- CMA Approval: Sukna Capital receives regulatory green light for the region’s first Sharia-compliant, open-ended direct lending fund.
- Non-Dilutive SME Financing: Provides asset-backed funding solutions without requiring equity dilution, aligning with Vision 2030 goals.
- Strong Deal Pipeline: Backed by a team with $6.5B+ in deal experience and a growing $100M+ pipeline targeting tech-driven SMEs.
Sukna Capital, a Saudi-licensed investment platform specializing in alternative investments, has received the Capital Market Authority (CMA) approval to launch the Sukna Direct Lending Fund (SFDF) — the first open-ended, Sharia-compliant direct lending fund in Saudi Arabia and the MENA region.
This strategic fund offers non-dilutive, asset-backed financing for small and medium enterprises (SMEs) across underserved sectors. By addressing critical financing gaps, SFDF contributes to the goals of Saudi Arabia’s Vision 2030, particularly in increasing SME access to funding.
The fund provides periodic liquidity for investors while giving businesses access to flexible, structured credit solutions without requiring equity dilution a major shift in how institutional capital supports high-growth companies in the region.
Backed by a world-class team with over $6.5 billion in investment deal experience and a robust digital infrastructure, SFDF is purpose-built to meet the needs of founders in the private credit space. It aims to modernize institutional financing tools and deliver scalable investment experiences.
Sukna Capital has already begun building a strong deal pipeline of over $100 million, driven by high demand from tech firms seeking structured capital and early interest from institutional investors. The company plans to open access to a broader pool of qualified investors, including family offices and sophisticated capital providers.
“This is a milestone not just for Sukna, but for the Saudi financial ecosystem,” said Fares Bardisi, CEO of Sukna Capital, who brings over two decades of experience in private equity and corporate financing across tech, healthcare, and real estate sectors.
“SME lending reached SAR 329.23 billion in Q3 2024, which accounts for only 9.1% of total bank credit — well below the Vision 2030 target of 15–20%. We’re bridging a real financing gap with a flexible and efficient model tailored to fast-growing companies.”
Waleed Alballaa, Managing Partner at Sukna Ventures and a member of the fund’s investment committee, added:
“This step from the CMA enables investors to support startups and SMEs at a pace that matches the market’s fast-moving nature. We’re removing bureaucratic barriers and enabling innovation to thrive.”
“While the region’s startup ecosystem has evolved significantly, traditional financial tools have not kept up. This fund was built to empower entrepreneurs with capital that fits their business models and ambitions.”
The launch of SFDF builds on the success of Sukna Ventures, the firm’s venture capital arm known for supporting high-growth startups in digital infrastructure, fintech, and logistics. With Saudi Arabia accelerating its economic diversification strategy, Sukna Capital is positioning itself as a critical enabler of innovation and long-term growth in the region.
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