Saudi fintech company Safqah Financial has brought Alahli Financial on board as a strategic shareholder and signed a letter of intent to launch a sukuk investment program for real estate development projects in Saudi Arabia.
The agreement, signed during Money20/20 Middle East, would enable Alahli Financial to invest in Sharia-compliant sukuk financing projects originated, credit-assessed and monitored through Safqah’s platform. The program remains subject to final agreements and the required regulatory approvals.
Safqah said the partnership adds institutional capital to its existing investor base, which includes Arab National Bank’s investment arm, Alarabia Financial, and more than 12 venture capital and institutional investors that participated in its seed round.
The company said it has financed more than 80 real estate development projects across Saudi Arabia, with a total program value of about SAR1B and guarantees covering 1.4 times its exposure. The projects have an estimated combined development value of more than SAR4B.
The strategic investment follows Safqah’s $17.4M seed round, which closed in February 2026. The round was led by anb Seed Fund, Shorooq and Rua Growth Fund, with participation from several other investors. Safqah said the additional capital will support its credit assessment and project monitoring tools, including AI-based capabilities, while it works to develop the sukuk program.
Source: Safqah
