Jadwa Investment, a leading asset management and advisory firm in the Middle East, has announced it is leading a $50 million funding round for PetroApp, Saudi Arabia’s top digital fuel management platform. The investment was made through Jadwa’s GCC Diversified Private Equity Fund, with additional participation from regional VC firm Bunat Ventures.
Founded in 2018, PetroApp is Saudi Arabia’s first independent platform offering cashless fuel payments and fleet management services, helping businesses and government entities streamline operations, curb fraud, and manage costs more effectively. In addition to fuel, the platform offers services like oil changes, tire replacements, and car washes through a seamless digital interface.
Currently, PetroApp manages over 500,000 vehicles for more than 10,000 corporate clients and partners with over 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as it pushes ahead with its international growth. It recently received accreditation from EXPRO, Saudi Arabia’s Expenditure and Projects Efficiency Authority, to serve government entities and is preparing to launch its retail offering in the Kingdom.
This marks the fifth investment under Jadwa’s private equity fund, following its acquisition of a majority stake in Makhazen Alenaya, a leading Saudi beauty and personal care retailer—highlighting Jadwa’s active focus on high-growth sectors.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa, said PetroApp fits the fund’s strategy of investing in scalable, tech-driven businesses led by strong management. Elie El-Khoury, Head of Private Equity, added that PetroApp’s model aligns with Saudi Vision 2030 and the broader trend toward digitization in key industries.
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, called the investment a pivotal milestone, noting that the backing from Jadwa and Bunat will support the firm’s vision of becoming a listed company on the Saudi Exchange.
Abdulaziz Al Senan, PetroApp’s Co-Founder and CEO, said the new partnership will help the company strengthen its foundation and accelerate regional expansion while continuing to lead in fleet and fuel management innovation aligned with evolving customer needs and national development goals.
Jadwa, headquartered in Riyadh, manages over SAR 100 billion ($30 billion) across multiple asset classes and serves a broad client base, including government-linked entities, institutional investors, family offices, and HNWIs.
Source: Business Wire
