Riyadh - Sharikat Mubasher: Avana Companies, a leading financial services company, launched a new fintech startup focusing on Shariah-compliant B2B funding for hotel projects in Saudi Arabia.

Phase one of launching the startup, Ezdaher, includes injecting foreign direct investment (FDI) worth SAR 22 million into Saudi hospitality and small and medium-sized enterprises (SMEs) sectors, according to the company’s press release.

After obtaining a license from the Saudi Central Bank (SAMA), Ezdaher targets bridging the Kingdom's $250 billion financing gap and supporting the development of 310,000 hotel rooms needed by 2030, in alignment with Vision 2030’s goal of promoting entrepreneurial growth and local business expansion.

Sundip Patel, CEO and Founder of Avana Companies, said: “We are excited about our new journey with Ezdaher in Saudi Arabia. SAR 22 million investment in phase one is the first step in many more to come towards the Kingdom’s Vision 2030.”

Avana Companies is a multi-award-winning global ecosystem of B2B funding and fintech specializing in commercial real estate funding. It is a family of funding and investment platforms that serve entrepreneurs and investors.

With more than 22 years of experience funding over $6.4 billion, Avana Companies serves major hotel brands like IHG, Accor, and Hilton.