The Fashion Fund of Saudi Arabia has unveiled its new identity under the name ‘ZYA Fund,’ marking a significant milestone as the Kingdom’s first private equity fund dedicated exclusively to the fashion sector.
The Fashion fund was established through a strategic partnership between the Cultural Development Fund (CDF) and Merak Capital, reinforcing efforts to strengthen the Kingdom’s creative economy.
The ZYA Fund’s Board of Directors held its inaugural meeting, bringing together a distinguished group of local and international leaders and experts spanning culture, fashion, investment, and the broader creative industries, highlighting the initiative’s global outlook.
The board is chaired by Vice Minister of Culture and Vice Chairman of the Fashion Commission Hamed Fayez, with CEO of the Cultural Development Fund Majed Alhugail serving as vice chairman. Board members also include Founder and Chief Executive of Merak Capital Abdullah Altamami, CEO of the Fashion Commission Burak Cakmak, and Chairman and Chief Executive of Turmeric Capital Ravi Thakran.
Altamami stated that the ZYA Fund aims to channel capital into high-potential opportunities across the entire fashion value chain, supporting Saudi brands with strong potential to scale and expand both regionally and globally in an increasingly competitive market.
With a total investment size of $80,000,000 (SAR 300 million), the ZYA Fund is anchored by CDF, which holds a 40 percent stake, while Merak Capital acts as the fund manager, overseeing strategic investments and growth initiatives.
ZYA Fund will invest across multiple segments of the fashion ecosystem, including design and production, supply chains, e-commerce platforms, and beauty, enabling Saudi brands to grow, innovate, and reach wider international audiences.
The initiative reflects ongoing national efforts to build a fully integrated fashion ecosystem and enhance the sector’s attractiveness as a viable investment destination. It also supports the objectives of the National Culture Strategy under Saudi Vision 2030, contributing to economic diversification and cultural development.
