Avana Companies, a global ecosystem of B2B funding and fintech, has announced its foray into the Saudi market with the launch of its a shariah-compliant fintech platform Ezdaher. The new entity will be focusing on the B2B funding for SMEs in Saudi Arabia. 

 

Unveiling its Saudi plans, Avana said the B2B funding platform, by Ezdaher, is focused on bridging the kingdom's $250 billion financing gap and supporting the development of 310,000 hotel rooms needed by 2030.

 

This initiative aligns with the goals of the Kingdom's Vision 2030 to promote entrepreneurial growth and local business expansion.

 

The Phase one of the launch encompasses SAR22 million ($5.8 million) worth of foreign direct investment to directly fund the hospitality and SME sectors through Ezdaher platform. 

 

A shariah-compliant fintech platform specialising in B2B funding for SMEs in Saudi Arabia, Avana said the upcoming launch of Ezdaher brings decades of global experience of Avana Companies ecosystem as well as a trusted name in global hotel funding. 

 

Both Avana and its new-launched fintech platform is being led by veteran investor Sundip Patel, who has over 30 years of investing and funding experience, including 18 years in the Middle East. 

 

Avana Companies has funded over $6.4 billion in projects and supported the creation of more than 5,500 jobs. This includes funding construction of well-known hotel brands such as Hilton, Marriott, IHG, Choice, and Wyndham, among others.

 

This initiative leverages the group's extensive 22 years of finance experience globally, specializing in Commercial Real Estate Funding, mainly in the Hospitality sector. 

 

"We are excited about our new journey with Ezdaher in Saudi Arabia. The SAR22 million investment in phase one is the first step in many more to come towards The Kingdom’s Vision 2030," stated CEO and Founder Sundip Patel,

 

According to him, the excitement around the launch of Ezdaher is growing in the market with $6 million pre-seed capital already invested. The initial FDI in Ezdaher is just the beginning of more ambitious undertakings towards wider goals under Vision 2030.