NOUR EL-SHAERI

September 28, 2024

In Saudi Arabia, car rental firm Shift raised $82.8 million in an investment led by Merak Capital

RIYADH: Mobility, climate, and tech startups across the Middle East and North Africa have secured significant investments in recent weeks, reflecting the region’s continued growth in innovation.

In Saudi Arabia, car rental firm Shift raised $82.8 million in an investment led by Merak Capital, making it one of the largest funding rounds in the second half of the year.

Founded in 2017 by Khalid Al-Sulaiman, the company provides technology-driven mobility solutions for people and products, and currently operates in 57 cities across Saudi Arabia with a fleet of over 12,000 vehicles.

“We are thrilled to partner with Merak Capital, whose investment validates our innovative approach and commitment to revolutionizing mobility solutions in Saudi Arabia. This partnership will accelerate our growth, allowing us to expand our services and enhance our technology to meet the evolving needs of our customers, particularly within the tourism sector,” Al-Sulaiman said.

“Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving toward a future where technology and sustainability create lasting value for our customers, stakeholders, and communities,” he added.

This fresh capital will support Shift’s growth and innovation, enabling the company to accelerate its intelligent mobility solutions. The funding is expected to enhance SHIFT’s ability to serve its expanding customer base and scale its operations across the Kingdom.

Merak Capital believes in Shift’s growth potential with the investment firm’s CEO praising the startup’s locale strength.

“Our belief in the impact of technology on the mobility of people, products, and businesses is profound, and with our position and track record as one of the leading technology investment firms in the region, coupled with the innovation and capabilities of Shift as a mobility pioneer, we believe this partnership will yield tremendous success for all stakeholders, including our partners, investors, and the thriving economy of the Kingdom across multiple sectors, such as tourism, transportation, hospitality, logistics, and more,” Merak Capital CEO, Abdullah Al-Tamami, said.