Thabet Investment Company has partnered with Singapore-based Five Keys Investment Pte. Ltd. to launch Everbridge Capital, a new financial technology firm aimed at driving innovation and expanding access to financing for small and medium-sized enterprises (SMEs) in Saudi Arabia.

Headquartered in Riyadh, Everbridge Capital has been established with an initial investment of SR375 million ($100 million). The company’s goal is to deliver cutting-edge financial solutions to SMEs and help close the existing financing gap in the sector, estimated at more than SR300 billion. The initiative aligns with the Financial Sector Development Program, part of Saudi Vision 2030, which aims to increase SME financing from 9.4% to 20% by the end of the decade.

Dr. Abdulelah bin Ahmed Saleh, who holds a Ph.D. from King Abdullah University of Science and Technology (KAUST), has been appointed as the company’s CEO.

Commenting on the launch, Abdulrahman bin Ahmed Saleh, CEO of Thabet Investment, said: “The launch of Everbridge Capital demonstrates our commitment to our national role in achieving Vision 2030 by bridging the financing gap in the FinTech sector and providing a growth engine for this vital industry. Our partnership with Five Keys ensures we can deliver innovative solutions that meet global standards. Empowering SMEs and providing them with the necessary resources to succeed drives innovation and creates new opportunities for economic growth.”

Speaking about his new role, Dr. Saleh added: “I am honored to lead Everbridge Capital at this pivotal stage of the Kingdom’s economic transformation. Our mission is clear: to be the bridge that enables SMEs to cross over to growth and prosperity, turning the SR300 billion financing gap challenge into an opportunity, and actively contributing to the Financial Sector Development Program’s goal of reaching 20 percent financing. Our vision is to be the most innovative and trusted financial partner for entrepreneurs in the Kingdom.”