Dubai-based asset management firm Amwal Capital Partners launched a USD 150 mn Shariah-compliant private credit fund, aimed at supporting companies offering asset-backed solutions for tech-enabled platforms, according to a statement (pdf).

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The fund plans to target 12-15 transactions over five years, primarily in Saudi Arabia and the UAE. It has already surpassed its initial funding goal, attracting prominent institutional investors from across the region, Amwal’s co-head of fixed income Sharif Eid said.

About Amwal Capital: Established in 2014, Amwal focuses on public market investments across the region, according to its website. Its clientele includes sovereign wealth funds, global institutional investors, and multi-family offices. The firm expanded with an office in Saudi Arabia in 2023.

REMEMBER- The UAE’s private credit market is growing, with Mubadala’s private credit portfolio reaching USD 20 bn last year, emerging as its top performing asset class for the third consecutive year. The Abu Dhabi Investment Authority (ADIA) also invested an additional USD 5 mn stake in Jefferies Credit Partners last month and anchored AlbaCore’s USD 1.8 bn European lending strategy in March. Private credit firms are expected to see rising demand as more medium-sized businesses grow their presence in the UAE, Golub Capital’s CEO Lawrence Golub said.

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