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)
ST. LOUIS (AP) — World champions Ilia Malinin and the ice dance duo of Madison Chock and Evan Bates will anchor one of the strongest U.S. Figure Skating teams in history when they head to Italy for the Milan Cortina Olympics in less than a month.
Malinin, fresh off his fourth straight national title, will be the prohibitive favorite to follow in the footsteps of Nathan Chen by delivering another men's gold medal for the American squad when he steps on the ice at the Milano Ice Skating Arena.
Chock and Bates, who won their record-setting seventh U.S. title Saturday night, also will be among the Olympic favorites, as will world champion Alysa Liu and women's teammate Amber Glenn, fresh off her third consecutive national title.
U.S. Figure Skating announced its full squad of 16 athletes for the Winter Games during a made-for-TV celebration Sunday.
"I'm just so excited for the Olympic spirit, the Olympic environment," Malinin said. “Hopefully go for that Olympic gold.”
Malinin will be joined on the men's side by Andrew Torgashev, the all-or-nothing 24-year-old from Coral Springs, Florida, and Maxim Naumov, the 24-year-old from Simsbury, Connecticut, who fulfilled the hopes of his late parents by making the Olympic team.
Vadim Naumov and Evgenia Shishkova were returning from a talent camp in Kansas when their American Airlines flight collided with a military helicopter and crashed into the icy Potomac River in January 2025. One of the last conversations they had with their son was about what it would take for him to follow in their footsteps by becoming an Olympian.
“We absolutely did it,” Naumov said. “Every day, year after year, we talked about the Olympics. It means so much in our family. It's what I've been thinking about since I was 5 years old, before I even know what to think. I can't put this into words.”
Chock and Bates helped the Americans win team gold at the Beijing Games four years ago, but they finished fourth — one spot out of the medals — in the ice dance competition. They have hardly finished anywhere but first in the years since, winning three consecutive world championships and the gold medal at three straight Grand Prix Finals.
U.S. silver medalists Emilea Zingas and Vadym Kolesnik also made the dance team, as did the Canadian-born Christina Carreira, who became eligible for the Olympics in November when her American citizenship came through, and Anthony Ponomarenko.
Liu was picked for her second Olympic team after briefly retiring following the Beijing Games. She had been burned out by years of practice and competing, but stepping away seemed to rejuvenate the 20-year-old from Clovis, California, and she returned to win the first world title by an American since Kimmie Meissner stood atop the podium two decades ago.
Now, the avant-garde Liu will be trying to help the U.S. win its first women's medal since Sasha Cohen in Turin in 2006, and perhaps the first gold medal since Sarah Hughes triumphed four years earlier at the Salt Lake City Games.
Her biggest competition, besides a powerful Japanese contingent, could come from her own teammates: Glenn, a first-time Olympian, has been nearly unbeatable the past two years, while 18-year-old Isabeau Levito is a former world silver medalist.
"This was my goal and my dream and it just feels so special that it came true,” said Levito, whose mother is originally from Milan.
The two pairs spots went to Ellie Kam and Danny O'Shea, the U.S. silver medalists, and the team of Emily Chan and Spencer Howe.
The top American pairs team, two-time reigning U.S. champions Alisa Efimova and Misha Mitrofanov, were hoping that the Finnish-born Efimova would get her citizenship approved in time to compete in Italy. But despite efforts by the Skating Club of Boston, where they train, and the help of their U.S. senators, she did not receive her passport by the selection deadline.
“The importance and magnitude of selecting an Olympic team is one of the most important milestones in an athlete's life,” U.S. Figure Skating CEO Matt Farrell said, "and it has such an impact, and while there are sometimes rules, there is also a human element to this that we really have to take into account as we make decisions and what's best going forward from a selection process.
“Sometimes these aren't easy," Farrell said, “and this is not the fun part.”
The fun is just beginning, though, for the 16 athletes picked for the powerful American team.
AP Olympics: https://apnews.com/hub/milan-cortina-2026-winter-olympics
Amber Glenn competes during the women's free skating competition at the U.S. Figure Skating Championships, Friday, Jan. 9, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)
Alysa Liu skates during the "Making Team USA" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)
Maxim Naumov skates during the "Making Team USA" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)
Madison Chock and Evan Bates skate during the "Making the Team" performance at the U.S. Figure Skating Championships, Sunday, Jan. 11, 2026, in St. Louis. (AP Photo/Stephanie Scarbrough)
Gold medalist Ilia Malinin arrives for the metal ceremony after the men's free skate competition at the U.S. Figure Skating Championships, Saturday, Jan. 10, 2026, in St. Louis. (AP Photo/Jeff Roberson)
