Rakeez Capital Closes $2 Million Seed

Rakeez Capital Closes $2 Million Seed

By Press Release, 12 March 2024

Rakeez Capital, specialising in debt and investment instruments, is announcing the closing of a $2 million Seed round, led by Core Vision Investments.

Launched in 2023 after receiving approval from the Financial Market Authority, Rakeez Capital provides diverse financing options for investors and companies, offering financing options for companies and real estate developers through Sukuk issuance. Sukuk instruments are among the most prominent financing tools available, known for their flexibility compared to traditional banking finance. These instruments can be issued in various formats and tenors, with more favourable contractual terms.

Saeed Al-Ahmari, co-founder and CEO of Rakeez Capital, expressed gratitude to Core Vision Investment for leading the investment round. He emphasised Rakeez Capital's significant role in contributing to the development of the financial sector, a key goal of Saudi Vision 2030, through facilitating growth for companies and achieving financial inclusion. These investments will greatly enhance our ability to develop and deliver innovative and reliable financial solutions to our clients, as well as advance advanced artificial intelligence technologies to expand our customer base and explore more opportunities in the market.

On this occasion, Mr. Faisal Al-Abdulsalam, CEO of Core Vision Investment, added that the completion of the study of the opportunity and the closure of the full round reflects their belief in the importance of the Sukuk and bonds market. The total market size reached approximately 534.72 billion Saudi Riyals by the end of the third quarter of 2023, with a growth rate of 5% compared to 511.25 billion Saudi Riyals at the end of the same quarter. He also highlighted what distinguishes Rakeez Capital, which is their specialisation in the business model and their ability to transform traditional financial systems.

He concluded by emphasising the importance of attracting investment opportunities that support strengthening the present and developing the future with modern technologies and real investment to establish sustainable economic foundations and enhance digital infrastructure.

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