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)
Former Hartford Mayor Luke Bronin defeated longtime U.S. Rep. John Larson in Connecticut’s Democratic primary Tuesday, as voters embraced generational change and a call for more urgency in the party’s fight with President Donald Trump.
Speaking to supporters after his victory Bronin, 46, praised Larson, 78, for both his liberal politics and his nearly 30 years of service. Yet Bronin also stressed that the nation was in crisis and that it was time for a new approach.
“If we are going to fix this mess that we are in, we need to build a Democratic Party that is bringing a whole new energy to this fight,” Bronin said to an energetic crowd in Hartford.
He said if the party won’t adapt, “then the changes are going to come from the ground up. And that’s a message the party needs to hear.”
Larson, who had faced concerns about his age and health, became the latest in a string of House members, from both major parties, to lose their seats in primaries this year.
“The goal is to shake things up in Washington D.C., and we are just getting started,” warned Bronin, who was a sophomore at Yale when Larson was first elected to Congress in 1998.
For nearly 30 years, Larson largely avoided serious Democratic opposition during his time in Congress. However, concerns about his health and age began to circulate after he abruptly stopped speaking during a speech on the House floor last year.
His office later said Larson suffered a complex partial seizure, maintaining that he was fit to seek a 15th term and was taking medication to help control the condition.
Despite his arguments that his experience was valuable to Connecticut voters and his repeated willingness to fight against Trump, Larson ultimately conceded Tuesday night after saying he was disappointed with the results.
Larson avoided directly referencing Bronin in his speech, which he delivered while surrounded by supporters in the middle of a room rather than from a podium. Instead, he implored Democrats to “come together, heal and move forward.”
With Democrats expected to hold the seat in November, the fight over who would become the Democratic nominee in the 1st District isn’t critical to the party’s effort to take back control of the House. However, it does reflect the growing willingness of younger Democrats to take on some of their party’s most stalwart figures in Washington.
After Biden’s drawn-out decision to ultimately step aside in 2024 at 81, which helped pave the way for Donald Trump’s second term in the White House, the Democratic Party’s veterans have increasingly been targeted as part of the problem.
Other candidates who ran for the congressional seat were state Rep. Jillian Gilchrist, 44, and Ruth Fortune, 38, a lawyer who immigrated to the U.S. from Haiti.
Bronin will face Republican Amy Chai, a physician, in the November general election.
Connecticut's remaining four congressional seats are held by Democrats not facing a primary challenge. Republicans will hold a primary for the state's 4th and 5th Congressional Districts.
Separately, the only statewide race on Tuesday was the Democratic primary for governor. Current Democratic Gov. Ned Lamont won his primary race against state Rep. Josh Elliott, 41, who was also running for reelection for his statehouse seat.
Lamont, 72, a wealthy former cable entrepreneur, has developed a reputation as a fiscal moderate, signing a major tax cut and paying down unfunded state pension liabilities. He has also supported access to abortion through safe harbor laws and greater protections for immigrants.
No Connecticut governor has served three consecutive terms in modern times.
This story has been updated to correct Lamont's age to 72 instead of 71.
Rep. John Larson, D-Conn., speaks during an election night watch party Tuesday, Aug. 11, 2026, in East Hartford, Conn. (AP Photo/Jessica Hill)
Luke Bronin, former Hartford mayor and Democratic candidate for Connecticut's 1st congressional district, speaks during an election night watch party Tuesday, Aug. 11, 2026, in Hartford, Conn. (AP Photo/Rusty Jones)
Rep. John Larson, D-Conn., speaks while hugging his wife, Leslie Larson, right, during an election night watch party Tuesday, Aug. 11, 2026, in East Hartford, Conn. (AP Photo/Jessica Hill)
Luke Bronin, former Hartford mayor and Democratic candidate for Connecticut's 1st congressional district, smiles during an election night watch party Tuesday, Aug. 11, 2026, in Hartford, Conn. (AP Photo/Rusty Jones)
Luke Bronin, former Hartford mayor and Democratic candidate for Connecticut's 1st congressional district, speaks during an election night watch party Tuesday, Aug. 11, 2026, in Hartford, Conn. (AP Photo/Rusty Jones)
Rep. John Larson, D-Conn., speaks during an election night watch party Tuesday, Aug. 11, 2026, in East Hartford, Conn. (AP Photo/Jessica Hill)
Democratic candidate for Connecticut's First Congressional District Luke Bronin, left, speaks with a potential voter outside of Rawson School in Hartford, Conn. on Tuesday, Aug. 11, 2026. Bronin faces incumbent Congressman John Larson in the primary.(AP Photo/Rusty Jones)
