Private Credit Firm Ruya Plans $400 Million Fundraise in Middle East

A little-known Abu Dhabi firm is raising capital for what’s set to be one of the Middle East’s largest private credit funds, aiming to fill financing gaps created by a credit squeeze in Saudi Arabia.

Ruya Partners, already backed by units of Middle East heavyweights including Mubadala Investment Co. and Saudi Arabia’s Public Investment Fund, is tapping investors ranging from family offices to pensions and endowments for a $400 million fund, according to Omar AlYawer, a partner.