In a significant development for Saudi Arabia’s FinTech landscape, Thabet Investment Company has announced a strategic partnership with Singapore-based Five Keys Investment Pte. Ltd. to launch Everbridge Capital. The new financial technology company, headquartered in Riyadh, has been established with an initial investment of $100 million (SR375 million) to target the Kingdom’s small and medium-sized enterprise (SME) sector.
Bridging a SR300 Billion SME Financing Gap
Everbridge Capital’s primary mission is to provide innovative financing solutions to address the current financing gap faced by SMEs, which is estimated to be over SR300 billion. This initiative is directly aligned with the goals of Saudi Vision 2030’s Financial Sector Development Program, which aims to elevate the contribution of SME financing from its current 9.4 percent to 20 percent by 2030. The venture aims to transform this challenge into a substantial growth opportunity for the national economy.
New Leadership and Vision
The new company will be led by CEO Dr. Abdulelah bin Ahmed Saleh, who holds a Ph.D. from King Abdullah University of Science and Technology (KAUST). Abdulrahman bin Ahmed Saleh, CEO of Thabet Investment, commented on the launch, stating, “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.”
Dr. Abdulelah bin Ahmed Saleh expressed his vision for the company’s future. “I am honored to lead Everbridge Capital at this pivotal stage of the Kingdom’s economic transformation,” he said. “Our mission is clear: to be the bridge that enables SMEs to cross over to growth and prosperity… Our vision is to be the most innovative and trusted financial partner for entrepreneurs in the Kingdom.”
About Everbridge Capital
Everbridge Capital is a Riyadh-based financial technology company established as a joint venture between Saudi Arabia’s Thabet Investment Company and Singapore’s Five Keys Investment Pte. Ltd. With a launch investment of $100 million, the company is dedicated to providing innovative financing solutions to empower SMEs across the Kingdom, supporting the economic diversification goals outlined in Saudi Vision 2030.
Source: Zawya
