Strategic Investment to Fuel Mobility Innovation:
Riyadh, Saudi Arabia: Merak Capital, a technology-focused investment firm, has announced a strategic investment of SAR 310.8 million (USD 82.8 million) in SHIFT, a Saudi-based smart mobility and logistics platform. The move aligns with Vision 2030, supporting the Kingdom’s economic diversification goals across tourism, transportation, and logistics sectors.
SHIFT: Driving Technology-Enabled Transportation:
Founded in 2017 and headquartered in Jeddah, SHIFT offers a wide range of mobility services, including:
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Car-sharing and rentals
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Chauffeur and leasing services
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Last-mile and line-haul logistics
Operating in 57 cities with a fleet exceeding 12,000 vehicles, SHIFT aims to automate and streamline mobility services, improving efficiency, control, and environmental sustainability.
The company is now also eyeing the tourism sector. As Saudi Arabia positions itself as a global destination, SHIFT’s smart mobility offerings are expected to enhance travel experiences and support tourism growth.
Merak Capital: Championing Saudi Tech Innovation:
This investment establishes Merak Capital as a key player in Saudi Arabia’s economic transformation. The firm seeks to empower SHIFT’s innovation, advancing intelligent solutions that promote connectivity, sustainability, and economic growth.
Abdullah Altamami, CEO of Merak Capital, stated:
“We are thrilled to invest in SHIFT, a local leader redefining mobility. Together, we aim to deliver strong results for stakeholders across tourism, logistics, and more.”
Khalid Al-Sulaiman, Founder and CEO of SHIFT, commented:
“This partnership validates our mission to revolutionize mobility in the Kingdom. With Merak’s support, we will enhance our technology and scale operations, especially in the tourism sector.”
Broader Role in Saudi’s Tech Ecosystem:
Merak Capital continues to show leadership in technology investment across the region. It recently led a SAR 112 million funding round for Jisr, a human resources tech platform. It also manages a SAR 306 million venture capital fund focused on the gaming and Esports industry.
Notably, Merak Capital’s work has been recognized by the Stanford Graduate School of Business, which featured the firm in a case study highlighting its approach to technology investment in the Middle East.
A Vision for Sustainable Growth:
With this investment, Merak Capital reinforces its commitment to innovation, job creation, and sustainable development. SHIFT, backed by this support, is poised to play a leading role in the future of smart, tech-driven transportation in Saudi Arabia.
🔗 Source: TNMN TV
