Riyadh, Saudi Arabia; [27 April, 2025]: iMENA Group (“iMENA”), a regional leader in
digital platforms in the MENA region, has raised $135 million from Sanabil Investments, a
wholly owned company by the Public Investment Fund (PIF), FJ Labs, a global venture capital
firm known for backing category-leading marketplace and network-effect platforms, and Saygin
Yalcin, the founder and CEO of SellAnyCar, and a number of other leading Saudi investors.
The capital raise is compromised of a private placement and in-kind contributions and is the first
tranche of a pre-IPO funding round. The new funding round will be used to increase iMENA’s
shareholding in its three high-performing businesses: OpenSooq, SellAnyCar, and Jeeny; to
drive vertical and geographic expansion; and to improve synergies across its platforms.
iMENA confirmed that it has now restructured into a Saudi Closed Joint Stock Company (CJSC)
under the name of iMENA Holding. This transformation marks a major milestone in the
company’s evolution into a regional digital powerhouse, ahead of a potential public listing.
Furthermore Saygin Yalcin will also join iMENA’s Board of Directors and management
committee to help drive strategic direction for the company.
Nasir Alsharif, Chairman of iMENA Holding said: “This transaction marks an important
inflection point for iMENA in its journey to IPO-readiness by taking advantage of the great
opportunities provided by the Kingdom’s Vision (2030) and in cooperation with the largest
investment entities. We are shaping the future of the region’s digital economy as a platform of
internet marketplaces driving innovation at pace and at scale. The high growth and profitability
of our businesses, in sectors and markets within which we have high conviction, provides
material value creation opportunities and an exciting pathway for us to accelerate forward.”
A spokesperson at Sanabil Investments added: “We are excited to invest in iMENA Holding, a
digital platform with proven scalability and profitability. Leveraging our own experience in
internet marketplaces, we understand their unique strategy and are committed to bringing our
expertise to support their growth and future IPO aspirations on the Saudi Exchange.”

Acting as financial advisor to iMENA Holding on the private placement, Hossam AlBasrawi,
CEO of Al Rajhi Capital commented “Al Rajhi Capital is proud to support iMENA’s
transformation and potential IPO journey. The group’s integrated model and strategic vision
make it a standout in the region’s digital landscape”.
Closing of the capital raise remains subject to standard closing conditions and the approval of the
authorities in Saudi Arabia.
iMENA Holding’s new Board of Directors will comprise the following regional leaders and
sector veterans:
 Nasir Alsharif, Chairman of iMENA, Board Member at AWJ Holding Company and
Executive Chairman of Sackville Capital
 Khaldoon Tabaza, Co-founder & Managing Director of iMENA
 Adey Salamin, Co-founder of iMENA and CEO of OpenSooq
 Saygin Yalcin, Founder & CEO of SellAnyCar
 Mazin AlDawood, CEO of Osool & Bakheet Investment
 Usman Sikandar, Head of Investment Banking at Al Rajhi Capital
 Marco Somalvico, Vice President M&A of E&
Sanabil Investments will also appoint a member to the Board of Directors of iMENA Holding in
due course.
iMENA’s businesses, OpenSooq, SellAnyCar, and Jeeny, are regional leaders in horizontal and
vertical marketplaces across the largest sectors in the region, including real estate, automotive,
and mobility, with operations in Saudi Arabia, UAE, Jordan, Oman, Kuwait, and the broader
Middle East region. iMENA’s businesses are profitable and growing rapidly, with an average
annual growth rate exceeding 55%. Almost 40% of the aggregate revenues of iMENA’s
businesses come from Saudi Arabia, with another 40% from the UAE, making them iMENA’s
two core strategic markets. iMENA’s businesses aim to serve as a compelling proxy for the
digital economy in the Middle East and North Africa region, giving investors direct exposure to
the region’s fastest-growing online sectors.
About iMENA Holding:
iMENA was founded in 2012, and has evolved into a regional internet champion, building and
scaling high-growth internet businesses across the Middle East and North Africa region. The
company was co-founded by Nasir Alsharif, Khaldoon Tabaza, and Adey Salamin, joined as
part of this restructuring by Saygin Yalcin, plan to leverage their expertise in technology and
investment to continue building and operating digital marketplaces. Over the years, iMENA has
launched, acquired, scaled, and successfully exited from a number of successful regional
platforms, thereby becoming a strategic consolidator in the digital economy.
 Nasir Alsharif, iMENA’s Chairman, is an experienced investor and builder of investment
businesses across venture capital, technology and broader private markets, with current

roles including Board Member at AWJ Holding Company and Executive Chairman of
Sackville Capital.
 Khaldoon Tabaza, Managing Director of iMENA Holding and Chairman of Opensooq,
is a pioneer in the region’s technology and venture capital ecosystem with more than 30
years of experience in building and investing in digital ventures across MENA, including
founding the first venture-backed online business in the MENA region more than 25
years ago.
 Adey Salamin is a marketplace expert and the CEO of OpenSooq, known for scaling the
platform into one of the region’s most visited websites and mobile applications. Adey has
over 20 years of experience as a founder, operator, investor, and advisor of growth
businesses.
 Saygin Yalcin is a serial entrepreneur and Founder & CEO of SellAnyCar, one of the
most prominent digital automotive brands in the Middle East. Previously, he was Founder
and CEO of Sukar.com and Vice President of Souq.com following a merger forming the
Middle East’s largest E-commerce group that was later acquired by Amazon.
For more information on OpenSooq, please visit: www.opensooq.com
For more information on SellAnyCar, please visit: www.sellanycar.com
For more information on Jeeny, please visit: www.jeeny.me
Contact:
 Rania El Shenoufy, Investment Manager (rania@imena.com)

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