SAUDI ARABIA: Riyadh-based fintech Safqah Capital, which offers Shariah compliant debt financing for smaller property developers, raised US$15.2 million from over 12 backers – led by anb Seed Fund, Shorooq and Rua Growth Fund, with participation from Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, MEVP, Waad Invest, JOA Capital and others. Focusing on housing and commercial projects, Safqah Capital financed over 70 development projects with an aggregate value exceeding US$800 million across Saudi Arabia in the past 18 months.
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