Saudi PE Firm Jadwa Invests $45 Million in PetroApp Ahead of IPO

Saudi private equity firm Jadwa Investment has committed $45 million to Saudi fuel and fleet management firm PetroApp, with a view toward taking the company public by 2028.

The funding is part of a $50 million round for PetroApp that also includes Abu Dhabi-based Bunat Ventures, according to a statement. Jadwa is investing through its flagship blind pool fund and said it expects to finalize another deal with a healthcare company before the end of 2025.