Sukna Capital Launches MENA's 1st Open-Ended Sharia-Compliant SME Fund
Jul 22, 2025
Riyadh-based Sukna Capital has received official approval from Saudi Arabia's Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing (SFDF), a first-of-its-kind vehicle in the region designed to provide institutional capital to small and medium-sized enterprises (SMEs). The open-ended, Sharia-compliant structure allows investors to enter and exit at regular intervals while enabling SMEs to access non-dilutive, asset-backed financing.
Unlike traditional private credit models, SFDF offers periodic liquidity without long lock-up periods, aligning with Sukna's mission to create more adaptable financing options for high-growth businesses. The fund targets SMEs that have historically faced limited access to bank lending.
'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SR 329.23 billion, just 9.1% of total bank credit, well below the Vision 2030 target of 15% to 20%,' Sukna CEO Fares Bardeesi, who has led over $6.5 billion in transactions across real estate, tech, and healthcare, said. 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors."
The fund is backed by Sukna Ventures, the firm's tech-focused investment arm, and supported by Managing Partner Waleed Alballaa, a veteran of both Silicon Valley and the Saudi VC ecosystem. Alballaa, who serves on the fund's investment committee, noted that while the region's startup sector has matured, financing tools have not kept pace. 'We designed SFDF to meet founders where they are - with the right capital, at the right time, and without the red tape.'
SFDF also incorporates Sukna's proprietary technology stack to manage loan origination, risk, monitoring, and investor reporting, offering transparency and scalability for both borrowers and investors.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Middle East
3 hours ago
- Middle East
OPEN// PM underscores significance of investment promotion, protection agreement between Egypt and Saudi Arabia
NEW ALAMEIN, July 21 (MENA) - Prime Minister Mostafa Madbouli has emphasized the significance of the agreement on the promotion and protection of mutual investments signed between Egypt and Saudi Arabia. Most of the longstanding issues faced by Saudi investors in Egypt have already been resolved—something that has been well received and praised by Saudi investors themselves, Madbouli added during his meeting on Monday with Ayedh Al-Qahtani, Chairman of Saudi Arabia's Sumou Holding. Held at the government headquarters in New Alamein City, the meeting reviewed the Saudi group's investment plans in Egypt. The meeting was attended by the group's CEO Saeed Salem Al-Nahdi, CEO of Sumou Investment Abdulrahman Al-Qahtani, CEO of Adeer Real Estate Company Meteb Al Saad Al-Qahtani, CEO of Adeer International Bassel El Serafy, Managing Director and CEO of Midar for Investment and Urban Development Ayman ElKousey, and COO of Adeer International Ahmed Helmy. The premier affirmed the Egyptian government is offering every possible incentive and facilitation for investors and creating a favorable investment environment across all sectors, noting that he directed relevant ministers to put this file as a top priority. He added that the government is working to attract foreign investments and welcomes Saudi investors and Sumou's initiative for establishing real estate investment funds. Meanwhile, Ayedh Al-Qahtani said Sumou is one of the largest real estate development companies with two subsidiaries —Sumou Real Estate and Adeer Real Estate— listed on the Saudi stock exchange. "We are working on launching a real estate fund in Egypt," he added. Sumou Real Estate and Sumou Holding are among the largest developers in Medina, Mecca, and other Saudi cities, he noted. Qahtani pointed out that the group operates in Egypt through Adeer and has previously partnered with several Egyptian companies in Saudi Arabia. "We are eager to invest in Egypt and will soon announce our first project in the Egyptian market," he said. Qahtani also praised Egypt's recent achievements, especially in infrastructure and new city construction, such as the New Administrative Capital and New Al Alamein City. "Real estate funds will create a major shift in Egypt's investment landscape, and we plan to invest strategically in this sector," he noted. He also commended the agreement on the promotion and protection of mutual investments between Egypt and Saudi Arabia, noting that it would encourage many Saudi investors to inject investments into the Egyptian market. (MENA) I S N/M R E
CairoScene
5 hours ago
- CairoScene
Qlub Raises $30 Million to Expand Contactless Restaurant Payments
Restaurant payments platform Qlub has raised $30 million in fresh funding to expand its reach and develop analytics tools, with participation from Mubadala, Shorooq Partners, and other investors. Jul 23, 2025 Qlub, a Dubai-based startup transforming how diners pay at restaurants, has raised $30 million in a funding round backed by regional and international investors. The round was led by Middle East tech investor Shorooq Partners, with participation from Abu Dhabi sovereign wealth fund Mubadala, e&, Cherry Ventures, and China's Legend Capital. Founded in 2021 by Eyad Alkassar and Mahmoud Fouz, Qlub allows customers to scan a QR code, view the menu, split the bill, and pay instantly without needing to download the app. Its solution integrates with leading restaurant point-of-sale systems including Foodics and Oracle Micros. The company currently operates in the UAE, Saudi Arabia, Singapore, Brazil, Qatar, Kuwait, and South Korea. Qlub says the new capital will support its international expansion and help develop advanced data tools for restaurant operators. Its client portfolio includes major dining chains such as Paul, Wagamama, and Sushi Samba. With this latest round, Qlub has raised a total of $72 million since its launch. The company aims to simplify dining payments worldwide while offering restaurants real-time insights and operational efficiency.
Al-Ahram Weekly
15 hours ago
- Al-Ahram Weekly
Hassan Allam, Schneider Electric launch sustainable farming project in Nile Delta - Markets & Companies
The initiative aims to boost rural livelihoods and promote climate-resilient farming by implementing smart infrastructure and renewable energy technologies. It aligns with Egypt's Vision 2030 and adopts the Nexus of Water-Food-Energy (NWFE) framework to address interconnected development challenges. At the heart of the project is a solar-powered, climate-controlled greenhouse expected to produce up to 20 tons of vegetables annually. Designed to enhance energy and water efficiency, the system will operate on Schneider Electric's EcoStruxure platform and reduce reliance on diesel-powered irrigation—a long-standing barrier to sustainable agriculture in the area. The project aims to mitigate the adverse effects of poor water quality and climate change, which have negatively impacted productivity in parts of the Delta. It also supports Egypt's Integrated Sustainable Energy Strategy 2035 and its updated Nationally Determined Contributions (NDCs), which aim to expand renewable energy use and reduce emissions in the electricity sector. Beyond agriculture, the initiative includes a community development component that prioritizes job creation—particularly for women and youth—and promotes long-term environmental and financial sustainability. The partnership was announced during Schneider Electric's Innovation Day: Buildings of the Future in Cairo, where experts and officials discussed the role of digital and green technologies in sustainable development. Home to roughly 12,000 residents, El-Nouras relies on the El-Salam Canal for irrigation. If successful, the model could be replicated in other rural communities facing similar environmental and economic challenges.
