News

NEOM Fund Invests $100 Million In Pony.ai Self-Driving Vehicles

The collaboration will help to develop advanced vehicles and smart infrastructure for NEOM and other regional markets.

Published

9 months ago

October 26, 2023

neom fund invests $100 million in pony.ai self-driving vehicles

The NEOM Investment Fund, a newly formed organization that works on behalf of Saudi Arabia’s mega-city NEOM, has invested $100 million in Pony.ai, a California-based autonomous vehicle solutions company.

As part of the investment, a joint partnership will be formed between NEOM and Pony.ai to develop, manufacture, and deliver self-driving autonomous vehicles and their required infrastructure.

The investment aligns with NEOM‘s plans to provide sustainable, hyperconnected transport across the $500 billion urban development, explained Majid Mufti, chief executive of the NIF, who said, “Pony.ai’s autonomous driving technology is already available today, and we are excited to be able to utilize it in NEOM in the near future,” he said.

neom investment fund agreement with pony.ai

Pony.ai’s expansion into NEOM isn’t the company’s first entry into the MENA region. Last week, the vehicle firm joined Abu Dhabi’s Smart and Autonomous Vehicles Industry, which will trial its latest technologies at the Yas Island testing zone.

NEOM is a vital part of Saudi Arabia’s Vision 2030 strategy, a major economic diversification program that hopes to shift the country’s reliance from the oil industry to technological developments. The NIF will focus on private sector investment and will directly fund solutions piloted and grown in NEOM, which could then be exported worldwide.

Also Read: Saudi Arabia Plans Digital Twins For 5 Cities, Including Mecca

The fund will also assume the role of portfolio manager for NEOM’s assets and companies, safeguarding returns for shareholders and investors and underpinning NEOM’s long-term financial sustainability.

The NIF’s strategy is designed to align NEOM’s objectives with those of institutional investors and innovators, “de-risking opportunities for them to participate in creating core global growth businesses and a thriving economy” in the new mega-city, Mr. Mufti explained.

Related Topics:Automotive NEOM Saudi Arabia

Up Next

UAE Issues Google Chrome And Apple Security Warning

Don't Miss

X, Formerly Twitter, Has Introduced Voice And Video Calls

Click to comment

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.