• Sanabil Investments, the venture capital arm of Saudi Arabia's Public Investment Fund (PIF), has backed a $135 million fundraising round for iMENA Holding, a technology firm preparing for an initial public offering (IPO) in Saudi Arabia. This investment aligns with iMENA's strategy to restructure as a Saudi company and establish its base in Riyadh, aiming for a listing on the local stock exchange within two years. The involvement of international investors like FJ Labs indicates strong confidence in the region's tech sector and its growth potential.

• The backing of iMENA by PIF's Sanabil reflects a broader trend in Saudi Arabia's startup ecosystem, where IPOs are increasingly seen as viable exit strategies for high-growth companies. As the ecosystem matures, more late-stage startups are preparing for public listings, shifting away from traditional acquisition routes. This trend is exemplified by other companies like Ninja, which is also targeting a $1 billion valuation and plans for an IPO by 2027, highlighting the growing investor interest in tech-enabled businesses in the GCC region.