Saudi Sovereign Wealth Money Fuels OpenSooq Capital Raise
Posted on 06/07/2021
Jordan-based online classifieds marketplace OpenSooq raised US$ 24 million in a round. The Saudi Jordanian Investment Fund (SJIF) announced a US$ 15 million investment in the round. The Saudi Jordanian Investment Fund is a Jordanian Limited Public Shareholding Company formed in 2017 as a partnership between the Public Investment Fund of Saudi Arabia, which owns 90% of the company, and 16 conventional and Islamic Jordanian banks, which own the remaining 10%. The company was registered per Jordan Investment Fund Law number 16 for 2016, and its formation is an outcome of the Jordanian Saudi Cooperation Council and the MOU, signed between the Public Investment Fund of Saudi Arabia and the Jordan Investment Fund on August 25, 2016.
Other investors in the round include iMENA Group and FJ Labs.
Co-Founder and CEO of OpenSooq, Adey Salamin, stated, “We value the trust SJIF has placed in our company OpenSooq, and its ability to expand to new markets that will include further developments, building on past successes that have been achieved.”