May 21, 2024
SBI Holdings Co., Ltd.

SBI Holdings Co., Ltd. (Headquarters: Minato-ku, Tokyo; Chairman and President: Yoshitaka Kitao) specializes in investing in Saudi Arabian companies with the Saudi Ministry of Investment (Minister: HE Khalid Al-Falih, hereinafter “MISA”) and BIM Ventures (Headquarters: Riyadh, Saudi Arabia; Managing Partner & CEO: Mohamed Amine Merah; hereinafter “BIM”) I would like to inform you that we have concluded a basic agreement on a business alliance aimed at strengthening the economic relationship between the two countries and creating new opportunities for startup companies in Saudi Arabia and Japan through the establishment and operation of this fund.

MISA has jurisdiction over investment operations in Saudi Arabia, including foreign investments. We also promote Saudi Arabia as a global investment destination, develop investment-related policies, propose rules and plans to improve the investment environment, follow up and evaluate investment activities, and conduct research activities and support on investment opportunities in order to continue attracting investors and expand investment.

BIM is a Saudi Arabian venture studio that aims to use expertise, resources, and networks to launch companies that continue to grow sustainably. BIM fosters startups that can solve problems through a continuous, dynamic, and selective ideation process, and raises stable funds so that these companies can grow without obstacles.

The Kingdom of Saudi Arabia is experiencing economic transformation and rapid growth that is expected to continue for decades, inspired by Saudi Arabia's “Vision 2030.” In order to capture and further accelerate economic growth in Saudi Arabia, the SBI Group and BIM will jointly establish and operate an investment fund in Saudi Arabia with the support of MISA, providing new opportunities for Saudi and Japanese startups, and aiming to create jobs within Saudi Arabia.

Based on this basic agreement, SBI Group, MISA, and BIM will consider a business partnership on the following items.

Note that the details of the business alliance are not limited to the above items, and there is a possibility that it will expand due to agreements between the SBI Group, MISA, and BIM.

Until now, in addition to coestablishing investment funds with leading local partners in the Middle East region and implementing investments, we recently concluded a basic agreement with Aramco, a global comprehensive energy and chemical company in Saudi Arabia in 2023/12, and established SBI Middle East as the SBI Group's Middle East base in the capital Riyadh in 2024/2, further expanding our business in the Middle East region, such as establishing SBI Middle East as the SBI Group's Middle East base in the capital Riyadh We are promoting it.

Through the partnership between MISA and BIM, we aim to build a strong and flexible cooperative relationship between each party, and will contribute to the development of cooperative relationships in the economic field between Japan and Saudi Arabia.

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