Riyadh – The Fashion Fund has unveiled its new identity under the name “ZYA Fund,” marking Saudi Arabia’s first private equity fund dedicated to the fashion sector. Established through a partnership between the Cultural Development Fund (CDF) and Merak Capital, the launch reflects accelerating investment momentum across the Kingdom’s cultural industries.

The Fund’s Board of Directors held its inaugural meeting, bringing together a distinguished group of local and international leaders and experts across culture, fashion, investment, and the creative industries.

The Board is chaired by H.E. Hamed Fayez, Vice Minister of Culture and Vice Chairman of the Fashion Commission, with Majed Alhugail, CEO of the Cultural Development Fund, serving as Vice Chairman. Members of the Board include Abdullah Altamami, Founder and CEO of Merak Capital; Burak Cakmak, CEO of the Fashion Commission; and Ravi Thakran, Chairman and CEO of Turmeric Capital.

Commenting on the announcement, Abdullah Altamami, Founder and CEO of Merak Capital, said: "Through ZYA Fund, we are creating a platform to channel capital into high-potential opportunities across the fashion value chain. Our focus is on backing ambitious Saudi brands and businesses with the capability to scale regionally and globally, while contributing to the development of a more structured and resilient fashion ecosystem in the Kingdom."

With a total investment size of SAR 300 million, the Fund is anchored by CDF, which holds a 40% stake, while Merak Capital acts as the fund manager. ZYA Fund will invest across the full value chain of the fashion sector, from design and production of apparel and accessories, to supply chains, e-commerce, and beauty, enabling Saudi brands to scale and expand both regionally and globally.

This milestone reflects a strategic ambition to build an integrated fashion ecosystem and enhance the sector’s attractiveness as a high-potential investment space. It also highlights the alignment between the Fashion Commission and the Cultural Development Fund, with ZYA Fund enabling the sustainability of the growth of the fashion sector and strengthening its global competitiveness, one that reflects national cultural identity while unlocking new opportunities for growth and innovation.

The initiative contributes to economic diversification and supports the objectives of the National Culture Strategy under Saudi Vision 2030.

About the Cultural Development Fund

The Cultural Development Fund (CDF) is the financial enabler and a center of excellence for Saudi Arabia’s cultural sector, offering integrated solutions across financing, investment, and incentives, complemented by advisory and capacity-building support. Through this role, CDF empowers cultural enterprises, strengthens private sector participation, and enhances the sector’s investment readiness and long-term sustainability.

By contributing to the development of a more competitive and investment-attractive entrepreneurial ecosystem, CDF supports maximizing the economic and social impact of cultural projects, in alignment with the National Culture Strategy and Saudi Vision 2030.

About Merak Capital

Merak Capital is a Saudi-based multi-strategy investment firm focused on opportunities across multiple stages and industries. Licensed by the Capital Market Authority, the firm manages over SAR 3 billion across 10 funds spanning venture capital, private equity, credit financing, and special projects. Merak is built on deep technological insight and market research, staying at the forefront of digital trends and identifying investments aligned with adoption cycles across sectors locally, regionally, and globally.

The firm partners with visionary founders and enterprises driving transformation, unlocking new markets, and enabling sustainable growth. Merak takes an active approach to value creation, supporting portfolio companies through governance enhancement, operational development, and strategic growth initiatives as they scale toward market leadership.