Goldman, HSBC and Fortress back $150m Saudi private credit deal

Goldman Sachs, HSBC and Fortress Investment Group have joined forces to back a $150 million private credit financing for United Saudi Company, marking one of the largest recent transactions in Saudi Arabia involving international alternative lenders, according to Bloomberg. The financing, which reportedly involves regional investment managers Ruya Partners and Amwal Capital Partners, represents Fortress's first private credit investment in the kingdom.

The deal comes amid growing institutional interest in Middle Eastern private credit, with Janus Henderson recently raising almost $200 million for its regional private credit strategy and Ruya Partners, backed by Mubadala and the Public Investment Fund, targeting $400 million for a dedicated fund. The transaction is particularly significant as Saudi Arabia turns to private capital to support its economic diversification program amid tighter bank liquidity and geopolitical instability, which have intensified liquidity pressures across the region. The US-Iran conflict, which began in February, has further exacerbated these challenges.