Latest news with #shariahcompliant
Argaam
6 days ago
- Business
- Argaam
Leejam sports renews, increases SAR 960M credit facilities with SAB
Leejam Sports Co. said it renewed and increased its shariah-compliant credit facilities with Saudi Awwal Bank (SAB) to SAR 960 million to fund capital and investment spending for future expansions and meet working capital needs. The package includes a SAR 794 million medium-term Murabaha loan to finance expansion-related capital and investment expenditures, a SAR 50 million short-term loan for working capital, and SAR 116 million for bank guarantees and letters of credit, the company said in a statement to Tadawul. The medium-term facilities have a five-year term with a one-year grace period, while the short-term facilities mature in six months. Bank guarantees and letters of credit carry terms of one to three years. Leejam said the financing is backed by promissory notes equal to the value of the facilities and involves no related parties.
Khaleej Times
09-07-2025
- Business
- Khaleej Times
Stride Ventures announces first close of ADGM Fund, accelerating venture debt leadership in the GCC
Stride Ventures, a global leader in venture debt, has announced the successful first close of its flagship Abu Dhabi Global Market (ADGM) Fund V, marking a pivotal moment in the firm's strategic expansion across the GCC. With this milestone, Stride Ventures underscores its commitment to becoming the largest provider of highly non-dilutive and flexible shariah compliant capital to high-growth startups across the region, empowering founders with world-class underwriting, deep sector expertise, and transformative capital. Building on a consistently superior track record of deploying over $1.2 billion across more than 170+ high-growth companies worldwide. The firm has already executed several significant transactions in the region, with ticket sizes averaging $10 to $15 million, and a strong $110 million deal pipeline that spans key sectors including fintech, healthtech, logistics, and climate tech. Stride's focus extends beyond capital — the firm brings global underwriting expertise, deep sector insights, and a founder-first, sector-agnostic approach that empowers entrepreneurs. Some of the region's most dynamic startups are already part of Stride's growing portfolio, including Merit Incentives, a leading provider of customer and employee engagement solutions, among others. Through the ADGM Fund V, Stride plans to triple its assets under management in the GCC to over $500 million by 2026, reinforcing its long-term commitment to supporting the region's entrepreneurial and innovation economy. Stride Ventures has doubled its presence across the GCC, with a particular focus on the Kingdom of Saudi Arabia. Supported by an experienced leadership team and an expanding regional footprint, the firm is well-positioned to meet the growing demand for venture debt while contributing to the goals of Vision 2030 by enabling innovation, supporting entrepreneurship, and contributing to job creation. Ishpreet Singh Gandhi, founder and managing partner, Stride Ventures, said: 'The region is at the centre of one of the most dynamic growth stories of our time — driven by a clear vision for economic diversification and global competitiveness. At Stride Ventures, we are here to be a long-term partner in that journey. Through the ADGM Fund, we are committed to providing the capital, expertise, and partnership that ambitious founders and innovators need to build businesses that will define the region's future.' Initiatives in the region continue to play a key role in supporting the ecosystem and Stride Ventures expansion in the region. In Saudi Arabia, the Riyadh Digital Innovation District (RDID), led by the Royal Commission for Riyadh City, has provided an enabling environment for global investors and ecosystem partners. As part of this, The Garage has served as a world-class platform connecting Stride directly with startups, fund managers, and the broader entrepreneurial ecosystem, helping the firm establish meaningful partnerships and a growing presence in the Kingdom. Stride's entry into ADGM, a global financial centre, reflects its commitment to bringing global best practices, institutional discipline, and a strong international network to the region's innovation ecosystem. Stride Ventures is also partnering with top banks in the region to enhance access to venture debt for new-age businesses and provide comprehensive financing solutions tailored for high-growth companies. With a disciplined investment approach and a proven founder-first philosophy, Stride has consistently delivered strong returns, including the full return of Fund I and ongoing distributions from Fund II. Fariha Ansari, Partner at Stride Ventures, shared: 'Saudi Arabia is rapidly positioning itself as a dynamic and promising destination for innovative financing solutions, particularly in growth debt. Driven by Vision 2030's ambitious goals to diversify the economy and foster innovation, the Kingdom's forward-looking regulatory environment is creating exciting opportunities for investors and entrepreneurs alike. The overall momentum and commitment to transformation make Saudi Arabia a key partner in shaping the future of financing across the Middle East. At Stride Ventures, we are energised by the potential here and proud to be part of this transformative journey.'
Zawya
24-06-2025
- Business
- Zawya
Oman Data Park signs strategic agreement with Rihal
Oman Data Park (OPD) has joined hands with Rihal (Data Migration and Services) for the launch of its groundbreaking digital platform named 'Daily Millionaire.' Announcing the launch, OPD said this platform represents a transformative concept in the realm of the sharing economy, combining e-commerce, shariah-compliant digital raffles, and fractional ownership. It enables users to purchase shares in luxury assets such as cars, villas, and gold and enter transparent digital draws powered by blockchain technology. The platform also includes a digital wallet and a loyalty points system designed in accordance with Islamic finance principles, offering users a fair and empowering digital experience that blends smart purchasing with a spirit of solidarity, it stated. On the new launch, OPD Chief Financial Officer Khalid Al Abri said: "Daily Millionaire reflects our commitment to supporting high-impact digital solutions through secure and sovereign cloud infrastructure." "Hosting the platform on our cloud ensures scalability and flexibility, while aligning with Oman's Vision 2040 goals of fostering a knowledge-based economy and an integrated digital society," he stated. Rihal Co-founder & CEO Azzan Al Kindi said: "This platform is the result of our vision to offer an innovative digital model that combines commerce, investment, and social solidarity meeting the aspirations of younger generations seeking fair and sustainable solutions." "We believe that merging technology with values can deliver a unique experience that promotes digital justice and opens doors to broader community engagement through innovation," he stated. The platform leverages cutting-edge technologies such as artificial intelligence and advanced analytics to deliver a secure, transparent, and fair experience that enables users to contribute to sustainable social impact. It also aims to support local employment opportunities and attract tech sector investments, through an Omani–Dutch partnership that showcases local talent and works with European partners to deliver globally scalable solutions. The agreement was signed by its co-founders Abdullah bin Salem Al Abadi and Haider Al Maktoumi as part of a joint investment valued at $13 million in its first phase. Oman Data Park said the platform is planned to be a global one, including participants from all countries around the world. This strategic roadmap aims to position the platform as a promising tech gateway that bridges Omani innovation with international standards, offering a digital experience rooted in human values and Sharia-compliant frameworks, it added.
Zawya
19-05-2025
- Business
- Zawya
Saudi Ground Services secures $146.66mln shariah-complaint facility
Saudi Ground Services Company has signed a shariah-compliant bank facility agreement with the Banque Saudi Fransi (BSF) of up to 300 million riyals ($80 million). The facility, which is available to be drawn up to April 30, 2025, will be used to support working capital requirements. The company is a Saudi-based provider of ground-handling services in commercial airports and is majority owned by Saudia. (Writing by Brinda Darasha; editing by Seban Scaria)
