RIYADH, Saudi Arabia–(BUSINESS WIRE)–Jun 30, 2025–
Jadwa Investment, a leading investment management and advisory firm in the Middle East, today announced it has led a USD 50 million investment round in PetroApp, Saudi Arabia’s leading fuel management platform, through its flagship blind-pool vehicle, Jadwa GCC Diversified Private Equity Fund. Bunat Ventures, a regional venture capital firm, also participated in the round.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20250630030795/en/
Founded in 2018, PetroApp is Saudi Arabia’s first independent provider of digital fuel payment and fleet management solutions. It is transforming vehicle operations by eliminating cash transactions, reducing fraud, and improving cost control for corporate and government fleets. Beyond fuel, PetroApp also enables access to ancillary services—such as car washes, oil changes, tire and battery replacements—via a seamless, fully cashless platform.
Today, PetroApp manages over 500,000 vehicles for 10,000+ corporate clients through a network of more than 5,000 fuel stations across Saudi Arabia, Egypt, Thailand, and Nigeria, as the company continues its international expansion. It was recently accredited by the Expenditure and Projects Efficiency Authority (EXPRO) as a qualified provider for government sector services and is preparing to launch its retail offering in the Kingdom, unlocking significant avenues for growth.
This transaction marks Jadwa’s fifth investment under its Jadwa GCC Diversified Private Equity Fund, launched in late 2024. It follows the fund’s recent landmark acquisition of a majority stake in Makhazen Alenaya, a market leader in Saudi Arabia’s beauty and personal care retail sector, highlighting Jadwa’s active pipeline across high-growth verticals.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, commented: “PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.”
Elie El-Khoury, Head of Private Equity at Jadwa Investment, added: “PetroApp’s impactful solution reflects the kind of innovation that supports Vision 2030’s broader shift toward digitizing critical sectors across the Kingdom. This is further reflected in PetroApp’s recent accreditation as a qualified service provider by EXPRO.”
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, emphasized the significance of this investment round, describing it as a turning point for the company. He stated: “Back in 2020, we saw in PetroApp a promising model that blends innovation with operational efficiency in serving both fuel stations and corporate clients. Our decision to invest was driven by a clear conviction in the company’s vision and its strong potential to deliver sustainable growth. Today, we are proud to welcome Jadwa Investment and Bunat Ventures. This marks a defining milestone in PetroApp’s institutional journey and supports our ambition to list on the Saudi Exchange’s Main Market.”
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, expressed his enthusiasm about the deal, saying: “We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030.”
About Jadwa Investment
Jadwa Investment is a Riyadh-headquartered investment management and advisory firm with more than SAR 100 billion (USD 30 billion) in client assets across public equity, private equity, real estate, private credit, fixed income, and money market investments. Its clients include government-related entities, local and international institutional investors, prominent family offices, and high-net-worth individuals.
Jadwa Investment is licensed by the Capital Market Authority of Saudi Arabia (CMA) as a capital market institution, with registration number 06034-37.
Source:AETOSWire
Jadwa leads a USD 50 million investment round in PetroApp (Photo: AETOSWire)
LONDON (AP) — Oliver Tarvet used to come to Wimbledon as a kid from his hometown about 1 1/2 hours away to watch his favorite sport and dream of a chance to play tennis on its manicured grass courts.
After winning his Grand Slam debut Monday as a qualifier ranked 733rd, the University of San Diego senior-to-be discussed navigating various NIL (name, image and likeness) and NCAA rules now that he earned about $135,000 (99,000 pounds). He explained that he needs to write off costs that can get his prize-money earnings below $10,000 so he can remain eligible to play in college when he gets back to California.
“Maybe I hire someone to help me out with the expenses,” said Tarvet, who beat Leandro Riedi of Switzerland 6-4, 6-4, 6-4. “Make sure the NCAA are happy.”
Tarvet made plenty of folks happy in the stands at Court 4 — and certain shouts kept catching his attention.
“Today was pretty funny, because I would hear this voice that would be familiar. I’d quickly give a glance — it would be my old coach when I was 10 or 11. Or my old friend (from) when I was just young. (A) player that I played when I was a little kid,” said the 21-year-old Tarvet, a communications major in school. “It was nice kind of seeing these familiar faces, them coming out to support me. Obviously, gave me a lot of energy, a lot of motivation, to go out there and win.”
His parents were there. So were the head coach, Ryan Keckley, and an assistant, Alex Funkhouser, from USD’s tennis team.
Tarvet changed into school gear — a hat and a T-shirt — following the win. He’s been the West Coast Conference player of the year the past two seasons.
Next could come even more attention: Tarvet’s opponent in the second round will be two-time defending champion Carlos Alcaraz, who needed five sets to get past Fabio Fognini 7-5, 6-7 (5), 7-5, 2-6, 6-1 at Centre Court on Monday.
Tarvet frustrated his foe Monday both with what Riedi called “mind games,” delaying the starts of some games, and, more so, terrific tennis.
Over the last two sets, Tarvet made a total of five unforced errors. Riedi accumulated 34 in that span.
“That sums it up. He was a wall. A huge wall. He moved unbelievable on grass. He was sliding everywhere. The passing shot he was producing was mind-blowing,” Riedi said. “Served pretty well. He was a clutch player today. If he can continue like this, you’re going to hear a lot (about) him.”
AP Sports Writer Ken Maguire contributed to this report.
AP tennis: https://apnews.com/hub/tennis
Spectators watch as Leandro Riedi of Switzerland serves to Oliver Tarvet of Britain during their first round singles match at the Wimbledon Tennis Championships in London, Monday, June 30, 2025. (AP Photo/Joanna Chan)
Britain’s Oliver Tarvet in action during his match against Switzerland’s Leandro Riedi in their first round men’s singles match at the Wimbledon Tennis Championships in London, Monday, June 30, 2025. ( Jordan Pettitt/PA via AP)
Britain’s Oliver Tarvet celebrates winning his match against Switzerland’s Leandro Riedi in the first round of the men’s singles at the Wimbledon Tennis Championships in London, Monday, June 30, 2025. ( Jordan Pettitt/PA via AP)
Britain’s Oliver Tarvet celebrates winning his match against Switzerland’s Leandro Riedi in the first round of the men’s singles at the Wimbledon Tennis Championships in London, Monday, June 30, 2025. ( Jordan Pettitt/PA via AP)
