Sukna Capital Wins CMA Approval for Saudi Arabia's First Open-Ended Direct Lending Fund
Saudi Arabia's Capital Market Authority approved the Sukna Fund for Direct Financing, an open-ended, Shariah-compliant vehicle targeting SAR375m in its first year to provide non-dilutive credit to SMEs.
Sukna Capital said it had secured Capital Market Authority approval to launch the Sukna Fund for Direct Financing, which it described as the first open-ended direct lending vehicle of its kind in Saudi Arabia. The fund lets institutional investors deploy non-dilutive, Shariah-compliant capital to small and mid-sized businesses.
The fund targets SAR375m in assets in its first year, with a first close planned at SAR50m, and aims to help address a persistent credit gap for Saudi SMEs. It marks a step in the evolution of parent firm Sukna into a multi-strategy investment platform.