In a strategic move aimed at bolstering the Saudi financial sector, Thabet Investment Company has announced a partnership with the Singaporean firm, Five Keys Investment Pte. Ltd., to establish Everbridge Capital, a specialized financial technology company headquartered in Riyadh.
Everbridge Capital, launched with an investment of SR375 million ($100 million), aims to provide innovative financing solutions for small and medium-sized enterprises (SMEs) and contribute to bridging the current financing gap in this sector, which is estimated to be over SR300 billion. This launch aligns with the objectives of the Financial Sector Development Program, a key component of Saudi Vision 2030, which seeks to increase SME financing from its current level of 9.4 percent to 20 percent by 2030.
Dr. Abdulelah bin Ahmed Saleh, who holds a Ph.D. from King Abdullah University of Science and Technology (KAUST), has been appointed CEO of the new company. On this occasion, Abdulrahman bin Ahmed Saleh, CEO of Thabet Investment, stated: "The launch of Everbridge Capital demonstrates our commitment to our national role in achieving Vision 2030 by bridging the financing gap in the FinTech sector and providing a growth engine for this vital industry. Our partnership with Five Keys ensures we can deliver innovative solutions that meet global standards. Empowering SMEs and providing them with the necessary resources to succeed drives innovation and creates new opportunities for economic growth."
Commenting on his appointment, Dr. Abdulelah bin Ahmed Saleh said: "I am honored to lead Everbridge Capital at this pivotal stage of the Kingdom's economic transformation. Our mission is clear: to be the bridge that enables SMEs to cross over to growth and prosperity, turning the SR300 billion financing gap challenge into an opportunity, and actively contributing to the Financial Sector Development Program's goal of reaching 20 percent financing. Our vision is to be the most innovative and trusted financial partner for entrepreneurs in the Kingdom."
