صراط عشق صراط عشق
Saudi owners of world’s largest Islamic bank have become the largest shareholder in an Israeli autotech company through an investment vehicle.
The Al-Rajhi family’s Mithaq Capital, registered in the Cayman Islands and headquartered in Riyadh, has expanded its share in Israel’s Otonomo Technologies to 20.41%, as per a 20 July filing with the United Stated Securities and Exchange Commission.
Otonomo, headquartered in an affluent seaside neighbourhood north of Tel Aviv, is an automotive technology firm that delivers “advanced driver solutions” through data and intelligence collection. The Saudi-owned fund acts as “an investment vehicle for certain members of the Al-Rajhi family,” the regulatory filing detailed.
The family also owns Al-Rajhi Bank, which is the world’s largest Islamic bank, with assets standing at $125 billion. The bank has around 600 branches across Saudi Arabia and over 1,400 ATMs, crowning it the largest retail and commercial banking operations in the kingdom. It also owns Al Rajhi Factory for Plastic and Foam Industries and Al-Watania, one of the leading chicken-processing companies in the Middle East. A recent poll detailed that 40% of respondents in Saudi Arabia are open to informal business or sports ties with Israel.
