Abu Dhabi-based Ruya Partners is raising up to $400m for a private credit fund focused on addressing financing gaps in Saudi Arabia, as banks slow lending amid rising demand for capital, according to a report by Bloomberg.
The manager, which is backed by entities including Mubadala Investment Company and Saudi Arabia’s Public Investment Fund, is targeting capital from family offices, pensions, and endowments, Partner Omar AlYawer said in an interview with Bloomberg TV. Ruya expects a first close in the coming months and plans to focus initially on middle-market lending, with potential expansion into real estate and infrastructure credit over the next three years.
AlYawer reportedly sees Saudi companies facing a funding gap for loans of between $10m and $50m, a segment he said is often underserved by banks and too small for global credit managers. Saudi Arabia is expected to account for most of deployments, alongside activity in the UAE.
The fundraising comes as private credit gains traction across the Gulf, driven by the need for capital to fund Vision 2030 projects. Other managers active in the region include Janus Henderson and Jadwa Investment Co, while global firms such as Goldman Sachs and KKR have recently expanded their presence in the kingdom through partnerships and transactions.
