Al-Rajhi family buys controlling stake in Israeli firm

One of the richest non-royal families in Saudi Arabia, the al-Rajhi family, now owns the largest stake in an Israeli autotech firm through an investment vehicle.

According to a 20 July filing with the US Securities and Exchange Commission, Mithaq Capital, which is headquartered in Riyadh but is registered in the Cayman Islands, has expanded its ownership stake in Otonomo Technologies to 20.41%.

Otonomo is a leader in automobile technology that “delivers advanced driver solutions” by utilising data and intelligence. Its headquarters are in the upscale beachside community of Herzliya Pituach, which is located north of Tel Aviv.

According to the regulatory filing from last week, the Saudi-owned fund serves as “an investment vehicle for some members of the Al-Rajhi family.”

The family is the owner of Al-Rajhi Bank, the largest Islamic bank in the world by assets ($125 billion). The bank is one of the biggest retail and commercial banking operations in Saudi Arabia with around 600 branches and more than 1,400 ATMs.