RIYADH — Mobile Business Company "MBUZZ" has completed the sale of a strategic equity stake led by “Tech Invest Com”. This investment comes in light of MBUZZ endeavors to develop its business, diversify its shareholder base, convert to joint stock status, increase capital to SAR100m, which is a concrete step in transforming to better Governance & Sustainability.

For his part, Eng. Nawaf Mohammad AlShammari, CEO of MBUZZ, said: "This round of investment witnessed great success and reflects the attractive MBUZZ business model to investors”. AlShammari indicated that Tech Invest Com is one of the most important companies that are investing in the technology sector in the Kingdom and the region, and partnering with them along with other esteem investors is a great addition and endorsement to MBUZZ

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AlShammari also explained that the investment will support MBUZZ’s ICT growth plans in emerging technologies that includes AI, IOT, Cyber Security, 5G Network Services and Technology Products distribution. MBUZZ is one of the largest companies specialized in digital infrastructure in the Saudi marketand has multiple branches. It has been operating for fifteen years in the market and in the last 4 years, MBUZZ has expanded its presence also in other markets outside the Saudi Arabian borders where it has been distributing Technology products that resulted in further revenue growth and diversification.

For his part, Mr.Salah Al-Rashed, Chairman of the Board of Directors of Tech Invest Com, said that MBUZZ is one of the leading technology companies, and has won many government and private sector projects. He also added that MBUZZ is an authorized agent for many technology products that provide tailored solutions to companies, while exports its products to 30 countries around the world, which makes it an attractive investment proposition

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Al-Rashed stressed that the technical sector today constitutes one of the most growing sectors in the Kingdom and the world, in light of the heavy reliance on its services, especially during the pandemic and its aftermath

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MBUZZ is one of the Saudi technical companies specialized in information & communications technology infrastructure, and it is an authorized agent in Saudi Arabia and the Arab Gulf countries for a large number of technical products from American, European and Asian companies, which it sells in the local and international markets.