RIYADH: Merak Capital has formally launched its operations from the Kingdom of Saudi Arabia under the Capital Market Authority license. The firm is founded by Abdullah Altamami, Othman Alhokail and Abdulrahman Bin Mutrib, Saudi nationals with extensive track record in technology and investments. The core focus of the company is building a technology-centric team and investing across different asset classes from early stage ventures into later stages, as well as special technology projects.
Merak Capital technology focus is aligned with the Kingdom’s Vision 2030 plan which has identified the technology sector as a key catalyst for economic development. One of the key themes of the Vision is to invest heavily in technology and digitization to create a flourishing business ecosystem that is ready to meet the challenges of the future. With more than 34 million in population, 60% of which is at age under 35 years, and with almost 90% online presence, the kingdom is utilizing its market size and infrastructure to further technological growth.
Founding Partner and CEO of Merak Capital, Abdullah Altamami, said: “We are delighted to officially launch Merak Capital. Technology has become a primary engine of growth across sectors, with the acceleration of e-commerce and direct-to-consumer adoption, increased digitization in enterprises and governments, and financial technologies changing consumer and business behavior at a rapid pace. The launch of our technology-focused firm has come at a critical time for the Kingdom as we pave the way to a new future.”
