Jadwa Leads a USD 50 Million Investment Round in PetroApp

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.

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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)

LOS ANGELES (AP) — Eight people aboard a B-52 bomber that crashed shortly after takeoff Monday morning at a U.S. Air Force base in Southern California’s Mojave Desert are believed to be dead, according to the Air Force.

“Initial indications are that the crash was not survivable,” the Edwards Air Force Base posted on social media.

Emergency crews responded after the aircraft went down around 11:20 a.m. at north of Los Angeles. The Boeing B-52 Stratofortress is a long-range bomber that entered service in 1955.

THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.

LOS ANGELES (AP) — A B-52 bomber crashed shortly after takeoff Monday morning at a U.S. Air Force base in Southern California's Mojave Desert, officials said.

There was no information yet on the crew, however aerial footage showed virtually nothing left of an aircraft. Black smoke rose from a large swath of charred desert at Edwards Air Force Base near what appeared to be a runway, with emergency vehicles nearby. The military hasn’t said whether the bomber was armed.

The Boeing B-52 Stratofortress, typically crewed by five people, is a long-range bomber that entered service in 1955. Designed to carry both conventional and nuclear weapons, it has been used in conflicts involving the U.S. military from Vietnam to Iran.

The plane crashed at around 11:20 a.m., the military said on the social platform X. By the afternoon, the airfield remained closed and all inbound aircraft were being diverted. Non-commercial visitor passes for the base were suspended “to allow the installation to focus entirely on emergency response operations,” officials said in a statement.

Edwards Air Force Base is home to a large portion of the U.S. Air Force’s aircraft test and development efforts and is about 100 miles (161 km) north of Los Angeles. The 412th Test Wing, which runs the base, also conducts developmental testing of all Air Force aircraft, weapons systems, software and components before purchase by the service as well as throughout their lifespan.

The vast desert base is also where Air Force test pilot Chuck Yeager reached a speed of Mach 1.05 and broke the sound barrier in 1947.

The way the B-52 crashed so quickly after takeoff without getting very high or going far makes aviation safety expert Jeff Guzzetti suspect some kind of flight control malfunction. But it’s too soon to say what might have caused the control problem.

It’s possible the controls were rigged wrong after maintenance, he said, or a catastrophic engine problem or a failure of a piece of equipment that was being tested.

“I think it was definitely a controllability issue. Now, whether that was tied to an engine failure, a flight control failure, or some new testing device failure, I’m not sure,” said Guzzetti, who used to investigate crashes for both the Federal Aviation Administration and the National Transportation Safety Board.

Although the Air Force has been flying B-52 bombers for more than 70 years, testing out new equipment on a plane can create new challenges.

“A flight test is always riskier than normal operations, so that’s why you have specially trained test pilots, and you should have other safety protocols,” Guzzetti said.

Toropin reported from Washington D.C. AP Transportation Writer Josh Funk contributed to this story from Omaha, Nebraska.

This image taken from video provided by KABC shows law enforcement responding to the scene of an aircraft crash, Monday, June 15, 2026, near Edwards Air Force Base, Calif. (KABC via AP)