Riyadh, Saudi Arabia: Merak Capital has formally launched its operations from the Kingdom of Saudi Arabia under the Capital Market Authority license. The firm is founded by Abdullah Altamami, Othman Alhokail and Abdulrahman Bin Mutrib, Saudi nationals with extensive track record in technology and investments. The core focus of the company is building a technology-centric team and investing across different asset classes from early stage ventures into later stages, as well as special technology projects.
Merak Capital technology focus is aligned with the Kingdom’s Vision 2030 plan which has identified the technology sector as a key catalyst for economic development. One of the key themes of the Vision is to invest heavily in technology and digitization to create a flourishing business ecosystem that is ready to meet the challenges of the future. With more than 34 million in population, 60% of which is at age under 35 years, and with almost 90% online presence, the kingdom is utilizing its market size and infrastructure to further technological growth.
Founding Partner and CEO of Merak Capital, Abdullah Altamami, said: “We are delighted to officially launch Merak Capital. Technology has become a primary engine of growth across sectors, with the acceleration of e-commerce and direct-to-consumer adoption, increased digitization in enterprises and governments, and financial technologies changing consumer and business behavior at a rapid pace. The launch of our technology-focused firm has come at a critical time for the Kingdom as we pave the way to a new future.”
About Merak Capital
Merak Capital is a licensed company by the CMA to manage private investment funds, investor portfolios, and advise on financial securities, under the license number 18194-32, with a specialized focus on investing in technology companies, across industries. Investments are done across asset classes, with a primary focus on equities. In the private equity class, as well as venture capital, the main regions of operation will be KSA and MENA. In public equities, investments will operate on global stock exchanges
About Abdullah Altmami:
Founding Partner & CEO Abdullah Altamami has more than ten years of experience in the technology investment space. He founded iNet Fund, a corporate venture capital fund focused on early stage tech companies. Altamami is currently Chairman of HyperPay – an all-in-one online payment platform. Prior to forming Merak Capital, he worked with Merrill Lynch and Cisco Capital in the United States, and Jadwa Investment in Saudi Arabia.
About Othman Alhokail:
Founding Partner Othman Alhokail founded KC, a consulting firm focused on sourcing top tier technology expertise to mission critical government clients in the Kingdom. Othman serves as a Board Member at Advanced Communication and Electronics Systems (ACES) overseeing Ventures and Partnerships with a focus on Telecom, Energy and Security. Previously, Othman led Business Development for Ernst & Young and Thomson Reuters in Saudi Arabia.
About Abdulrahman Bin Mutrib:
Founding Partner and Chairman Abdulrahman Bin Mutrib hold roles as EVP and CTO for Seera Group (formerly Altayyar Group), as well as CEO of TaqniaTech (Seera technology arm). Abdulrahman is also a Board Member in Almosafer, the leading OTP in the Mena region. Prior to his role with Seera Group, he was part of the founding team at Etihad Atheeb Telecom Co. (GO Telecom), where he also served as Chief Business Officer and Executive Board Member.
© Press Release 2020