Saudi’s Tamweel AlOula & Riyad Capital unveil region’s 1st indirect investment fund

By Arya M Nair, Official Reporter
  • Follow author on
Riyad Capital
Representational Image

Tamweel AlOula, a financial solution provider licensed by the Saudi Arabian Central Bank (SAMA), has partnered with Riyad Capital, a Saudi Closed Joint Stock Company, to launch the “Riyadh Finance Fund,” the first indirect financing investment fund of its kind.

The participatory financing fund has a total value of more than $53.2 million. The fund aims to invest in the financing business and purchase contractual assets for the company’s clients.

This agreement comes as part of the Tamweel AlOula company’s strategy to diversify partnerships with Saudi banks and investment banks which are licensed by the Capital Market Authority (CMA) and enhancing the role of the financial sector in supporting the national economy and achieving the 2030 Vision.

Tamweel Al-Oula is one of the kingdom’s first financing organizations and has won the award for the fastest growing financial services company in Saudi Arabia from the Global Business Outlook in 2020. Tamweel AlOula offers a wide range of innovative financing options for individuals, institutions, and companies that are Islamic Sharia-compliant.

Since 2006, Tamweel AlOula has been providing advanced and integrated financing solutions and services to consumers and Small and Medium-sized Enterprises (SMEs) to fulfill their financial needs by providing fast, reliable and transparent services.

Riyad Capital, the investment arm of Riyad Bank, licensed by the CMA, provides dealings such as principle, agent and underwriter as well as arranging, advising, and custody.

It continues the progress and growth, by achieving significant performance in advisory and initial public offering (IPO) management and by winning various awards for excellent asset management, enabling the company to achieve leadership levels in the financial sector.

Related: Ajman Bank & EDB sign MoU to offer credit guarantee, co-lending for UAE SMEs