The Saudi Industrial Property Authority “MODON” signed at its headquarters in Riyadh a memorandum of understanding (MoU) with the Saudi Women's Innovation Foundation to work on the development of industry and industrialists in Jazan and enable small and medium enterprises to start their investments within industrial cities in the region.
The memorandum, signed by Eng. Khalid bin Mohammed Al-Salem, director general of MODON, and Aisha bint Mohammed Al-Shabaili, founder of the Saudi Women's Innovation Foundation, states that MODON will seek to find a suitable location for the center in the industrial city of Jazan and commits to equip it with all the necessary equipment, as well as train and rehabilitate those enrolled in the center.
Al-Salem said that MODON’s signing of this memorandum is part of its system to develop and improve performance in its industrial cities and to make model cities that meet the highest standards in the level of services provided to industrialists and investors, stressing MODON’s determination to move ahead with initiatives through ambitious goals to deal with the challenges ahead and expand the delivery of services and facilities within its industrial cities.
The director general of MODON pointed out that this project would support industrialization, push it toward overall quality, and make it a priority for future development in the Jazan region, which will provide an opportunity for young Saudi men and women to make their way to the future.
The project aims to create women's employment opportunities in the field of knitting, mattresses and household furniture for people with limited income through free training, thereby benefiting the families of the martyrs, orphanages and prisoners. The center will also serve more than 18 governorates in the Jazan region and will include training of 150 young Saudi men and women annually and qualify them with advanced qualification, ending in recruitment.
MODON signed this memorandum as part of its initiatives to promote the industrial system, investment climate, community service programs, and support small enterprises and social responsibility initiatives.
MODON signs MoU to enable SMEs within industrial cities in Jazan
MODON signs MoU to enable SMEs within industrial cities in Jazan
Muhlah closes $7.5m seed round led by BIM Ventures and Japan’s SBI Group
Muhlah Zamaniyah for Finance, operating under the brand Muhlah, a Saudi fintech-enabled consumer microfinance company licensed by the Saudi Central Bank, announced the closing of its seed investment round totaling SR28.25 million ($7.5 million).
The round was led by BIM Ventures and SBI Group, a Japanese financial conglomerate, with participation from AlSuhaimi Holding Group and Fakhr Investment Holding Company. Muhlah is a venture-studio spinoff from BIM Ventures, established to deliver regulated, scalable financing solutions supported by strong governance and compliance.
This round reflects the growing attractiveness of Saudi Arabia to foreign capital within a well-regulated financial sector. The participation of SBI Group represents foreign direct investment supporting Muhlah’s expansion and accelerating its ability to deliver Shariah-compliant financing solutions, building on the strategic partnership between BIM Ventures and SBI Group.
Muhlah intends to progressively expand its financing capacity through Shariah-compliant structures, including off-balance-sheet and partner-backed arrangements. The company intends to explore additional funding channels and international partnerships to support its growth, subject to market conditions and further agreements.
Yoshitaka Kitao, representative director, chairman, president and CEO, said: “The shareholders, BIM and SBI Group, entered into the memorandum of understanding in May 2024, under the support of the Ministry of Investment, regarding a strategic business alliance that includes the joint establishment and management of investment funds. This transaction represents one of the concrete initiatives undertaken pursuant to that alliance.”
Mohamed Amine Merah, managing partner and CEO, BIM Ventures, said: “From inception, Muhlah was designed to bridge local market expertise with global financial depth. Our partnership with SBI Group, one of Asia’s largest financial conglomerates, brings a unique combination of fintech know-how and access to Japanese and international capital markets into Saudi Arabia’s consumer finance sector. This round reflects what the BIM-SBI alliance was built to achieve: creating investable, regulation-ready platforms that attract world-class partners to the Kingdom.”
Abdulaziz Al-Rammah, CEO of Muhlah, will lead the company’s next phase of growth, focused on expanding access to Shariah-compliant consumer microfinance through responsible products that strengthen transparency, affordability, and sustainable repayment outcomes.
