Rawabi Holding, World Wide Generation new JV to drive sustainability

Rawabi Holding Company (Rawabi) has unveiled a joint venture with sustainability fintech leader World Wide Generation (WWG).

This strategic agreement includes a significant multimillion GBP investment by Rawabi in WWG, solidifying its position as a shareholder and enhancing their ongoing collaboration to promote sustainability throughout their global operations.

The new venture is designed to expedite sustainability performance and financing within Saudi Arabia, particularly focusing on challenging sectors that are traditionally hard to decarbonise, as well as extending its impact across the wider MENA region.

As part of the joint initiative, Rawabi will provide comprehensive infrastructure support. This includes backend operational services such as legal, human resources, recruitment, senior management expertise, local content guidance, financial services, and office setup to facilitate WWG’s entry and establishment in Saudi Arabia.

Additionally, new tools and services will be made available to all of Rawabi’s clients and projects across the kingdom, as well as in other key markets such as Canada, the US, Singapore and Indonesia.

Rawabi is “eager” to expand its fund-raising efforts

Othman Ibrahim, group CEO of Rawabi Holding, stated, “Having successfully led one of the largest sukuk syndicates in Saudi Arabia last year, valued at SAR7.17bn, we are eager to expand our fundraising efforts and invest in innovative sustainable finance products and projects.”

Manjula Lee, CEO and founder of WWG, expressed her excitement about the partnership: “I am beyond thrilled to be entering into a joint venture with Rawabi, a robust and mission-aligned partner for our expansion in the kingdom and the MENA region. We also invite our other Anchor Tenant members of the G17Eco platform to join us in this endeavor.”

The Rawabi-WWG JV forms one of the first successful ventures coming out of the UK/Saudi Great Futures Campaign and Trade Bridges established earlier this year and has overwhelming support from the Saudi Ministry of Investment, Ministry of Commerce, Saudi Fintech, the UK Government’s Department of Business and Trade and The British Embassy.

Abdulmalek Rashid, director of Asset Management and Fintech Development at the Saudi Ministry of Investment, highlighted the significance of this collaboration, saying: “This partnership is a testament to Saudi Arabia’s commitment to Vision 2030 and demonstrates the rapid progress we are making in strategic decision-making and implementation.”