#Saudi Arabia #Riyadh #iMENA Holding #Sanabil Investments #Jeeny

iMENA Transforms into a Saudi Joint Stock Company

In a significant development for the digital landscape in the MENA region, iMENA Group has announced its restructuring into a Saudi Closed Joint Stock Company (CJSC) now named iMENA Holding. This transformative step comes alongside the successful raising of $135 million in a pre-IPO funding initiative, spearheaded by prominent investors including Sanabil Investments and venture capitalist FJ Labs.

Funding Details and Strategic Goals

The capital raise is crafted through a strategic mix of private placements and in-kind contributions, reflecting a strong commitment from investors towards enhancing the group's robust business operations. Nasir Alsharif, Chairman of iMENA Holding, highlighted this funding round as a pivotal moment in the company's journey towards achieving IPO readiness. He mentioned the alignment of their strategies with the objectives of Saudi Arabia's Vision 2030, aiming to foster innovation and drive the regional digital economy.

The capital acquired is set to propel iMENA's stakes in its three leading ventures: OpenSooq, SellAnyCar, and Jeeny. The funds will primarily focus on amplifying shareholdings in these high-performing businesses and facilitating vertical as well as geographic expansion. In a bid to enhance synergies across its platforms, this strategic infusion of capital will allow for aggressive scaling and operational improvement.

Leadership Strengthening and Future Direction

As part of this restructuring, Saygin Yalcin, the visionary behind SellAnyCar, joins iMENA's Board of Directors. This addition is expected to bolster the group's strategic insight as it gears up for a potential public listing. The new Board will also include notable figures such as Khaldoon Tabaza and Adey Salamin, both established leaders within the digital marketplace and venture capital sectors.

The restructuring also marks a step towards integrating their operational frameworks within the Kingdom's evolving investment landscape, characterized by increasing interest from diversified funding sources looking to penetrate the digital economy. Sanabil Investments expressed its enthusiasm for backing iMENA, acknowledging its proven scalability and profitability, thereby solidifying its future growth trajectory.

The Market Landscape and Growth Potential

iMENA Holdings operates under a model that promotes horizontal and vertical marketplaces in several high-demand sectors such as real estate, automotive, and mobility. This operational strategy aims to leverage the fast-evolving digital economy in the Middle East and North Africa region. In an illustrious business landscape, iMENA's platforms effectively capture about 40% of revenue from Saudi Arabia and another 40% from the UAE, marking these as its core operational markets.

This meticulously planned restructuring and infusion of capital are set against a backdrop of a rapidly growing digital economy, with iMENA's businesses experiencing an impressive annual growth rate exceeding 55%. Such robust performance indicates strong market demand, creating compelling investment opportunities focusing on the administrative capabilities of digital economies.

Conclusion

In essence, iMENA’s restructuring marks a redefining moment for the company as it aims not only to expand within existing markets but also to innovate and capture additional sectors within the region’s vast digital landscape. With its robust leadership team and the recent influx of capital, iMENA is poised for a promising future, actively working towards shaping the digital marketplace in the MENA region, making it a valuable proxy for investors seeking exposure to the fastest-growing online sectors.

For further information about iMENA's ventures, you can visit OpenSooq, SellAnyCar, and Jeeny.

Contact:

For media inquiries, reach [email protected]