Abu Dhabi-based Ruya Partners plans to raise up to $400 million to launch a Middle East-focused private credit fund, aiming to bridge the financing gap for mid-sized Saudi firms as regional lenders tighten their lending practices, highlighting a regional shift in capital deployment driven by Vision 2030 and escalating regional investments.
Abu Dhabi-based Ruya Partners is seeking up to $400m to launch a Middle East-focused private credit vehicle aimed at filling an apparent financing shortfall for mid-sized Saudi firms as traditional banks moderate lending, according to an interview with Partner Omar AlYawer on Bloomberg TV. The manager , whose backers include Mubadala Investment Company and Saudi Arabia’s Public Investment Fund , plans an initial emphasis on middle‑market loans, with the possibility of branching into real estate and infrastructure credit within three years, and expects a first close in the coming months.
AlYawer identified a particular gap for facilities in the $10m–$50m range, a segment he characterised as underserved by local banks and often too small for large international credit managers. He said Saudi Arabia would likely account for the bulk of the fund’s deployments, with additional activity planned in the United Arab Emirates. Ruya is targeting commitments from family offices, pension funds and endowments.
The fundraise comes amid a pronounced expansion of private credit in the Gulf as capital is mobilised to support projects tied to Saudi Arabia’s Vision 2030 and broader regional growth. According to a Jadwa Investment announcement, the Riyadh-based manager has itself launched a GCC private credit vehicle targeting up to SAR750m (about $200m) and completed a first close of more than SAR300m, already deploying capital into fintech partnerships with Lendo and JeelPay. Jadwa said the fund represents its first blind-pool private credit vehicle for the region and positioned private credit as a growing strategic allocation for institutional and wealthy investors.
Those deals underscore a broader shift in Saudi capital markets. Lendo, for example, said it has agreed a murabaha financing facility with a Jadwa private credit vehicle to expand SME lending, a move the fintech described as bolstering access to working capital across the Kingdom in line with Vision 2030 objectives.
State-backed players are also deepening their role in building the regional private credit ecosystem. The Public Investment Fund has been active on multiple fronts: in 2025 it completed a $7bn murabaha credit facility supported by a syndicate of international and regional banks, and it recently signed a non‑binding memorandum of understanding with Goldman Sachs Asset Management to act as a strategic anchor for new private credit and public equity strategies focused on Saudi Arabia and the wider Gulf. The PIF described the proposed initiatives as intended to attract international equity and to strengthen the domestic asset management industry, though the memorandum remains subject to regulatory and internal approvals.
PIF’s expanded financing activity and strategic partnerships reflect its broader capital‑raising and investment strategy. The fund has highlighted a mix of funding sources, including government injections, asset transfers and debt instruments, and credit‑rating agencies have in recent years pointed to its strong financial position.
The emergence of locally headquartered private credit managers and the involvement of national development institutions has drawn interest from global firms as well. International asset managers, including Janus Henderson, Goldman Sachs and KKR, have been increasing their Gulf presence through partnerships and transactions, signalling greater competition for opportunities and capital in the market.
Market participants say the combination of a shifting banking appetite for mid‑market loans, large-scale national projects and an expanding roster of both regional and global credit managers is creating fertile conditions for privately originated debt strategies. Ruya’s fund, if it reaches its target, would add to the region’s growing supply of locally sourced credit capital aimed at companies that sit between bank lending and large-scale institutional investors.
- https://www.privateequitywire.co.uk/ruya-targets-400m-middle-east-private-credit-fund/ – Please view link – unable to able to access data
- https://www.jadwa.com/en/node/27469 – Jadwa Investment, a leading investment management and advisory firm in the Middle East, has launched its flagship private credit fund, the Jadwa GCC Diversified Private Credit Fund, targeting up to SAR 750 million (USD 200 million). The fund has completed its first close at over SAR 300 million (USD 80 million) and has already deployed capital into its first two investments, in partnerships with regional fintech platforms Lendo and JeelPay. Two further investments are expected to close in the first half of 2026. This marks Jadwa’s first blind-pool regional private credit vehicle, offering institutional and private wealth investors access to high-quality opportunities in the GCC’s fast-growing private credit market. Tariq Al-Sudairy, Managing Director & CEO of Jadwa Investment, commented: “Private credit is increasingly becoming a strategic allocation for sophisticated investors globally. This fund reflects Jadwa’s ability to originate and execute attractive private credit opportunities, and our conviction in the asset class in light of Saudi Arabia and the wider GCC’s economic momentum and growing demand for credit.” Fidaa Haddad, Managing Director & Head of Private Credit at Jadwa Investment, added: “Our private credit platform is designed to support high-quality companies across multiple transactions, offering investors access to the growing private credit market in Saudi Arabia and across the GCC. We are excited to announce our first investments and look forward to delivering strong and consistent outcomes for our investors.”
- https://www.pif.gov.sa/en/news-and-insights/press-releases/2025/pif-completes-%247-billion-inaugural-murabaha-credit-facility/ – The Public Investment Fund (PIF) of Saudi Arabia announced the completion of its first murabaha credit facility for the sum of $7 billion, as part of its medium-term capital raising strategy. The financing structure is supported by a diverse syndicate of 20 international and regional financial institutions. Fahad AlSaif, PIF’s Head of the Global Capital Finance Division and Head of Investment Strategy and Economic Insights Division, said: “This inaugural murabaha credit facility demonstrates the flexibility and depth of PIF’s financing strategy and use of diversified funding sources, as we continue to drive transformative investments, globally and in Saudi Arabia.” This financing complements PIF’s successful sukuk issuances over the past two years and underpins PIF’s strong financial position, as well as its best-practice approach to debt financing. PIF is rated Aa3 by Moody’s with a stable outlook and A+ by Fitch, also with stable outlook. PIF has four main sources of funding: capital injections from government, government asset transfers, retained earnings from investments, and loans and debt instruments.
- https://www.pif.gov.sa/news-and-insights/press-releases/2025/pif-and-goldman-sachs-asset-management-sign-an-mou-to-partner-on-investment-in-saudi-arabia/ – The Public Investment Fund (PIF) and Goldman Sachs Asset Management announced the signing of a non-binding memorandum of understanding (MoU) for PIF to act as a strategic anchor investor for new private credit and public equity strategies in Saudi Arabia and the wider GCC region. The new investment funds will aim to raise equity capital from international investors, with significant capital allocated for investments in Saudi Arabia. The MoU would further strengthen the domestic asset management industry and encourage regional and international managers to expand their presence in Saudi Arabia. Under the MoU, the private credit strategy will target directly originated senior and junior loans and debt to companies that are domiciled in the GCC region or do most of their business with it. The public equity strategies will focus on investments in publicly listed equity securities of companies that are either listed on the Saudi exchange or have businesses connected to Saudi Arabia. The partnership will facilitate knowledge-sharing to spur growth of the Saudi asset management sector. By leveraging PIF’s institutional strength and Goldman Sachs Asset Management’s experience investing across public and private markets, it will contribute toward PIF’s goal of positioning Saudi Arabia as a hub for global investment. Goldman Sachs has been growing its presence in Saudi Arabia over recent years, having recently announced the opening of a new office in Riyadh. The company will explore expanding its local footprint as part of the partnership. Today’s non-binding MoU remains subject to the satisfaction of certain required conditions including obtaining all necessary regulatory and internal approvals, among other milestones.
- https://www.jadwa.com/en/node/26946 – Lendo, the debt crowdfunding platform, has agreed to a Murabaha financing facility worth SAR 187.5 million (USD 50 million) with Jadwa GCC Private Credit Fund, a private credit fund managed by Jadwa Investment. In a statement, the company said this agreement represents a milestone in Saudi Arabia’s private credit landscape, bringing together Lendo’s fintech innovation with Jadwa’s expansion into private credit. The proceeds will be deployed to enhance Lendo’s lending capacity, empowering SMEs to play a greater role in the Kingdom’s economic growth and diversification in line with Vision 2030. Osama Alraee, CEO and Co-Founder of Lendo, said: “Since our inception, Lendo has been committed to providing innovative financing solutions for SMEs. This partnership with Jadwa Investment will enable us to scale our operations and support more businesses across the Kingdom.”
- https://www.pif.gov.sa/en/news-and-insights/newswire/2023/moodys-changes-pif-credit-rating-outlook-to-positive/ – Moody’s Investors Service on Thursday changed PIF’s credit rating outlook to “positive” and affirmed the Fund’s A1 issuer rating. Such ratings are measures of creditworthiness, and A1 is considered an indication of very strong fundamental credit strength. Moody’s assigns PIF a baseline credit assessment of a1, reflecting the Fund’s “very strong fundamental credit strengths”. When mapped to the Moody’s Investment Holding Companies and Conglomerates rating methodology, this results in a scorecard-indicated outcome for PIF of Aa2. The rating agency highlighted PIF’s steady dividend income stream, high-quality investment portfolio, and sector diversification.
- https://www.pif.gov.sa/en/news-and-insights/press-releases/2025/pif-and-sace-sign-mou-for-up-to-3-billion-to-promote-italian-companies-engagement-in-saudi-arabia/ – The Public Investment Fund (PIF) and SACE, the Italian insurance and financial group fully owned by the Italian Ministry of Economy and Finance, today announced the signing of a memorandum of understanding (MoU) to strengthen their bilateral partnership. Under the MoU, the parties will cooperate on sharing information and business expertise, with a focus on strategic sectors, as well as considering a provision of SACE support for up to an additional $3 billion for the financing of projects led by PIF and PIF portfolio companies. The signing builds on the existing relationship between PIF and SACE, which has led to a number of PIF portfolio companies securing financing in excess of $3 billion supported by SACE, with participation from multiple leading financial institutions. As the main driver of Vision 2030 and an impactful leading global investor, PIF has the mandate to transform and diversify the Saudi economy, driving the growth of new sectors, businesses and job opportunities. The MoU aligns with PIF’s strategy to further grow financial collaboration, enhance cooperation and build long-term international partnerships. The MoU represents a continuation of PIF’s strategy to build and maintain strong relationships with leading international financial institutions and further diversifies its range of financing instruments.
Noah Fact Check Pro
The draft above was created using the information available at the time the story first
emerged. We’ve since applied our fact-checking process to the final narrative, based on the criteria listed
below. The results are intended to help you assess the credibility of the piece and highlight any areas that may
warrant further investigation.
Freshness check
Score:
8
Notes:
The article reports on Ruya Partners’ current fundraising efforts for a $400 million private credit fund, with a first close expected in the coming months. ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/private-credit-firm-ruya-plans-052916542.html/?utm_source=openai)) This information is recent and aligns with other sources, indicating freshness. However, the article’s publication date is not specified, so the exact timing of the report cannot be confirmed.
Quotes check
Score:
7
Notes:
The article includes a direct quote from Omar AlYawer, a partner at Ruya Partners, stating, “Private credit is one of the most crucial things needed in the next three to four years to augment Vision 2030.” ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/private-credit-firm-ruya-plans-052916542.html/?utm_source=openai)) A search for this quote reveals it is used in multiple sources, suggesting it may be a standard statement from Ruya Partners. The exact origin of the quote is unclear, raising concerns about its originality.
Source reliability
Score:
6
Notes:
The article is published on Yahoo Finance, a reputable financial news platform. However, the specific author is not identified, and the article appears to be generated by an AI agent, which may affect its reliability. ([ainvest.com](https://www.ainvest.com/news/ruya-partners-seeks-400m-middle-east-private-credit-fund-2602/?utm_source=openai)) Additionally, the article’s content closely mirrors information from other sources, indicating potential reliance on aggregated content.
Plausibility check
Score:
8
Notes:
The claims about Ruya Partners raising $400 million for a private credit fund targeting middle-market loans in the Middle East are plausible and consistent with the firm’s known activities. ([uk.finance.yahoo.com](https://uk.finance.yahoo.com/news/private-credit-firm-ruya-plans-052916542.html/?utm_source=openai)) However, the article’s reliance on a single, unverified quote and the lack of specific details about the fund’s structure and terms raise questions about the depth of reporting.
Overall assessment
Verdict (FAIL, OPEN, PASS): FAIL
Confidence (LOW, MEDIUM, HIGH): MEDIUM
Summary:
The article presents information about Ruya Partners’ fundraising efforts for a $400 million private credit fund, with details that align with other sources. However, the lack of an identified author, reliance on AI-generated content, unverified quotes, and potential reliance on aggregated content from other sources raise significant concerns about the article’s reliability and originality. These issues prevent a PASS verdict, and further verification is recommended before publication.