iMENA focuses on specialized e-markets, eyes developing internet firms regionally to tap financial market: Founder

Logo of iMENA Group

iMENA Group is focused on investing in the general and specialized electronic and financial technology markets and seeks to expand and enter new markets through the launch of new products, the group’s founder and managing director Khaldoon Tabaza said in an interview with Argaam on the sidelines of the Future Investment Initiative (FII) conference.  

Tech investment firm iMENA Group is focused on investing in the general and specialized electronic markets and financial technology, seeking to expand into new markets through the launch of new products, Founder and Managing Director Khaldoon Tabaza said in an interview with Argaam on the sidelines of the Future Investment Initiative (FII) Conference.  

He explained that the group has plans to enter other sectors in the field of e-markets due to the great opportunity for those markets specialized in the education, health, logistics, delivery and financial sectors. 

Tabaza revealed that the volume of the group's investments in the Arab world amounted to more than $150 million.

The decision to establish iMENA in 2013 aimed to invest in building companies that keep pace with digitization and create new technical partnerships by focusing on public and specialized markets as well as other sectors, the managing director said, noting that investors such as Etisalat Group, Osool & Bakheet Investment, Olayan Group, Al-Rashed Group, Alsulaiman Group, Alturki Holding, amongst others, trust iMENA.

The establishment of “OpenSooq” platform was iMENA’s first investment, which represents its vision for digitization in the electronic markets sector in the Arab world. The platform operates in Oman, Iraq, Jordan and Kuwait, where it holds a large share, in addition to plans for its presence in the Kingdom.

He added that specialized markets assume presence of the group's business through “Sell Any Car” platform in the UAE and its affiliate Saudi portal “Kayishha” — both specializing in used cars sales. This is in addition to “Jeeny” application for taxi ride hailing in Saudi Arabia and Jordan.  

OpenSooq is considered one of the most widespread markets in the Arab world in terms of the number of users, with the value of products sold and purchased reaching over $30 billion annually, Tabaza noted, adding that the Public Investment Fund (PIF) invested in the platform through one of its subsidiaries, the Saudi Jordanian Investment Fund (SJIF), nearly a year and a half ago.

PIF’s wholly-owned subsidiary, Sanabil Investments, entered into an investment partnership with “Sell Any Car”, which resulted in setting up “Kayishha”. Mobily, meanwhile, invested with the group of investors in the “Jeeny” application.  

The executive added that the value of the region's automotive market is $41 billion, of which Saudi Arabia accounts for 48%, the UAE 25%, while the rest of the region's markets account for 26%.  

He stated that the public offering of Jahez in the Saudi market is deemed the beginning of the inclusion of technology startups in the region, where it is possible to increase the market value to tens of billions. This is besides developing internet companies in the region to be part of the financial market.