Dubai, UAE: Gemcorp Capital (“Gemcorp”), the emerging markets focused asset manager, today announced the successful closing of its first Shariah compliant structured financing in the Kingdom of Saudi Arabia, in support of SILQ, a B2B e-commerce enabler and fintech ecosystem, powering businesses across the Gulf and South Asia.

The proceeds of the US$20M facility will be deployed through Fina, SILQ’s embedded finance solution, to expand financial inclusion for small and medium-sized enterprises by increasing access to invoice financing, trade finance, and other embedded financial services seamlessly integrated into merchants’ day-to-day business workflows.

The SILQ ecosystem has served more than 50,000 businesses in Saudi Arabia through Sary, its B2B enablement platform, and Fina, its embedded finance platform, bringing procurement, payments, financing, and merchant operating tools together within a unified operating ecosystem. Together, the ecosystem enabled more than SAR 10 billion in B2B commerce in Saudi Arabia during 2026.

The financing facility marks Gemcorp’s inaugural direct lending transaction in the Kingdom and a significant milestone for its Middle East franchise, reflecting a deepening commitment to Saudi Arabia and the economic diversification objectives of Vision 2030. The funding will support the expansion of Fina’s embedded financial services in Saudi Arabia, enabling more SMEs to access financial services directly within the platforms they already use to buy, sell, and operate their business.

Throughout the process, Gemcorp worked closely with SILQ to structure a facility aligned with the company’s long-term vision for expanding financial inclusion and embedded financial services across Saudi Arabia and the wider GCC. The transaction establishes the foundation for a long-term partnership, with both parties committed to strengthening the financial infrastructure supporting SME growth across the region.

Petar Ivanovic, Principal at Gemcorp, commented: “This transaction marks three firsts for Gemcorp in the Kingdom – our first direct lending transaction in Saudi Arabia, our first Shariah-compliant financing structure, and our first mezzanine facility in the Kingdom – and it does so behind a business we have strong conviction in. The facility is dedicated to expanding Fina’s embedded financial services across SILQ’s ecosystem, bringing embedded financial services directly into the day-to-day operations of the SMEs that form the backbone of the Saudi economy. By broadening access to financing for this underserved segment, the transaction supports Vision 2030’s ambition to empower the Kingdom’s SMEs. We view SILQ as a strategically important part of the local economy and look forward to building a long-term partnership as the business continues to grow.”

Afeef Zaman, Founder and CEO of SILQ, commented: “Commerce across our markets has digitized rapidly, but financial services have not evolved at the same pace. Through Fina, we’re embedding financial services directly into merchants’ everyday business workflows, making financing more accessible, contextual, and aligned with the way businesses operate. This partnership with Gemcorp strengthens our ability to expand financial inclusion for SMEs across Saudi Arabia and continue building the financial infrastructure powering the next generation of B2B commerce.”

Regional Contact:
Emma Procter
e.procter@rostrum.agency

About Gemcorp Capital:

Gemcorp is a privately owned investment group focused on unleashing the potential in emerging markets.

We combine decades of experience with financial discipline and local knowledge to deliver long-term value for investors and sustainable growth in the economies we invest in. Our core focus is emerging market private credit, structuring and managing solutions that make complex markets investable for global investors. With deep roots across Africa and now Middle East as well as other growth regions, we look to unlock opportunities that offer genuine alpha and diversification. We mitigate risks through disciplined underwriting and innovative structuring, deploying capital in sectors critical to economic resilience and development.

Additionally, we manage complementary strategies in trade finance, liquid markets and special situations, each underpinned by the same investment discipline and conviction-based philosophy.

About SILQ:

SILQ is a B2B e-commerce enabler and fintech ecosystem serving merchants across Saudi Arabia and South Asia. Formed through the merger of Sary in Saudi Arabia and ShopUp in South Asia, SILQ connects businesses to inventory, payments, digital operations and working capital through an integrated platform designed to help SMEs operate more efficiently and grow with confidence.

In Saudi Arabia, SILQ’s ecosystem includes Sary and Fina, combining B2B commerce enablement with embedded financial solutions. Through Fina, SILQ provides Shariah-compliant working capital products that help merchants unlock liquidity, manage cash flow and access financing through the platforms and workflows they already use.

Disclaimer

This press release document has been prepared solely for informational purposes by the Gemcorp Group (as defined below), is confidential and may not be reproduced. This document is not intended for public use or distribution and remains the property of the Gemcorp Group which reserves the right to require the return of this document at any time.

This document does not constitute an offer or solicitation of an offer with respect to the purchase or sale of any security and should not be relied upon when evaluating the merits of investing in any securities or form the basis of an investment decision. The information in this document has been obtained from various third-party sources, some of them forward-looking statements and/or projections. Any forward-looking statements and/or projections are inherently subject to material business, economic and competitive risks and uncertainties, many of which are beyond the Gemcorp Group’s control. In addition, these forward-looking statements and/or projections are subject to assumptions with respect to future business strategies and decisions that are subject to change.

No representation is made or assurance given that such statements, opinions, estimates, projections and/or forecasts in this document are complete or correct or that the objectives set out in this document will be achieved. The Gemcorp Group does not undertake to update this information, nor does it accept any liability for any such third-party information of the conclusions set out herein.

No statement in this document, including any references to specific securities, assets classes and/or financial markets is intended to or should be construed as investment, legal, accounting, business or tax advice. The contents of this document do not constitute an investment recommendation. This document expresses no views as to the suitability of any investments described herein to the individual circumstances of any recipient. If an offer to sell investments is made in the future, it will be made by a formal prospectus, instrument of incorporation and subscription document, or similar documents and not on the basis of the information contained in this document, and any such offer will only be made to the extent it is in accordance with the laws and regulations applicable in the jurisdiction in which such offer is being made.

This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident or located in any locality, state, country or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation.

In the United Kingdom, this document is communicated to Professional Clients only by Gemcorp Capital Management Limited which is authorised and regulated by the Financial Conduct Authority (the “FCA”) (Reference number: 952794) and has its registered address at 1 New Burlington Place, London, W1S 2HR, United Kingdom. Professional Clients has the meaning prescribed to it in the FCA’s Handbook.

In the United States, Gemcorp Capital Advisors, LLC, is registered as an investment adviser with the U.S. Securities and Exchange Commission (the “SEC”) under the Investment Advisers Act of 1940, as amended (CRD # 329386 / SEC #: 801-130200).

In the Abu Dhabi Global Market (“ADGM”), this document is communicated to Professional Clients only by Gemcorp Capital Management (Middle East) Limited with registered office address Unit 20, Level 7, Al Maryah Tower, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates is regulated by the ADGM Financial Services Regulatory Authority (Financial Services Permission Number: 220156). Professional Clients has the meaning prescribed to it in the FSRA’s Handbook.

Gemcorp Capital Management Limited, Gemcorp Capital Advisors LLC and Gemcorp Capital Management (Middle East) Limited and other affiliated entities, together the “Gemcorp Group”.