Goldman, HSBC, Fortress line up $150 million private credit offer in Saudi Arabia

Who is in the deal

According to people familiar with the matter, Goldman Sachs Group Inc., HSBC Holdings Plc and Fortress Investment Group, together with Ruya Partners and Amwal Capital Partners, have put forward a plan to lend $150 million to United Saudi Company.

Ruya said it participated in a transaction for United Saudi Company but offered no additional details. Goldman Sachs, HSBC and Amwal said they had no comment, and Fortress did not answer a request for comment. For Fortress, which is backed by Abu Dhabi's Mubadala Investment Co., this would be its first private credit move in Saudi Arabia - a boost for the kingdom's push to attract more international funding.

Why the timing matters

People familiar with the transaction said it ranks among the earliest sizable private credit transactions with major global financiers since the US-Iran war began in February. It is also one of the largest since alternative financing started to assume a greater role in Saudi Arabia in mid-2025.

Security risks remain in focus. The Saudi-led coalition said Wednesday night it destroyed three missiles headed for Riyadh. Earlier, an attack on Sunday damaged the offices of Saudi Aramco in the capital's financial district, which also houses Wall Street firms including Goldman.

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How private credit is fitting into the kingdom

Saudi Arabia is relying more heavily on private capital while Crown Prince Mohammed bin Salman pursues a multitrillion-dollar economic overhaul while managing fiscal pressures from the war and near-daily Houthi attacks. Renewed tightness in liquidity is intensifying funding pressures at Saudi banks and putting at risk the pace of spending on critical projects. Data from the Saudi central bank and Bloomberg show the Saibor minus SOFR spread has climbed in recent months amid pressures from the Iran war.

Small-to-medium enterprises, central to diversification plans yet often unable to secure bank loans, are turning to options like venture debt, crowdfunding and micro lending. Specialized financing, typically backed by assets, has also gained traction, with Jefferies Financial Group Inc., Citigroup Inc. and Apollo Global Management participating in such deals over the past 18 months.

What it means for investors

Last month, Janus Henderson reported it has gathered nearly $200 million for a regional private credit fund. Backed by Mubadala and the Saudi Public Investment Fund, Ruya is seeking to amass commitments for a $400 million fund that could be among the Middle East's largest in the asset class.

In plain English: international names showing up in early deals, a growing pipeline of regional funds and a banking system under liquidity pressure all point to more nonbank lending opportunities. If this $150 million offer proceeds, it will be an early marker for how global capital lines up with Saudi private credit through the current war-driven stress.

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