Riyadh - Sharikat Mubasher: Avana Companies, a leader in hotel and hospitality SME funding, partnered with Oaktree Capital Management to form a new $250 million Avana-Oaktree Private Credit Partnership (AOPCP) for its direct private commercial real estate funding strategy.

Building on this global venture, Avana global ecosystem will expand its business in Saudi Arabia through Ezdaher Financing Company by introducing leading-edge Shariah-compliant B2B hotel funding fintech solutions to drive growth and innovation in the Saudi financial sector, the company revealed in a statement.

Ezdaher aims to fill the Kingdom’s $250 billion financing gap and support the development of 310,000 hotel rooms by 2030.

The new joint venture (JV) will use the capital to provide private debt financing in the United States over the next three years.

Sundip Patel, CEO and Co-Founder of Avana Companies and Ezdaher Financing Company, said: “Our fintech platform, with over two decades of success in the USA, is now set to empower hotel and SME growth in Saudi Arabia. We are committed to driving Vision 2030 with innovative financing solutions and invite MENA institutions to join us in shaping a prosperous future for Saudi SMEs.”

Earlier this month, Avana Companies launched Ezdaher to nurture small and medium-sized enterprises (SMEs) and startups in the Saudi hospitality sector.