PIF-backed ewpartners leads $48m investment in Valuable Capital to propel fintech expansion
Speaking to Arab News on the sidelines of the PIF Private Sector Forum taking place from Feb. 12-13 in Riyadh, co-founder and Managing Partner of ewpartners Jessica Wong explained that the amount would be utilized in the company's initial public offering route.
The investment aligns with the Kingdom's Vision 2030 goals of advancing fintech development and economic diversification, with the industry expected to contribute 4.4 percent to the Kingdom's gross domestic product, according to a statement.
Valuable Capital Financial Co., a subsidiary of Hong Kong-based financial institution Valuable Capital Group Ltd, received a license in 2022 from Saudi Arabia's Capital Market Authority to provide custody, advice, and dealing services in the Kingdom.
'We invested in this company three and half years ago, and this time, we continue. We launch a new product, targeting $1 billion, and we continue to invest in this company and kick off their IPO procedure,' Wong said.
'It will be in the company's IPO route to support the company, not just kick off the IPO procedure in the target market, but also for further expansion in the GCC (Gulf Cooperation Council) region,' she added.
The co-founder explained the importance of PIF's support in enabling their role in the local market, citing how their initial partnership laid the foundation for future investments.
'The reason we will be able to play a significant role and also to focus on the most critical sectors here in the local market is because, you know, five years ago, PIF is playing the role as our anchor LP (limited partner) of our first regional focus, a fund here in the GCC with a $400 million and through the fund, we invest a portfolio company like a Valuable Capital,' Wong said.
'Because our performance is to exceed our expectation, we will be able to launch our second fund, which is also targeting $1 billion,' she added.
During the interview, the managing partner also tackled the rise of fintech in the Kingdom.
'Seven years ago, when we first launched this platform to serve the local growth and expansion, actually we identify ourselves as the co-builder of the local ecosystem, and we have invested across different sectors like digital infrastructure, digital enablement and also cross-border service and beyond,' Wong said.
'Fintech, in our eyes, is one of the most important sectors to support the local ecosystem growth in a more sustainable and more healthy way,' she added.
'This is one of the perfect examples how, as a one of the PIF portfolio, we invest in a particular sector, double the commitment and support its fast growth and also leveraging more FDI (foreign direct investment) and more know-how to support the company, play a bigger role in the global market and build themselves as another successful story,' Wong said.
The managing director used the interview to shed light on some updates regarding the KSA-Sino Logistics Special Economic Zone.
'This is one of the projects we have been working on for more than five years. Last October, we were able to sign the MOU (memorandum of understanding) together with our strategic partner, which is King Salman International Airport. So, through this framework of our cooperation, we are working very closely with KSIA, the company itself, to make sure that we will be able to build a platform not just for ewpartners portfolio but also for all the ecosystem players, those who are looking to enter Saudi market as a hub or for their global expansion,' she said.
'The pressure is to come from (a) different angle. One of the biggest motivations for us to continue our work and put together our effort is because there is a huge demand here in the market,' the managing partner added.
Wong also said: 'So, our project inside the new expansion of the airport will be one of their top choices, and we've already received a lot of requests to further discuss when we can launch and upper running service them, and hopefully, we will start the construction this year.'
Now in its third year, the forum — which united more than 90 PIF-backed companies — aims to strengthen supply chains, boost local manufacturing, and accelerate economic diversification under Vision 2030.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Arab News
an hour ago
- Arab News
BRF, Halal Products Development Company to launch innovation center in Jeddah
BRF, one of the world's largest food companies and owner of the brands Sadia, Perdigão, Qualy and Banvit, and Halal Products Development Company, a Public Investment Fund company, have announced the creation of an innovation center at their processed food plant in Jeddah. The laboratory complex is being designed with a focus on innovation, safety, and excellence in quality, meeting strict regulatory requirements and catering to the expectations of the local market. Following the construction of a new processed food plant announced in April this year, this move reflects the commitment of both companies to investing in the Kingdom's local halal food supply and innovation, aligned with Vision 2030 goals. In parallel, BRF and HPDC have finalized the establishment of a center of excellence responsible for information and data management, connecting, adapting, and implementing best practices to optimize the processes and maximize the operations. 'The investment in establishing an innovation center in Jeddah is a strategic step in consolidating our local presence in Saudi Arabia. The integration of research, cutting-edge technology, and local talent enables us to increase operational efficiency and better adapt to the specific needs of the local consumers,' said Marquinhos Molina, CEO of BRF Arabia. The innovation center will feature a state-of-the-art laboratory divided into three specialized areas: a Physicochemical Laboratory focused on technical specifications and quality control; a Microbiological Laboratory ensuring biosafety and preventing food contamination; and a Sensory Laboratory that evaluates whether the flavor, aroma, texture, and appearance meet the specific demands of the local consumer market. The Jeddah plant is expected to generate over 500 direct jobs in the region, including specialized professionals who will work in the innovation center. These professionals will be responsible for standardizing and optimizing manufacturing processes, ensuring excellence in quality and strict compliance with food safety protocols. This aligns with national workforce development priorities and reinforces the localization of knowledge-intensive jobs in the Kingdom. 'The innovation center marks a significant step forward in HPDC's mission to build a world-class halal ecosystem and position the Kingdom as a global halal hub. It underscores our commitment to strengthening local manufacturing capabilities, promoting self-sufficiency, and creating high-value job opportunities, all of which are essential to achieving the sustainability and economic diversification goals outlined in Vision 2030. The center will serve as a launchpad for future halal product innovations, positioning Saudi Arabia as a global reference point in this sector,' said Fahad Alnuhait, CEO of HPDC. Announced in April this year, the new Jeddah plant dedicated to processed foods will have an estimated annual production capacity of 40,000 tonnes and an investment of $160 million in its initial phase. Production will serve the Saudi market, with the potential for exports to other countries in the region. Operations are scheduled to begin in mid-2026. BRF has been operating in the Middle East for over 50 years and leads the market with its Sadia brand, exporting to more than 14 countries in the region. In 2025, the company, through BRF Arabia — its joint venture with HPDC — officially entered the halal poultry production sector in Saudi Arabia with the acquisition of a 26 percent stake in Addoha Poultry Company, a well-established player in the Saudi market, marking its official entry into the halal poultry production sector in the Kingdom. As a result of this acquisition, Sadia products are now also being produced locally at Addoha's facility.
Arab News
2 hours ago
- Arab News
Tripartite deal set to boost homeownership for 40k Saudi families
China's Lenovo to establish regional HQ in Saudi Arabia RIYADH: Chinese technology firm Lenovo Group has announced plans to set up a regional headquarters in Saudi Arabia to strengthen its footprint across the Middle East. This move is part of Lenovo's strategic partnership with ALAT, a company owned by the Public Investment Fund, aiming to support the computer maker's transformation efforts and broaden its global manufacturing presence, according to a statement. Set to be located in Al Majdoul Tower, the new regional base aligns with Lenovo's long-term dedication to contributing to the Kingdom's Vision 2030 and driving the country's digital transformation and economic diversification efforts. It also aligns well with Saudi Arabia's government-backed Riyadh regional headquarters program, launched in 2021, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. Matt Dobrodziej, president of Lenovo Europe, Middle East, and Africa, said: 'Through our strategic partnership with ALAT and investment in advanced manufacturing, we are proud to contribute to the Kingdom's Vision 2030 by supporting industrial diversification, accelerating digital transformation, and enabling sustainable economic growth.' He added: 'Our initiatives in Saudi Arabia, including the RHQ, flagship retail space, and the Riyadh-based manufacturing facility, are projected to contribute up to $10 billion to non-oil gross domestic product by 2030, reinforcing our commitment to the Kingdom's long-term development.' As part of the partnership, Lenovo and ALAT began construction in February on a 200,000 sq. meters advanced manufacturing plant located in Riyadh Integrated, within the Special Integrated Logistics Zone. The facility is expected to start producing millions of 'Saudi Made' devices by 2026. Lenovo is also advancing efforts to set up its regional headquarters in Riyadh. This hub will play a key role in driving the company's wider regional strategy, which includes investments in a flagship retail location, a VIP customer center, research and development, marketing initiatives, and strategic collaborations throughout Saudi Arabia. Almost 600 international companies have set up bases in the Kingdom since 2021, including Northern Trust, IHG Hotels & Resorts, and Deloitte, the Saudi Press Agency reported in March. The latest move underlines the strengthening bilateral relations between the Kingdom and China, with Saudi Arabia being the largest trading partner of the Asian country in the Middle East since 2001. China and Saudi Arabia are strategic partners in various other sectors such as energy and finance, as well as the Belt and Road Initiative.
Arab News
2 hours ago
- Arab News
China's Lenovo to establish regional HQ in Saudi Arabia
RIYADH: Chinese technology firm Lenovo Group has announced plans to set up a regional headquarters in Saudi Arabia to strengthen its footprint across the Middle East. This move is part of Lenovo's strategic partnership with ALAT, a company owned by the Public Investment Fund, aiming to support the computer maker's transformation efforts and broaden its global manufacturing presence, according to a statement. Set to be located in Al Majdoul Tower, the new regional base aligns with Lenovo's long-term dedication to contributing to the Kingdom's Vision 2030 and driving the country's digital transformation and economic diversification efforts. It also aligns well with Saudi Arabia's government-backed Riyadh regional headquarters program, launched in 2021, which offers incentives such as a 30-year corporate income tax exemption and withholding tax relief, alongside regulatory support for multinationals operating in the Kingdom. Matt Dobrodziej, president of Lenovo Europe, Middle East, and Africa, said: 'Through our strategic partnership with ALAT and investment in advanced manufacturing, we are proud to contribute to the Kingdom's Vision 2030 by supporting industrial diversification, accelerating digital transformation, and enabling sustainable economic growth.' He added: 'Our initiatives in Saudi Arabia, including the RHQ, flagship retail space, and the Riyadh-based manufacturing facility, are projected to contribute up to $10 billion to non-oil gross domestic product by 2030, reinforcing our commitment to the Kingdom's long-term development.' As part of the partnership, Lenovo and ALAT began construction in February on a 200,000 sq. meters advanced manufacturing plant located in Riyadh Integrated, within the Special Integrated Logistics Zone. The facility is expected to start producing millions of 'Saudi Made' devices by 2026. Lenovo is also advancing efforts to set up its regional headquarters in Riyadh. This hub will play a key role in driving the company's wider regional strategy, which includes investments in a flagship retail location, a VIP customer center, research and development, marketing initiatives, and strategic collaborations throughout Saudi Arabia. Almost 600 international companies have set up bases in the Kingdom since 2021, including Northern Trust, IHG Hotels & Resorts, and Deloitte, the Saudi Press Agency reported in March. The latest move underlines the strengthening bilateral relations between the Kingdom and China, with Saudi Arabia being the largest trading partner of the Asian country in the Middle East since 2001. China and Saudi Arabia are strategic partners in various other sectors such as energy and finance, as well as the Belt and Road Initiative.
