RIYADH: Digital platform operator iMENA Holding has raised $135 million in a pre-initial public offering funding round led by Sanabil Investments, a unit of the Public Investment Fund, as venture capital activity in Saudi Arabia gains momentum.

The round, comprising private placements and in-kind contributions, also attracted participation from FJ Labs, entrepreneur Saygin Yalcin, and a group of investors from the Kingdom, iMENA said in a statement. The transaction remains subject to regulatory approval.

Proceeds will be used to consolidate iMENA’s stakes in three key businesses — OpenSooq, SellAnyCar, and Jeeny — while supporting vertical and geographic expansion and enhancing synergies across its portfolio, it added.

The transaction comes as the business restructures into a Saudi closed joint stock company under the name iMENA Holding, positioning it for future public market access. 

It also coincides with a surge in venture capital activity in Saudi Arabia, which attracted $391 million in investments during the first quarter of 2025, a 53 percent increase from a year earlier, according to MAGNiTT. 

Nasir Al-Sharif, chairman of iMENA Holding, said: “This transaction marks an important inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest investment entities.” 

He added: “The high growth and profitability of our businesses, in sectors and markets within which we have high conviction, provide material value creation opportunities and an exciting pathway for us to accelerate forward.” 

The company’s businesses operate in key sectors including real estate, automotive, and mobility, with a footprint across Saudi Arabia, the UAE, and Jordan, as well as Oman, Kuwait, and the wider Middle East and North Africa region. 

iMENA’s businesses have achieved an average annual growth rate exceeding 55 percent, with approximately 40 percent of revenues generated from Saudi Arabia and another 40 percent from the UAE, the two largest strategic markets for the group. 

PIF-backed Sanabil Investments, which deploys around $3 billion annually across private investments including venture capital, growth funding, and small buyouts, said it backed iMENA for its “proven scalability and profitability.” 

“Leveraging our own experience in Internet marketplaces, we understand their unique strategy and are committed to bringing our expertise to support their growth and future IPO aspirations on the Saudi Exchange,” said a spokesperson for Sanabil Investments. 

Saygin Yalcin, founder and CEO of SellAnyCar, will join iMENA Holding’s board of directors and management committee to help drive strategic direction. 

The new board includes Al-Sharif and Khaldoon Tabaza, co-founder and managing director of iMENA. Adey Salamin, co-founder of iMENA and CEO of OpenSooq, also joins alongside Yalcin. 

Other members include Mazin Al-Dawood, CEO of Osool and Bakheet Investment; Usman Sikandar, head of Investment Banking at Al Rajhi Capital; and Marco Somalvico, vice president of M&A at e&. Sanabil Investments will also appoint a member to the board in due course. 

Al Rajhi Capital acted as financial adviser on the private placement. Hossam Al-Basrawi, CEO of Al Rajhi Capital, said: “Al Rajhi Capital is proud to support iMENA’s transformation and potential IPO journey. The group’s integrated model and strategic vision make it a standout in the region’s digital landscape.”

DUBAI: Riyadh Air CEO Tony Douglas said on Monday the Saudi startup carrier would be ready to buy Boeing aircraft destined for Chinese airlines if they are not delivered due to the escalating trade war between the US and China.

Boeing is looking to resell potentially dozens of planes locked out of China by tariffs after repatriating a third jet to the US in a delivery standoff that drew new criticism of Beijing from US President Donald Trump.

“What we’ve done... is made it quite clear to Boeing, should that ever happen, and the keyword there is should, we’ll happily take them all,” Douglas said in an interview with Reuters on the sidelines of the Arabian Travel Market conference.

Boeing took the rare step of publicly flagging the potential aircraft sale during an analyst call last week, saying that there would be no shortage of buyers in a tight jet market.

Riyadh Air, backed by Saudi Arabia’s Public Investment Fund, has been ordering planes from both Boeing and Airbus ahead of its launch, including 60 narrow-body A321-family jets from Airbus in October and up to 72 Boeing 787 Dreamliners ordered in March 2023.

The airline does not expect delivery delays from either planemaker to be resolved any time soon.

Douglas said Riyadh Air had not seen any impact on demand for travel to and from the Kingdom’s capital from global macroeconomic uncertainty, adding that the company plans to announce an order for wide-body jets this summer.

The airline, which is aiming to launch in the fourth quarter, has hired 500 employees and intends to increase its workforce to 1,000 over the next nine to 12 months, Douglas said. Thereafter, hiring of pilots and cabin crew will steadily continue as aircraft are delivered.

Saudi Arabia is seeking to acquire a slice of the global travel industry, including business travel, as the Kingdom pours billions of dollars into developing giga-projects to diversify its economy away from hydrocarbons.

This includes the Dubai to Riyadh route, which is often used by bankers, lawyers, consultants and influencers. Douglas said the less than 2-hour flight represents one of the world’s most profitable routes in the world for an airline, from a revenue per kilometer standpoint.

The restart of flights from the UAE into Syria, and flying through the Syrian airspace is “probably a signal that things are at the margin moving in the right direction,” he added.