Riyadh - Sharikat Mubasher: Saudi proptech and fintech platform Ejari upsized its existing Shariah-compliant Murabaha warehouse financing facility with Partners for Growth (PFG) to SAR 187.5 million (approximately $50 million).
The expansion will support Ejari to grow its rental portfolio, technology, and services, and accelerate its plans to enter commercial leasing, the company announced in a recent press release.
The warehouse structure provides dedicated financing for Ejari's Rent Now, Pay Later rental transactions, where landlords receive annual rent upfront while tenants pay monthly.
This announcement comes as Ejari is preparing to close its Series A soon. Equity investment supports the technology, team, and services behind the business, while warehouse financing supports the rental transactions themselves.
Yazeed Al-Shamsi, co-Founder and CEO of Ejari, said: “PFG's decision to expand our facility at a time of regional uncertainty reflects confidence in the resilience of Saudi Arabia's rental market and the discipline of our portfolio. People across the Kingdom keep moving, working, and needing homes. This upsize supports our ability to serve more of them, deepen our presence across more than 40 cities, and lay the groundwork for extending our model into commercial leasing for SMEs.”
In turn, Armineh Baghoomian, managing director, head of Europe, Middle East & Africa, and co-head of global fintech at Partners for Growth, commented: “Since 2024, we have worked closely with Yazeed and the Ejari team as they have built a differentiated platform for tenants and landlords across Saudi Arabia. This upsized warehouse facility reflects our approach to providing tailored financing. The facility is structured to provide dedicated capital for Ejari's continued growth in residential rentals and its planned entry into commercial leasing.”
Looking ahead, Ejari will focus on growing its residential business, preparing its commercial offering, and continuing to connect the financing and services that make renting more flexible across Saudi Arabia.