SBI Holdings, Japan's largest cryptocurrency finance group, and Saudi Aramco, the world's second largest company, announced that they have entered into a strategic partnership.
The partnership will explore co-investing in each other's digital asset portfolios and the construction of semiconductor factories in both Japan and Saudi Arabia.
The cooperation will focus on three key areas: joint investment in the digital asset space, support for Japanese startups in the digital asset space that want to expand their business in Saudi Arabia, and various investment-related projects in the semiconductor space, including the establishment of factories in both countries.
As part of this initiative, SBI plans to establish “SBI Middle East” in Riyadh to facilitate the entry of Japanese digital asset startups into the Saudi Arabian market. This move is in line with SBI's ongoing efforts in the Middle East, which include setting up an investment fund in collaboration with local partners.
In the semiconductor space, SBI currently owns Taiwanese manufacturing company Power Crystal Manufacturing Co. (PSMC) and plans to establish a factory in Miyagi Prefecture for its manufacturing operations in Japan. The company stated that it may expand the scope of its partnership with Aramco based on mutual agreement.
*This is not investment advice.