Key Takeaways
- • Goldman Sachs, HSBC and Fortress Investment Group are teaming up with Middle East fund managers Ruya Partners and Amwal Capital Partners on $150 million in financing for United Saudi Company, according to Bloomberg.
- • The deal marks Fortress's first private credit move in Saudi Arabia; Fortress is backed by Abu Dhabi's Mubadala Investment Co.
- • The transaction is among the earliest large global lender deals since the U.S.-Iran war began in February, and among the biggest since alternative financing gained prominence in Saudi Arabia in mid-2025.
- • Saudi Arabia is relying on private investors to fund Crown Prince Mohammed bin Salman's economic overhaul as the war strains government finances and Saudi bank liquidity tightens.
Summary
Goldman Sachs, HSBC Holdings and Fortress Investment Group are backing $150 million in financing for United Saudi Company alongside regional fund managers Ruya Partners and Amwal Capital Partners, according to Bloomberg. The deal is Fortress's first move into private credit in Saudi Arabia. Fortress is backed by Abu Dhabi's Mubadala Investment Co. Ruya acknowledged participating in the transaction but declined to provide further details. Goldman Sachs, HSBC and Amwal declined to comment, and Fortress did not respond to a request for comment.
The transaction ranks among the earliest to draw large global lenders since the U.S.-Iran war began in February, and it is among the largest deals since alternative financing gained prominence in Saudi Arabia in mid-2025, per Bloomberg. Saudi Arabia is leaning on private investors to help fund Crown Prince Mohammed bin Salman's push to reshape the economy, even as the war strains government finances. Renewed liquidity tightness is pressuring Saudi bank funding and could force cutbacks in spending on key projects.
Small and medium-sized enterprises face particularly pressing funding needs because they often struggle to obtain bank loans. These companies are exploring micro-lending, crowdfunding and venture debt alongside traditional private credit. Local firms dominate Saudi private credit, and obstacles include education, regulation and market entry. Jefferies Financial Group, Citigroup and Apollo Global Management have invested in specialized, typically asset-backed, financing deals over the last 18 months.
New Middle East-focused funds are also emerging. Janus Henderson said last month that its regional private credit fund has raised close to $200 million, according to Bloomberg. Ruya, which counts Mubadala and the Saudi Public Investment Fund among its backers, is working to raise $400 million for a new fund.
The transaction ranks among the earliest to draw large global lenders since the U.S.-Iran war began in February, and it is among the largest deals since alternative financing gained prominence in Saudi Arabia in mid-2025, per Bloomberg. Saudi Arabia is leaning on private investors to help fund Crown Prince Mohammed bin Salman's push to reshape the economy, even as the war strains government finances. Renewed liquidity tightness is pressuring Saudi bank funding and could force cutbacks in spending on key projects.
Small and medium-sized enterprises face particularly pressing funding needs because they often struggle to obtain bank loans. These companies are exploring micro-lending, crowdfunding and venture debt alongside traditional private credit. Local firms dominate Saudi private credit, and obstacles include education, regulation and market entry. Jefferies Financial Group, Citigroup and Apollo Global Management have invested in specialized, typically asset-backed, financing deals over the last 18 months.
New Middle East-focused funds are also emerging. Janus Henderson said last month that its regional private credit fund has raised close to $200 million, according to Bloomberg. Ruya, which counts Mubadala and the Saudi Public Investment Fund among its backers, is working to raise $400 million for a new fund.
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