Saudi digital solutions company Elm participated in the series A+ round of financing for Syarah, a digital platform for buying and selling cars in Saudi Arabia.
Majid bin Saad Alarifi, vice president of marketing at Elm, said: “This investment is in line with the company’s strategy to invest in pioneering and financially rewarding companies through our investment entity at Elm; we aim to support the technical companies and entrepreneurs in their early stages of expanding their business.”
Alarifi said that Elm will participate in equity capital and offer technical and practical expertise to Syarah.
He said that Elm will continue to encourage innovation by investing in entrepreneurs, which in turn will contribute to Elm’s growth in the market.
Founders of Syarah Salah Sharef and Fayez Alenazi said the digital platform aims to revolutionize the concept of buying and selling cars in the Kingdom by making the process easier and safer. The partnership with Elm, they said, would significantly improve Syarah’s products and services.
Syarah offers an integrated website and smartphone application for the sale and purchase of cars in Saudi Arabia. It also provides information on the latest offers on new and pre-used cars from auctions and car exhibitions in the Kingdom. The app provides contact information of car showrooms and exhibitions so that prospective buyers can directly contact them.
Syarah attracts more than 2 million visitors per month, making it the largest electronic car market in the Middle East that ranks 15th in the world.
Elm is a joint-stock company owned by the Public Investment Fund (PIF). It specializes in the development of customer-centric solutions through omni-channel platforms that include digital services, training, consulting solutions, IT solutions, in addition to providing support services to various organizations.
Saudi digital solutions company Elm invests in Syarah
Saudi digital solutions company Elm invests in Syarah
Sulaiman Al-Rajhi Endowment projects worth SR8bn launched in Makkah
Sulaiman Al-Rajhi Real Estate Company has announced the launch of several real estate projects belonging to the Sulaiman Al-Rajhi Endowment system in Makkah, with a total investment exceeding SR8 billion ($2.1 billion). These projects include commercial, residential, and hospitality developments, as well as strategic land plots, as part of the company’s commitment to supporting the Kingdom’s real estate sector and enhancing the quality of life in the holy city.
The announcement was made during a field tour by a delegation of high-level officials including Saleh Al-Rasheed, CEO of the Royal Commission for Makkah City and Holy Sites; Ihsan Bafakih, chairman of the board of directors of Sulaiman bin Abdulaziz Al-Rajhi Holding Company; Haitham Al-Fayez, chairman of Sulaiman Al-Rajhi Real Estate Company and CEO of Sulaiman Al-Rajhi Holding Company; Moath Al-Mukhudub, managing director and CEO of Sulaiman Al-Rajhi Real Estate Company; and Anas Mansour Abadi, CEO of real estate at Sulaiman Al-Rajhi Holding Company and representative of the Sulaiman Al-Rajhi Endowment, alongside members of the board of directors of both the holding and real estate companies and the executive team.
The tour included the launch of the Tilal Towers project, with an investment value of SR2 billion, featuring more than 2,500 hotel rooms, strengthening the hospitality sector in Makkah.
The delegation also visited the Tilal Village project, valued at SR2.8 billion. It is one of the prominent qualitative projects within the hospitality ecosystem in Makkah.
Furthermore, the visit covered the residential buildings within Tilal Village, comprising 828 units, with an investment of SR800 million. The delegation inspected the specialized hospital, medical complex housing, and the office and commercial plazas.
During the tour, a contract was signed for the Al-Rajhi Center project, valued at SR250 million, as part of a comprehensive rehabilitation plan.
The inspection also included the Al-Ukayshiyyah land, spanning 4 million square meters, and the Al-Ghazzawi project land, valued at SR250 million.
The tour concluded with prayers at the Aisha Al-Rajhi Mosque, the second-largest mosque in Makkah after the Grand Mosque, with a capacity for 50,000 worshippers.
This visit underscores the importance of these investments, which represent a clear direction toward enhancing the management of the endowment’s assets through diversification, redevelopment, and strategic expansion, in line with the development goals of the Makkah city and Saudi Vision 2030.
Sulaiman Al-Rajhi Real Estate, a subsidiary of Sulaiman bin Abdulaziz Al-Rajhi Holding Company, continues to provide innovative solutions to elevate the real estate sector to international standards.
