Jadwa Leads $50 Million Investment in PetroApp to Accelerate FuelTech Expansion
Jadwa Investment, a leading investment management and advisory firm in the Middle East, has announced its lead role in a $50 million investment round in PetroApp, Saudi Arabia’s pioneering digital fuel payment and fleet management platform. The funding was executed through Jadwa’s flagship blind-pool vehicle, the Jadwa GCC Diversified Private Equity Fund, with additional participation from regional venture capital firm Bunat Ventures.
Founded in 2018, PetroApp is recognized as Saudi Arabia’s first independent provider of end-to-end digital solutions for fuel payments and fleet operations. The platform supports over 500,000 vehicles across 10,000+ corporate clients, operating through a vast network of 5,000+ fuel stations in Saudi Arabia, Egypt, Thailand, and Nigeria. Its cashless technology is designed to optimize fleet operations, curb fraud, and enhance cost control, particularly for government and corporate entities.
The platform also provides access to ancillary services—including car washes, oil changes, and tire and battery replacements—via its integrated digital interface. Recently, PetroApp achieved accreditation from the Expenditure and Projects Efficiency Authority (EXPRO), qualifying it as a certified provider for Saudi Arabia’s government sector. The company is also preparing to roll out a retail-focused offering in the Kingdom, opening new growth avenues.
This transaction marks the fifth investment by Jadwa’s GCC Diversified Private Equity Fund since its launch in late 2024. It follows Jadwa’s acquisition of a majority stake in Makhazen Alenaya, a leader in Saudi’s beauty and personal care retail sector.
Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, highlighted the strategic alignment, stating, “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.”
From PetroApp’s side, Abdullah Al Kasabi, Chairman of PetroApp and CEO of RZM Investment, hailed the funding round as a milestone in the company’s journey. “This investment marks a defining moment in our institutional evolution and strengthens our long-term ambition to list on the Saudi Exchange’s Main Market,” he noted.
Abdulaziz Al Senan, Co-Founder and CEO of PetroApp, welcomed the strategic partnership: “Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we aim to set new benchmarks in fuel and fleet management, supporting Saudi Vision 2030.”
