Saudi Family Office Builds Largest Stake in Israel’s Otonomo - Bloomberg
A Saudi family investment vehicle with ties to the world’s largest Islamic bank has become the biggest shareholder in Israeli mobility intelligence company Otonomo Technologies Ltd.
Mithaq Capital SPC, a family office for the AlRajhi family that is incorporated in the Cayman Islands but headquartered in Riyadh, recently increased its stake in the Israel-based company to 20.41%, according to a July 20 regulatory filing.
Israel and Saudi Arabia do not have official diplomatic or business ties, although they are believed to have security and defense links based around their shared concerns over Iran’s regional ambitions.
The two Middle Eastern countries agreed to a number of small steps that fell short of the normalization of ties during US President Joe Biden’s recent visit to the region, with Saudi Arabia agreeing to ease flight restrictions over its airspace for commercial airlines traveling to and from Tel Aviv.
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