Sukna Capital, a CMA-licensed Saudi investment platform specialized in alternative assets, has announced the approval from the Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing (SFDF) — the first open-ended, Sharia-compliant direct lending fund in Saudi Arabia and the broader MENA region.
The fund is designed to bridge the funding gap for underserved sectors by providing asset-backed financing to SMEs without requiring equity dilution, aligning with the goals of Saudi Vision 2030. It offers periodic liquidity and flexible access for investors without long lock-up periods, establishing a modern institutional credit tool for high-growth companies.
Backed by a team with over $6.5 billion in deal experience and powered by an advanced tech infrastructure for loan management and risk assessment, the fund has already built an initial pipeline exceeding $100 million, driven by strong demand from tech companies and interest from qualified investors, including family offices and experienced financiers.
Faris Bardisi, CEO of Sukna Capital, emphasized that this fund marks a transformational step for the Saudi financial sector, noting that SME lending represented only 9.1% of total bank credit as of Q3 2024—far below Vision 2030’s 15-20% target. “We are bridging a real financing gap with a flexible and effective model tailored to fast-growing businesses,” he stated.
Waleed Alballaa, Managing Partner at Sukna Ventures and Investment Committee Member, praised the CMA’s decision as one that allows faster and more efficient support for startups and SMEs, without bureaucratic constraints. He stressed that traditional financing tools have lagged behind the region’s tech ecosystem growth, and the fund is structured to meet the unique needs of today’s entrepreneurs.
This launch builds on the legacy of Sukna Ventures, Sukna’s venture arm, known for backing high-growth startups in digital infrastructure, fintech, and logistics, further solidifying Sukna Capital’s role as a core enabler of financial innovation and sustainable economic growth.
