– Merak Capital has invested USD 82.8 million in SHIFT, a platform focused on technology-driven mobility solutions, aligning with Saudi Arabia’s Vision 2030 economic goals.

– SHIFT’s innovative mobility services, including car-sharing, last-mile delivery, and car rentals, are set to enhance the Kingdom’s tourism sector and logistics infrastructure as Saudi Arabia moves towards becoming a global tourism hub.

– This investment will enable SHIFT to accelerate growth, improve sustainability, and expand its offerings, particularly within the tourism and logistics sectors, benefiting both local and international markets.

Merak Capital, a tech-focused investment firm, has announced a USD 82.8 million investment in SHIFT, a platform specializing in advanced mobility solutions for people and goods. This investment supports Saudi Arabia’s Vision 2030 goals, aiming to drive economic growth and diversification through initiatives in tourism, transportation, logistics, and beyond.

SHIFT is operating in smart mobility and logistics, offering tech-enabled services such as car-sharing, chauffeur-driven rides, car rentals, last-mile delivery, and leasing. With Saudi Arabia’s focus on becoming a global tourism destination, SHIFT’s innovative solutions are well-positioned to enhance travel experiences and drive growth in the tourism sector.

Merak Capital’s strategic investment will boost SHIFT’s ability to scale its cutting-edge mobility solutions, improving efficiency, sustainability, and connectivity throughout the Kingdom’s mobility and logistics sectors.

Abdullah Altamami, CEO of Merak Capital, commented: “We are extremely excited about our investment in SHIFT, a local champion shaping the future of mobility in the Kingdom, led by its trailblazing founder, Khalid Alsulaiman.

“Our belief in the impact of technology on the mobility of people, products, and business 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.”

Khalid Al-Sulaiman, Founder and CEO of SHIFT, expressed his enthusiasm for the investment, stating: “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. Together, we are poised to set new standards for efficiency, sustainability, and service excellence, driving towards a future where technology and sustainability create lasting value for our customers, stakeholders, and communities.”

This investment reinforces Merak Capital’s commitment to fostering innovation, following its success leading a SAR 112 million funding round for Jisr, a Saudi HR platform. The firm is also managing a SAR 306 million venture capital fund to support the Kingdom’s growing gaming and Esports sectors. SHIFT currently operates across 57 cities in Saudi Arabia with a fleet of over 12,000 vehicles.