Finance
Saudi SAB Invest Makes First Foray Into MENA Private Credit
The move by SAB Invest comes as Saudi Arabia seeks to further develop the financial sector to attract more foreign capital.
Photographer: Jeremy Suyker/BloombergSaudi Awwal Bank’s investment arm plans to raise as much as one billion riyals ($266 million) for its first private credit fund focused on the Middle East and North Africa.
SAB Invest has already secured about $100 million from regional wealth managers and family offices and intends to raise the rest within the next year, according to Osama Alowedi, chief investment officer.