Goldman, HSBC, Fortress Make Rare $150 Million Saudi Credit Bet

Fortress Investment Group, Goldman Sachs Group and HSBC Holdings are joining regional fund managers to provide capital in the form of private credit financing to a Saudi company, marking one of the first private credit deals since the U.S.-Iran war began.

The firms are working with Ruya Partners and Amwal Capital Partners to provide $150 million in financing to United Saudi Company, sources familiar with the matter told Bloomberg.

This transaction is one of the largest cross-border financing deals since the U.S.-Iran war erupted in February, and comes as international lenders have become more active in Saudi Arabia’s financing market since mid-2025.

For Fortress, which is backed by Abu Dhabi’s Mubadala Investment Co., the deal represents its first entry into the Saudi private credit market. It also marks a milestone for the kingdom as it seeks to attract more foreign capital and diversify its sources of financing, Bloomberg noted.

Private credit in Saudi Arabia is still dominated by domestic players, with regulatory hurdles, market-entry barriers and limited investor familiarity slowing the arrival of international capital. However, the sector could gain momentum as more investment firms establish funds targeting the Middle East.

Janus Henderson recently secured $200 million for its regional private credit fund. Meanwhile, Ruya Partners, which counts Mubadala and Saudi Arabia’s Public Investment Fund among its backers, is raising $400 million for what could become one of the region’s largest private credit funds, Bloomberg noted.

Saudi Arabia is relying more heavily on private sector funding as Crown Prince Mohammed bin Salman pushes forward with his multi-trillion-dollar economic overhaul while facing mounting fiscal pressure from the ongoing war.

Tighter liquidity conditions are also adding to financing challenges for Saudi banks, raising concerns that funding constraints could slow investments in major development projects.

Small and mid-sized businesses are particularly affected, as many have difficulty accessing traditional bank loans, despite playing a central role in the kingdom’s economic diversification plans. As a result, more SMEs are exploring alternative funding sources, including venture debt, crowdfunding and microfinance. 

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