Riyadh, Saudi Arabia – Sukna Capital, a Saudi investment platform licensed by the Capital Market Authority and focused on alternative investments, has received approval from the Saudi Capital Market Authority to launch the “Sukna Direct Lending Fund”, marking the first open-ended, Sharia-compliant direct lending fund in the Kingdom and the region.
The fund introduces structured credit solutions tailored for SMEs, tech firms, and venture capital funds, enabling sustainable financing without equity dilution. Its open-ended structure offers investors flexibility in entry and exit, with periodic liquidity and stable returns.
It operates with a global team of fund managers and financial experts, leveraging an advanced technology platform for loan management, risk assessment, and transparent investor reporting.
Sukna has already built a pipeline of over $100 million in deal flow, mainly from tech companies, with strong institutional interest and plans to open investment to qualified investors including family offices and HNWIs.
Faris Bardisi, CEO of Sukna Capital, emphasized the fund’s role in bridging a real financing gap, noting that SME lending in Q3 2024 amounted to SAR 329.23 billion—only 9.1% of total bank credit, well below the Vision 2030 target of 15-20%.
Waleed Alballaa, Managing Partner at Sukna Ventures and Investment Committee Member, praised the CMA’s approval, highlighting that it enables swift support for entrepreneurs and SMEs without bureaucratic hurdles. He emphasized that traditional funding models have lagged behind startup innovation, and this fund is built to meet modern business needs.
This launch reinforces Sukna Ventures’ commitment to digital infrastructure, fintech, and logistics, positioning Sukna Capital as a key driver of Saudi Arabia’s innovation economy and financial infrastructure development.
