
Sukna Capital Launches MENA's 1st Open-Ended Sharia-Compliant SME Fund
Jul 22, 2025
Riyadh-based Sukna Capital has received official approval from Saudi Arabia's Capital Market Authority (CMA) to launch the Sukna Fund for Direct Financing (SFDF), a first-of-its-kind vehicle in the region designed to provide institutional capital to small and medium-sized enterprises (SMEs). The open-ended, Sharia-compliant structure allows investors to enter and exit at regular intervals while enabling SMEs to access non-dilutive, asset-backed financing.
Unlike traditional private credit models, SFDF offers periodic liquidity without long lock-up periods, aligning with Sukna's mission to create more adaptable financing options for high-growth businesses. The fund targets SMEs that have historically faced limited access to bank lending.
'As of Q3 2024, SME lending in Saudi Arabia is estimated to be SR 329.23 billion, just 9.1% of total bank credit, well below the Vision 2030 target of 15% to 20%,' Sukna CEO Fares Bardeesi, who has led over $6.5 billion in transactions across real estate, tech, and healthcare, said. 'SFDF is designed to address that gap through institutional, regulator-aligned capital solutions tailored to the needs of high-potential businesses across sectors."
The fund is backed by Sukna Ventures, the firm's tech-focused investment arm, and supported by Managing Partner Waleed Alballaa, a veteran of both Silicon Valley and the Saudi VC ecosystem. Alballaa, who serves on the fund's investment committee, noted that while the region's startup sector has matured, financing tools have not kept pace. 'We designed SFDF to meet founders where they are - with the right capital, at the right time, and without the red tape.'
SFDF also incorporates Sukna's proprietary technology stack to manage loan origination, risk, monitoring, and investor reporting, offering transparency and scalability for both borrowers and investors.
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