This week, Saudi-based conglomerate Rawabi Holding Company announced the signing of a Joint Venture (JV) in Saudi Arabia with sustainability fintech company World Wide Generation (WWG). The parties shared that the JV will focus on fast-tracking sustainability performance and financing, especially in hard-to-abate sectors in Saudi Arabia and the wider Middle East and North Africa (MENA) region.
The JV reportedly builds on the conglomerate’s existing partnership with the fintech utilising its G17Eco Platform to standardise sustainability reporting across its global operations, companies and projects.
“WWG has been cultivating our partnership with Rawabi Holding for the past three years and we are so excited to see what was originally an Oil and Gas company pivoting and transitioning quickly to make all of its businesses across energy, industrial, construction, shipping and offshore services along with investments both sustainable and renewable, and leading their subsidiaries, partners, clients and other international peers to follow suit,” Manjula Lee, CEO and Founder of World Wide Generation said.
Rawabi will reportedly provide all infrastructure support, including the necessary backend operational support services such as legal, HR, recruitment, senior management expertise, local content guidance, finance and office setup for WWG’s KSA entry.
The conglomerate shared that it also plans to use the G17Eco Platform to create an overarching umbrella of sustainability services across all its business verticals, including Sustainability Education, Advisory, Digital Reporting Tools, and a Solutions and Financing Matchmaking Marketplace.
“Our partnership with World Wide Generation further amplifies our commitment to sustainable practices and propels us towards a future where assets are designed, built, and operated with a focus on both environmental responsibility and human well-being,” Othman A. Ibrahim, Rawabi Holding Vice Chairman and Group CEO of Rawabi Holding commented.
The JV is one of the first successful ventures to emerge from the UK/Saudi Great Futures Campaign and Trade Bridges established earlier this year. It is supported by the Saudi Ministry of Investment, Ministry of Commerce, Saudi Fintech, the UK Government’s Department of Business and Trade, and the British Embassy.
“World Wide Generation was introduced to MISA and other KSA Ministries as part of the Great Futures campaign in May 2024 as a leading sustainability fintech and we are so delighted to see that by September WWG has already managed to raise significant investment and partner with a multi-industry and multinational class leading conglomerate such as Rawabi Holding,” added Abdulmalek Rashid, Director of Asset Management and Fintech Development at the Ministry of Investment, Saudi Arabia.