Riyadh: Jada Fund of Funds Company has announced its first investment in private credit with an investment in Ruya Partners' USD250 million (SAR938 million) fund, according to a press release from Jada.

This step, said the release, "affirms Jada's commitment to supporting SMEs in the Kingdom of Saudi Arabia and the region, and underscores the value it sees in strategic, sustainable investments made through innovative funding solutions."

CEO of Jada Bandr Alhomaly said: "Our new strategy reinforces our commitment to providing innovative and flexible funding solutions to promote private sector-led growth and economic diversification under the Kingdom's Vision 2030."

According to the release earlier this year, Jada broadened its investment scope to encompass private credit, and this is the "first investment it made in this promising asset class."