Saudi Arabia:

Exits Mena, a premier fintech arrangement platform for startups and small and medium-sized enterprises (SMEs) in the region, has announce the establishment of a new strategic joint venture in Saudi Arabia.

This venture is backed by a partnership with a group of renowned Saudi investors led by Ammar Ahmed Shata, the Founder of Gotrah Ventures, who will also act as the Non-executive Chairman of the new JV.

This strategic move represents a significant milestone for Exits Mena, solidifying its commitment to addressing the gaps in the entrepreneurial ecosystem across the region, said the company in a statement.

By establishing an on-ground presence in Saudi Arabia, Exits Mena aims to leverage the kingdom's dynamic market environment to foster growth and drive innovation among startups and SMEs.

Its key services include arranging capital, investment readiness, and strategic consultancy to prepare businesses for significant growth opportunities and facilitate access to investors' merger and acquisition (M&A) opportunities.

By combining these offerings with innovative tech automation solutions, Exits Mena ensures a streamlined and efficient deal-making process. Exits has already successfully closed nine deals within the past year and a half, with a pipeline of 40+ mandates totaling almost $180 million in deal value.

On the new venture, Ammar said: "I am thrilled to be a part of Exits Mena and bring its expertise to the vibrant market of Saudi Arabia This joint venture is not just an investment but a commitment to fostering innovation and supporting the growth of startups and SMEs in the region. Together, we will create a dynamic ecosystem that empowers businesses to reach their full potential."

The founders of Exits Mena, Mohamed Abuelnaga Nagaty, Ahella El Saban and Ayman El Tanbouly, collectively emphasized the importance of this expansion: "Our expansion into Saudi Arabia marks a significant milestone in our journey to be the leading catalyst for investment and growth in the Mena region’s entrepreneurial ecosystem."

"With Ammar, industry expertise, and the creation of this joint venture, we are confident in our ability to bridge the gaps in the entrepreneurial ecosystem and drive substantial growth and investment in the kingdom," they stated.

"This expansion will enable us to provide unmatched support to startups and SMEs, empowering them to navigate the complexities of the market and achieve their business objectives. Additionally, we recognize the critical importance of secondary share sales in providing liquidity for founders and early investors," the trio noted.

"By facilitating these transactions, we help startups and SMEs progress towards successful exits, ensuring sustainable growth and rewarding outcomes for all stakeholders involved," they added.