Saudi al-Rajhi Family Becomes Largest Shareholder in Zionist Autotech Firm

Date: 29 July 2022 - 21:35

News ID: ۱۰۵۲۲۰

RIYADH (Middle East Eye) – An investment vehicle owned by the al-Rajhi family, one of Saudi Arabia’s wealthiest non-royal families, has become the biggest shareholder in a Zionist autotech company.
Mithaq Capital, which is registered in the Cayman Islands but has its headquarters in Riyadh, has increased its share in Otonomo Technologies to 20.41 percent, according to a 20 July filing with the U.S. Securities and Exchange Commission.
Otonomo is an automotive technology company that uses data and intelligence to “deliver advanced driver solutions”. It is headquartered in Herzliya Pituach, a neighborhood north of Tel Aviv.
The Saudi-owned fund acts as “an investment vehicle for certain members of the al-Rajhi family”, last week’s regulatory filing stated.
The family owns al-Rajhi Bank - the world’s largest Islamic bank, with assets of $125bn. The bank has around 600 branches in Saudi Arabia and over 1,400 ATMs, making it among 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.
Members of the family frequently feature in lists of the richest individuals in the region.
Saudi Arabia does not officially recognize the Zionist regime; however, ties between the two have been warming in recent years and diplomacy has frequently been conducted in secret.
In 2020, former U.S. president Donald Trump’s administration brokered normalization agreements between the Zionist regime and four Arab countries - the United Arab Emirates, Bahrain, Sudan and Morocco, which angered the Muslim world.