Rawabi Holding Company has signed a joint venture (JV) in Saudi Arabia with sustainability fintech leader World Wide Generation (WWG), according to a press release.

The agreement aligns with Rawabi’s investment of multimillion GBP in WWG to become one of its shareholders and builds on its partnership with WWG to drive sustainability across its global operations.

The new venture will enable the Saudi company to accelerate sustainability performance and financing, particularly in hard-to-abate sectors across the Kingdom and the wider MENA region.

The JV also entails Rawabi providing all infrastructure support including the necessary backend operational support services, such as legal, HR, recruitment, senior management expertise, local content guidance, finance and office setup for WWG’s entry and soft-landing in KSA.

New tools will be offered as part of its service to all clients of Rawabi and projects across the Kingdom, as well as other strategic markets, including Canada, US, Singapore, Indonesia, and beyond.

Othman Ibrahim, Group CEO of Rawabi Holding, commented: “Having led one of the largest Sukuk syndicates in Saudi Arabia last year (SAR 7.17 billion) we aim to expand our fundraising and investments into developing innovative Sustainable Finance products and projects.”

Manjula Lee, CEO and Founder of World Wide Generation, indicated: “I am beyond thrilled to be entering into a JV with Rawabi, a strong and successful Saudi mission and values-aligned partner for our expansion in the KSA and MENA region, and together we invite our other Anchor Tenant members of the G17Eco platform to join us.”

Abdulmalek Rashid, Director of Asset Management and Fintech Development at the Saudi Ministry of Investment, said: “This partnership is a sheer testament to KSA’s commitment to Vision 2030 and the speed at which we make strategic decisions and progress towards its delivery.”

In a statement to Asharq Business, the Group CEO highlighted that Rawabi allocated $5 billion to invest in Forbes International Tower development projects across the Kingdom, Egypt, and the UAE.

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