opportunities, and facilitating sustainable development in Saudi Arabia.
As the partnership between Merak Capital and SHIFT unfolds, it is expected to yield numerous benefits for the Kingdom’s economy and its residents. The combination of SHIFT’s innovative mobility solutions and Merak Capital’s strategic investment expertise positions both entities to thrive in a rapidly changing landscape. Together, they aim to redefine transportation in Saudi Arabia, paving the way for a future where technology and sustainability converge to create lasting value for communities and stakeholders alike.
Altogether, Merak Capital’s investment in SHIFT marks a crucial step toward realizing the ambitious goals outlined in Saudi Arabia’s Vision 2030. By supporting innovative solutions in the mobility sector, this partnership not only contributes to economic diversification but also enhances the Kingdom’s appeal as a tourist destination, ultimately fostering a sustainable and vibrant future for all.
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Last Updated on September 26, 2024 by Safiya K
