Jadwa Leads a USD 50 Million Investment Round in PetroApp

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Jadwa Leads a USD 50 Million Investment Round in PetroApp

2025-07-01 02:26 Last Updated At：02:41

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

Offshore wind farms take shape along Rhode Island's coast, even as Trump wants to stop them

OFF THE COAST OF RHODE ISLAND (AP) — Offshore wind turbines roughly three times the height of the Statue of Liberty were spinning off the coast of Rhode Island on Thursday, sending clean electricity to the region.

Wind farms are taking shape and operating along the East Coast, even as President Donald Trump seeks to end the U.S. offshore wind industry. He often talks about his hatred of wind power and calls turbines ugly.

The Associated Press traveled roughly 100 miles (161 kilometers) and saw three of the five wind farms in the area. Two of the five are fully operational, two are nearly done, and one is about halfway built.

The first turbines from the Revolution Wind project were clearly visible from about 5 nautical miles away, and can be seen from farther away on clear days. They stretched across the horizon, massive structures evenly spaced in rows, some spinning in the light winds.

The enormity of the turbines was evident from even a mile out.

Revolution Wind and Sunrise Wind are offshore wind projects being built to power about 1 million homes across Rhode Island, Connecticut and New York.

It took about an hour and a half to reach the Revolution Wind site, more than 15 miles (24 kilometers) south of the Rhode Island coast.

Some of the blades started to turn as the early morning winds picked up. Workers were inside the central hub of the wind farm, a large gray substation.

Revolution Wind is more than 90% complete. It recently began delivering power to New England’s grid, and it’s on track to be completed this year.

Nearby at Sunrise Wind, construction is nearly 50% complete. It's a mix of installed turbines and empty yellow foundations that still await their towers and blades. A vessel with giant cranes to install the offshore wind components was parked nearby.

The tip of a spinning turbine appeared to touch the clouds.

The first large U.S. offshore wind farm to open, South Fork Wind, borders the Revolution Wind site.

Now in its second year of operating commercially, its 12 turbines can send enough power to New York for more than 70,000 homes.

A ship that serves as a floating home base for technicians working on wind farms was next to one of the turbines on Thursday. The technicians had used the ship's gangway to walk onto the turbine and stood at its base.

When South Fork opened in 2024, Biden administration officials said it was just the beginning — major new wind farms would dot U.S. coastlines to confront climate change, create jobs and accelerate the nation’s transition to clean energy.

Less than a year later, Trump returned to office and ordered a temporary halt to leasing and permitting for wind energy projects. His administration has paused work wind farms under construction, arranged a $1 billion payout to a French energy company to walk away from U.S. offshore wind development and added an extra layer of review for wind and solar projects. Federal judges have struck down some of his orders blocking wind energy development, including a ruling Tuesday stopping the administration from implementing some of the policies slowing the development of clean energy.

At the same time wind energy is being held back, the demand for electricity in the United States is skyrocketing and there are limited options in land-constrained coastal states for new, large energy projects in the next few years, which drives up utility bills, said Hillary Bright, executive director of the offshore wind advocacy group Turn Forward.

“These energy policies are really hitting people at home, in their pocketbooks,” she said. “Offshore wind ultimately can be a part of that solution.”

The closest site to the coast is the Block Island Wind Farm. It's in state waters near Block Island, Rhode Island.

These five turbines began spinning in 2016, making this the first offshore wind farm in the United States. Its turbines are shorter than those installed at successive projects, but still look enormous up close. They replaced polluting diesel generators that were powering Block Island.

Construction finished on Vineyard Wind in March. It was the first wind farm to reach this stage during Trump’s time in office.

It is expected to reach full operations in the coming months, to power over 400,000 Massachusetts homes and businesses.

There are two other major U.S. offshore wind farms under construction: a New York offshore wind project, Empire Wind, and a Virginia offshore wind project, Coastal Virginia Offshore Wind.

“This is a major commercial industry in the United States of America," Jason Grumet, CEO of the American Clean Power Association, said in an interview. “Whether the president is enthusiastic about it or not, we have massive energy projects that are either bringing power to the grid or near completion.”

The Associated Press’ climate and environmental coverage receives financial support from multiple private foundations. AP is solely responsible for all content. Find AP’s standards for working with philanthropies, a list of supporters and funded coverage areas at AP.org.