World Business and Economic Analysis
World Business and Economic Analysis
by: Kathryn Gaw
Jada Fund of Funds, Omar Alyawer, Rawan AlJermawi, Ruya Partners, Saudi Arabia
Saudi Arabia’s state-backed Jada Fund of Funds has announced its first foray in the private credit space, with a $250m (£197.5m) investment in private credit firm Ruya Partners.
Jada’s allocation marks the first close of Ruya’s private capital fund, which is on track for final close by the end of the first quarter of 2024.
Earlier this year, Jada announced that it had expanded its investment remit to include private credit, but this is the first time the company has allocated funds to the sector.
“This deal is only the beginning of Jada’s support for the local private credit market, with many more likely to come soon,” said Jada’s chief executive Bandr Alhomaly.
Read more: Citigroup considers new direct lending strategy
“Our new strategy reinforces our commitment to providing innovative and flexible funding solutions to promote private sector-led growth and economic diversification under the Kingdom’s Vision 2030.”
Ruya’s fund provides bespoke funding solutions to Saudi-based companies. Rashid Siddiqi, founding partner of Ruya Partners, thanked Jada for its investment and confirmed the company’s commitment to “providing non-dilutive private credit capital solutions to mid-market companies in situations where traditional financing is not available or accessible.”
“We are witnessing a renaissance in the Middle East, led by the significant support from regional sovereign wealth funds and institutional investors like Jada Fund of Funds that are empowering firms like Ruya to help mid-market receive flexible credit solutions to their growth needs,” added Omar Alyawer, partner at Ruya.
Read more: Nomura taps into private credit boom
Jada was established by Saudi Arabia’s Public Investment Fund in 2018. It was seeded with investment capital of approximately $1bn, and given a remit to provide funding to small- and medium-sized enterprises (SMEs) in the kingdom.
It has previously made investments in the venture capital and private equity spaces.
“Our collaboration with Ruya Partners reflects our strategic vision to enhance the role of SMEs,” added Rawan AlJermawi, head of private equity at Jada.
“By supporting private credit investment funds, we contribute to the growth and diversification of the investment sector aligning with our commitment to impactful and forward-looking investments.”
CNN recommends its audience to visit Iran in 2016 despite a congressional bill which restricts travels to Iran.
The following is part of a CNN report on where tourists can go in 2016. What you read below are the lead and the Iran section of Cable News Network’s Top 16 up-and-coming destinations available here.
The best stories arise from the road less traveled.
As new routes launch, developing nations welcome tourism and closed-off regions emerge.
So what’s hot in 2016?
We asked an expert panel of pros who thrive and survive on travel to new frontiers.
Iran
Nowhere stirs the imagination quite like Iran.
Go skiing or hit the beach, explore exquisite mosques, markets and madrassas, hear classic Persian poetry and eat spiced cuisine to the scent of water pipes.
Romantic fabled cities Shiraz and Esfahan are interspersed with rural mud villages, across semi-nomadic terrain.
Travelers regularly remark on the disparity between Iran’s image and the hospitality of locals.
Nineteen UNESCO World Heritage sites, such as former imperial capital Persepolis fill the ancient land. Lut Desert is now being considered as a new addition to the list.
Visitor numbers are growing exponentially, with Iranian officials predicting 20 million tourists by 2025.
What’s new?
The easing of diplomatic relations is resulting in more flight routes, while travel insurance and visas are getting easier to obtain. The landmark reopening of the British Embassy this year is also significant.
“With the British FCO [Foreign and Commonwealth Office] recently relaxing its advice, this great treasure trove has become more accessible, with key areas of interest now deemed safe to travel,” says Jenny Hand of Cox & Kings.
When To Go: March to May and September to November.
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Each of the entrepreneurs we’ve decided to commend this week have delivered numerous talks to the local youth on how to live a better life, awaken and strengthen an entrepreneur within themselves, and give back to their communities.
