Al-Rajhi Bank, the world's largest Islamic bank, has become the largest shareholder in the Israeli startup Otonomo Technologies Ltd.

According to a regulatory filing dated July 4, Saudi-based investment firm Mithaq Capital SPC boosted its stake in Otonomo from 5.2% to 20.41%.

Otonomo is a software firm that leverages proprietary technology and data from millions of cars to give cloud-based solutions for car manufacturers and service providers to create service apps for their customers.

Mithaq would be able to discuss and influence Otonomo's decisions on strategy, governance, and business as a result of the investment.

All drivers want a safe experience - and with the advent of connected vehicle sensors, a smarter approach is on the horizon. https://t.co/UgpJ3rlHsk#ConnectedCar #AutomotiveTechnology #RoadSafety pic.twitter.com/Q9Et85wkZS

— Otonomo (@otonomo_) July 27, 2022

The Saudi Al-Rajhi family owns Mithaq Capital, which is led by Turki Saleh Al-Rajhi and Muhammad Asif Seemab.

According to the US Securities and Exchange Commission, the fund's goal is "to function as an investment vehicle for select members of the Al-Rajhi family."

Al-Rajhi family also owns Al-Rajhi Bank, the world's largest Islamic financial institution, with over 600 branches globally. This makes the family the richest non-royal clan in Saudi Arabia.

“We like the innovation and the technology culture that "Israel" has, and we try to find ways to benefit from that,” said Seemab.

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Furthermore, Mithaq Capital is the largest shareholder in Tremor International, an Israeli ad-tech business that is publicly traded and focused on digital advertising.

“As part of our investment process, other than Shariah compliance, we are country-agnostic and sector-agnostic,” the fund’s director added.

While Saudi Arabia and "Israel" do not have diplomatic relations, the collaboration between the two countries has grown dramatically in the last decade, peaking in the aftermath of the normalization agreements. 

Former Israeli Prime Minister Benjamin Netanyahu credited the achievement of these agreements to Saudi Crown Prince Mohammed bin Salman, whose efforts cleared the path for normalization agreements with Bahrain, the United Arab Emirates, Sudan, and Morocco.

“If I am once again elected to lead the State of Israel, I intend to sign a comprehensive peace treaty with Saudi Arabia and other Arab nations,” Netanyahu pledged earlier this month.

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