HONG KONG, Nov. 1, 2024 — Global Connectivity Capital Investment (GCCVest), a Hong Kong-based cross-border investment company specializing in bridging Asia and MENA, acted as MENA strategic advisor to Taiwan-based Foxconn Interconnect Technology Ltd. (FIT), a global leader in electronic components manufacturing, in its joint venture with Saleh Suleiman Alrajhi & Sons, a prominent and well-established family business in Saudi Arabia. The partnership aims to produce Saudi-made electric vehicle (EV) charging infrastructure, strengthening Saudi Arabia’s leadership in renewable energy and technology innovation.
Please see the full announcement here.
The joint venture was announced by Prince Abdulaziz bin Salman Al-Saud, Minister of Energy on October 23, 2024, and was endorsed by Mr. Bandar Alkhorayef, Minister of Industry and Mineral Resources and Mr. Hamad Al Sheikh, a government minister, reflecting strong support from the Saudi authorities. The signing ceremony was inaugurated by H.H. Prince Fahad bin Nawaf Al Saud who envisions the joint venture as pivotal in driving the growth of electric mobility across Saudi Arabia. “Through this partnership, we aim to drive innovation in EV charging solutions while cultivating local talent, aligning with Vision 2030’s goals of creating a sustainable, diversified economy,” the companies jointly stated.
In a testament to the entrepreneurial spirit and unwavering ambition driving this partnership, GCCVest provided pivotal support and guidance to both parties throughout the journey from conceiving to realizing this joint venture. “We are proud to have played a key role in bringing this JV to life, supported by our local partner Tharawat Tuwaiq” said Ben Jelloun, Managing Partner of GCCVest. “Our commitment to fostering trust and strategic alignment from the outset has been essential in creating a partnership that not only meets the needs of EV infrastructure build out in the Kingdom of Saudi Arabia, but is also prepared to lead in the MENA region.”
About Saleh Suleiman Alrajhi & Sons
Saleh Suleiman Alrajhi & Sons, established in 2011, is a prominent and well-established family business in Saudi Arabia. Their business dates back to 1957 when the world’s first Islamic bank was established. Over the years, the family has played a significant role in the country’s economic reforms and initiatives.
With a diverse portfolio spanning healthcare, construction, steel and manufacturing, and technology, Alrajhi is driving growth through strategic partnerships with global industry leaders, embracing innovative practices, and incorporating a range of perspectives to boost its competitiveness on the international stage. The company also invests in promising future technologies that align with Vision 2030.
About Foxconn Interconnect Technology (FIT Hon Teng)
Foxconn Interconnect Technology (HKEX: 6088) was listed on the Hong Kong Stock Exchange in 2017 and is the largest consumer electronics connector manufacturer in Greater China. While connectors remain its core business, the company has strategically expanded in recent years into 5G AIoT, Electric Vehicles, and acoustic electronic components, while also entering the consumer brand sector. For more information, please visit the company’s website at www.fit-foxconn.com
About GCCVest
Based in Hong Kong, GCCVest focuses on cross-border investment opportunities between Asia and MENA. Its fund products and capital advisory activities span the smart capital bridge between the disruptive innovations in Asia, and the emerging digital adoption investment opportunities changing the way people live, work, and play in MENA. For more information, please visit www.gccvest.com or write to info@gccvest.com.
About Thatawat Tuwaiq
Tharawat Tuwaiq Capital (THT Capital) is a Capital Market Institution headquartered in Riyadh and licensed and Regulated by the Saudi Arabian Capital Market Authority (License No. 23252-02) and (CR No. 7032535788) to engage in managing investment and advisory services. THT Capital focuses on identifying and developing promising investment opportunities in Saudi Arabia, while forging strategic partnerships in global markets through private funds. For more information, please visit www.thtcapital.com
