Gulf private credit opportunities shine amid global volatility 

The Gulf’s private credit market remains at a nascent stage of development, relative to global peers, but a confluence of structural forces is accelerating its growth.    

Governments across the GCC (Gulf Cooperation Council) are implementing ambitious economic diversification strategies—including Saudi Arabia’s Vision 2030, UAE 2031, and the Dubai Economic Agenda (D33)—with increased privatization and supporting the expansion of local SMEs being central to much of this growth.  

With GCC banks typically prioritizing lending to large corporates and government-related entities, SMEs currently account for less than 10% of total bank lending in the GCC, which has led to a substantial credit gap estimated at approximately $250 billion—a gap that global private credit is seeking to close.  

Partners for Growth is a prime example. Headquartered in San Francisco, with an office in Dubai, the firm specializes in providing custom debt solutions for high-growth companies and was one of the early entrants on the scene when it provided its first funding to a Gulf entity back in 2020.  

Since then, it has deployed around $450 million in commitments into the Gulf—predominantly across Saudi Arabia and the UAE—helping to scale some of the region’s most prominent technology companies, including Saudi fintech unicorn Tabby, Trukker, Bayzat, Syarah, Huspy, and Silkhaus. 

PFG provided $10 million in funding to Tabby after its seed round and pl...