Jadwa Investment has announced a major $50 million investment in Saudi Arabia’s fast-growing digital fuel management platform, PetroApp, as part of a funding round that also included Bunat Ventures.
The deal was led through Jadwa’s GCC Diversified Private Equity Fund, a blind-pool vehicle launched in late 2024 aimed at backing scalable, high-growth businesses in the region. The PetroApp transaction marks the fund’s fifth investment and follows its acquisition of Makhazen Alenaya, a leading beauty and personal care retailer in Saudi Arabia.
Founded in 2018, PetroApp is Saudi Arabia’s first independent provider of cashless fuel payment and fleet management solutions. The company enables both corporate and government fleets to manage fuel spending more efficiently, reduce fraud, and access vehicle-related services like oil changes, car washes, and battery replacements.
With over 500,000 vehicles under management and 10,000+ corporate clients, PetroApp operates across a vast network of 5,000+ fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria. The company has recently been accredited by the Expenditure and Projects Efficiency Authority (EXPRO) to provide services to the public sector and is preparing to launch a consumer-facing retail offering in the Kingdom.
Tariq Al-Sudairy, CEO of Jadwa Investment, said the decision to back PetroApp reflects the firm’s strategy to invest in technology-enabled platforms with proven scalability.
“PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects,” he said. “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, added that PetroApp’s innovation supports Saudi Arabia’s broader digital transformation goals.
“This is the type of impact-oriented innovation that fits perfectly with Vision 2030’s focus on modernising key service sectors,” he said.
The investment also marks a critical milestone for PetroApp as it transitions from a startup to a more institutionalised business, with plans for a future public listing.
Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, described the round as a “turning point.”
“We saw early potential in PetroApp’s operational efficiency and tech-driven model. Today, we’re proud to welcome Jadwa and Bunat Ventures as we move toward listing on the Saudi Exchange’s Main Market,” he said.
PetroApp CEO and Co-Founder Abdulaziz Al Senan welcomed the investment as validation of the company’s vision.
“Jadwa’s institutional expertise will be vital as we scale and innovate further,” he said. “We’re committed to setting new benchmarks in the fuel and fleet management sector—both in Saudi Arabia and internationally.”
The partnership is expected to further accelerate PetroApp’s global expansion, while strengthening Saudi Arabia’s leadership in technology-driven infrastructure and enterprise solutions.
