{"id":113798,"date":"2026-04-01T00:00:00","date_gmt":"2026-04-01T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/"},"modified":"2026-04-01T00:00:00","modified_gmt":"2026-04-01T00:00:00","slug":"private-credit-funds-to-list-on-tadawul","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/","title":{"rendered":"Private credit funds to list on Tadawul"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>Private<\/strong><strong> credit is going retail in Saudi: <\/strong>So-called \u201cfinancing investment funds\u201d \u2014 vehicles that extend direct and indirect credit to businesses \u2014 will be able to list on Tadawul\u2019s main and parallel markets under proposed rules now up for public consultation, the Capital Market Authority (CMA) said in a  <a target=\"_blank\" href=\"https:\/\/saudigazette.com.sa\/article\/660033\/saudi-arabia\/cma-allows-public-offering-of-financing-investment-funds-and-their-listing-on-stock-markets\" style=\"\">statement<\/a> . The move would open to retail investors an asset class once reserved for deep institutional pockets via private placements, possibly providing a new source of long-term capital for credit-hungry mid-market firms.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why now? Banks have limited resources, and they\u2019re all-in on gigaprojects.<\/strong> Borrowing appetite at everything from Neom to Diriyah is eating up the two key resources of any bank: Liquidity and the time of their bankers. It\u2019s not that banks are more selective, it\u2019s that they don\u2019t have bandwidth. In many respects, it costs a bank as much to write a small-ticket loan for a mid-sized family business as it does to kick the tires on a much larger (and thus more lucrative) facility for a state-backed giant. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>\u201cThere\u2019s a clear pipeline of companies that are growing but still under-served by <\/strong><strong>traditional financing,\u201d<\/strong> senior investment banker Mustafa Fahim tells EnterpriseAM. Investment funds going public could help bridge that gap \u201cby bringing more market-based credit into the system,\u201d he added. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The missing middle will capture the flow:<\/strong> \u201cThe real [potential] is in mid-sized companies \u2014 industrials, healthcare, education, and some tech-enabled businesses,\u201d Fahim told us. Private investment funds look at \u201ccompanies that are scaling well, but don\u2019t always have efficient access to flexible credit. That missing middle is where these funds can play a meaningful role,\u201d Fahim adds. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Guardrails around risk are conservative but understandable<\/strong>, Fahim told us. On the main market, borrowing is capped at 15% of net asset value, while funds listed on Nomu are allowed to run with higher leverage of up to 50% of fund size, the CMA statement read. Exposure limits are also tightened, with indirect financing funds restricted from allocating 25% or more to a single borrower or group. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Uh, Enterprise? Why do Nomu-listed funds get more room <\/strong><strong>on leverage<\/strong><strong>? <\/strong>It comes down to the investor base, Fahim explained. Participation in the parallel market is limited to qualified and institutional investors who meet professional, income, or net worth thresholds. They\u2019re investors who are (theoretically) better-equipped to assess risk, allowing regulators to tolerate higher leverage. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tighter restrictions on Tadawul\u2019s main market are designed to protect a wider investor <\/strong><strong>base.<\/strong> While similar vehicles in more mature markets like the US typically run higher leverage to juice returns, the Saudi cap is a tactical choice to keep risk in check. \u201cThis is a new product for the market, so the focus is clearly on stability and building investor confidence first,\u201d he said.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>How fund managers will likely hunt for alpha: <\/strong>With leverage restricted, fund managers will have to work harder for their returns. \u201cManagers can still generate returns by targeting higher-yield segments and leaning on structuring,\u201d Fahim said. In practice, this means moving up the risk curve into instruments like high-yield sukuk, mezzanine debt, and subordinated structures to drive returns on a risk-adjusted basis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The proposed rule change could be good for small and mid-sized businesses squeezed out of the traditional borrowing market by gigaprojects and state-backed entities<\/p>\n","protected":false},"author":1,"featured_media":113799,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2495],"tags":[2538,2583,2644,2563,2643],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-113798","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","tag-enterpriseam","tag-finance","tag-private-credit","tag-saudi-arabia","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"8c9ef9ac-9e76-45bd-896f-0f9dbd66ac26","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/4\/1386.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Private credit goes retail in Saudi","related_issue":[113790],"teaser":"The proposed rule change could be good for small and mid-sized businesses squeezed out of the traditional borrowing market by gigaprojects and state-backed entities"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Private credit funds to list on Tadawul - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Private credit funds to list on Tadawul\" \/>\n<meta property=\"og:description\" content=\"The proposed rule change could be good for small and mid-sized businesses squeezed out of the traditional borrowing market by gigaprojects and state-backed entities\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\" \/>\n<meta property=\"og:site_name\" content=\"MENA+ Edition\" \/>\n<meta property=\"article:published_time\" content=\"2026-04-01T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Private credit funds to list on Tadawul\",\"datePublished\":\"2026-04-01T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\"},\"wordCount\":527,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM\",\"finance\",\"private credit\",\"Saudi Arabia\",\"Tadawul\"],\"articleSection\":[\"Finance\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\",\"name\":\"Private credit funds to list on Tadawul - MENA+ Edition\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1\",\"datePublished\":\"2026-04-01T00:00:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/enterpriseam.com\/menaplus\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Private credit funds to list on Tadawul\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#website\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/\",\"name\":\"MENA+ Edition\",\"description\":\"MENA+ Edition\",\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/enterpriseam.com\/menaplus\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#organization\",\"name\":\"MENA+ Edition\",\"url\":\"https:\/\/enterpriseam.com\/menaplus\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ent.news\/internal\/42998.svg\",\"contentUrl\":\"https:\/\/ent.news\/internal\/42998.svg\",\"caption\":\"MENA+ Edition\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\",\"name\":\"enterpriseam admin\",\"sameAs\":[\"http:\/\/enterpriseam.testing.projectsarea.com\"],\"url\":\"https:\/\/enterpriseam.com\/menaplus\/author\/enterpriseam\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Private credit funds to list on Tadawul - MENA+ Edition","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/","og_locale":"en_US","og_type":"article","og_title":"Private credit funds to list on Tadawul","og_description":"The proposed rule change could be good for small and mid-sized businesses squeezed out of the traditional borrowing market by gigaprojects and state-backed entities","og_url":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/","og_site_name":"MENA+ Edition","article_published_time":"2026-04-01T00:00:00+00:00","og_image":[{"url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1","type":"","width":"","height":""}],"author":"enterpriseam admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"enterpriseam admin","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#article","isPartOf":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/"},"author":{"name":"enterpriseam admin","@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/person\/ca597032db7e4db868359c123cec256d"},"headline":"Private credit funds to list on Tadawul","datePublished":"2026-04-01T00:00:00+00:00","mainEntityOfPage":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/"},"wordCount":527,"publisher":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#organization"},"image":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1","keywords":["EnterpriseAM","finance","private credit","Saudi Arabia","Tadawul"],"articleSection":["Finance"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/","url":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/","name":"Private credit funds to list on Tadawul - MENA+ Edition","isPartOf":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#website"},"primaryImageOfPage":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage"},"image":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1","datePublished":"2026-04-01T00:00:00+00:00","breadcrumb":{"@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#primaryimage","url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1","contentUrl":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1"},{"@type":"BreadcrumbList","@id":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/01\/private-credit-funds-to-list-on-tadawul\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/enterpriseam.com\/menaplus\/"},{"@type":"ListItem","position":2,"name":"Private credit funds to list on Tadawul"}]},{"@type":"WebSite","@id":"https:\/\/enterpriseam.com\/menaplus\/#website","url":"https:\/\/enterpriseam.com\/menaplus\/","name":"MENA+ Edition","description":"MENA+ Edition","publisher":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/enterpriseam.com\/menaplus\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/enterpriseam.com\/menaplus\/#organization","name":"MENA+ Edition","url":"https:\/\/enterpriseam.com\/menaplus\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/","url":"https:\/\/ent.news\/internal\/42998.svg","contentUrl":"https:\/\/ent.news\/internal\/42998.svg","caption":"MENA+ Edition"},"image":{"@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/enterpriseam.com\/menaplus\/#\/schema\/person\/ca597032db7e4db868359c123cec256d","name":"enterpriseam admin","sameAs":["http:\/\/enterpriseam.testing.projectsarea.com"],"url":"https:\/\/enterpriseam.com\/menaplus\/author\/enterpriseam\/"}]}},"featured_image_src":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?resize=600%2C400&ssl=1","featured_image_src_square":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?resize=600%2C600&ssl=1","author_info":{"display_name":"enterpriseam admin","author_link":"https:\/\/enterpriseam.com\/menaplus\/author\/enterpriseam\/"},"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ent.news\/2024\/4\/1386.jpg?fit=%2C&ssl=1","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/posts\/113798","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/comments?post=113798"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/posts\/113798\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/issue\/113790"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/media\/113799"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/media?parent=113798"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/categories?post=113798"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/tags?post=113798"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/brand?post=113798"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/menaplus\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=113798"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}