News

Lenovo Will Issue $2 Billion In Bonds For Planned Saudi Expansion

The company has struck a deal with PIF-owned Alat to build a new headquarters and manufacturing plant in the Kingdom.

Published

2 months ago

May 29, 2024

Nour Nasir

Lenovo

Lenovo, the world’s largest PC manufacturer, will release $2 billion in convertible bonds to Saudi Arabia’s sovereign wealth fund as part of a substantial investment agreement planned to drive the Kingdom’s technological advancement.

The agreement, signed with Public Investment Fund-owned Alat, includes a new regional (Middle East and Africa) headquarters in Riyadh, an R&D center, plus a PC and server factory.

The deal will allow Lenovo to unlock “significant resources and financial flexibility to further accelerate our transformation and grow our business by capitalizing on the incredible growth momentum in the MEA region,” according to Chairman and CEO Yuanqing Yang.

The Lenovo investment takes advantage of Saudi Arabia’s Regional Headquarters Program, which offers business-friendly incentives, including a 30-year tax break and access to loan programs, employment support, export credit, land solutions, and further financial incentives.

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Alat, a Public Investment Company organization launched in February, is chaired by Crown Prince Mohammed bin Salman and aims to promote the Kingdom as a global power in sustainable technology, covering sectors such as semiconductors, robotics, mining, smart appliances, health, the built environment, and next-gen infrastructure.

Alat aims to create 39,000 jobs in Saudi Arabia and contribute $9.3 billion to the economy by 2030. Lenovo’s expansion into the Kingdom is expected to contribute significantly to these ambitions, as it controls around 25% of the global PC market.

The Lenovo-Alat deal comes as Saudi Arabia plans to boost foreign investment to $100 billion per year as part of its Vision 2030 agenda. The government hopes to have nearly 500 global companies headquartered in the country by 2030 as it attempts to pivot from a reliance on oil production.

News

Mamo Completes $3.4M Funding Round To Enhance Fintech Services

The startup will use the influx of cash to expand into Saudi Arabia and across the wider GCC while improving its product offering.

Published

1 day ago

July 25, 2024

Nour Nasir

Mamo

UAE-based fintech Mamo has announced the completion of a $3.4 million funding round that will help the startup extend its market presence and improve its product offering. Investors included 4DX Ventures, the Dubai Future District Fund and Cyfr Capital.

Mamo’s platform offers “payment collection, corporate cards and expense management” to help small and medium-sized businesses consolidate and streamline their operations. With the latest influx of capital, Mamo will further develop its comprehensive suite of services and begin testing its product lines in Saudi Arabia, further extending its footprint across the GCC.

Imad Gharazeddine, co-founder and CEO of Mamo, stated: “We’ve been in the market for a while now and are incredibly proud of what our team has achieved. The holistic and expansive nature of our product offering has helped us continue to grow sustainably. This additional funding will allow us to reach our medium-term goals even faster. The support from new and existing investors is a testament to our strong expertise and the ability to deliver on our customer promise”.

Daniel Marlo, General Partner of lead investor 4DX Ventures, added: “We have immense trust in Imad’s vision, leadership and Mamo’s innovative approach to provide a user-friendly and comprehensive financial solution for SMEs that makes financial management more accessible and efficient. We are proud to partner with them and support their mission”.

Also Read: A Guide To Digital Payment Methods In The Middle East

Amer Fatayer, Managing Director of Dubai Future District Fund’s investment team, also commented: “Mamo’s localized product lines serve as an infrastructure for SME payments and spend management in UAE, a segment that is underserved by the country’s current banking infrastructure. The team has taken a product-first approach to consolidating SMEs’ financial journeys and building a fintech solution deeply embedded in a business’s core operations”.

To date, Mamo has raised around $13 million in investment funding and now boasts a team of 30 people. The company’s intuitive financial services platform has allowed over 1,000 businesses to consolidate their financial operations and significantly reduce payment fees.