Sukna Capital Launches MENA’s First Open-Ended, Shariah-Compliant Direct Financing Fund
by Riyadh, Saudi Arabia – Sukna Capital has officially received regulatory approval from the Saudi Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing (SFDF) — the first-of-its-kind open-ended, Shariah-compliant direct lending fund in Saudi Arabia and the wider MENA region. This groundbreaking initiative represents a significant step forward for non-bank financing and institutional credit access across the region.
As a CMA-licensed alternative investment platform, Sukna Capital can now offer institutional investors a powerful financing vehicle that provides scalable, non-dilutive capital to small and medium-sized enterprises (SMEs)—businesses that are often underserved by traditional funding channels.
A Game-Changer for SME Financing
SFDF sets itself apart with its open-ended structure, giving investors the flexibility to enter and exit the fund at regular intervals—something not commonly seen in private credit vehicles. This periodic liquidity model eliminates long lock-up periods and enhances capital accessibility.
For SMEs, this means access to asset-backed capital without the need to surrender equity. Founders can accelerate growth while maintaining full ownership, allowing for faster execution and more strategic control of their business paths.
Addressing a Critical Funding Gap
According to Sukna Capital CEO Fares Bardeesi, the launch of SFDF addresses a long-standing financing gap in the region. “As of Q3 2024, SME lending in Saudi Arabia stood at SAR 329.23 billion, just 9.1% of total bank credit. That’s far below the Vision 2030 target of 15–20%,” Bardeesi explained.
With over two decades of experience in private investments and corporate finance, Bardeesi has led more than $6.5 billion in transactions spanning sectors such as real estate, healthcare, and technology. He co-founded Sukna Ventures and was instrumental in shaping Sukna Capital’s transition into structured private debt to better serve emerging businesses.
Designed for the Evolving Tech Landscape
As the region’s tech and innovation ecosystems mature, the need for tailored financial instruments becomes more urgent. Waleed Alballaa, Managing Partner of Sukna Ventures and a member of SFDF’s Investment Committee, emphasized the importance of timing:
“The startup ecosystem in the Middle East has evolved rapidly, but financial structures haven’t kept up. SFDF is built to meet founders where they are—providing the right capital, at the right time, without the red tape.”
With over 20 years of experience across Silicon Valley and Saudi Arabia, Waleed brings a unique founder-centric lens to the fund. His background spans technology, operations, and venture capital, and he has helped launch multiple investment vehicles and served on the boards of leading tech companies in the region.
Technology-Driven, Transparent Investment
SFDF also leverages proprietary technology developed by Sukna to enhance every stage of the lending process—from loan origination and risk evaluation to portfolio monitoring and investor reporting. This ensures an efficient, data-backed, and transparent experience for borrowers and investors alike.
Building on Sukna’s Investment Legacy
The launch of SFDF builds upon the success of Sukna Ventures, Sukna Capital’s venture-focused arm known for investing in high-growth sectors such as mobility, logistics, and digital marketplaces. With the introduction of this innovative fund, Sukna is reinforcing its position as a forward-looking financial player helping bridge the credit gap in emerging markets.
About Sukna Capital
Sukna Capital is a Saudi CMA-licensed investment platform offering curated access to alternative asset classes, including Venture Capital, Direct Financing, Private Equity, and Real Estate. The firm is committed to delivering innovative, Shariah-compliant financial solutions designed for institutional investors and high-growth enterprises across the MENA region.
