Artal Capital has provided Murabaha sukuk financing to FlyAkeed as part of a $25.15 million (SR94.3 million) mix of equity and sukuk, announced from the main stage at LEAP 2026. The size of the sukuk sleeve was not disclosed.
Murabaha sukuk financing is a Shariah-compliant structure that effectively capitalises a credit-based product without relying on conventional debt. It is a growth finance structure that is potentially well placed in supporting the growth of the Kingdom’s software ecosystem.
Sanabil Investments, a financial investment company wholly owned by the Public Investment Fund, led the equity, with participation from Artal Capital, stc group's corporate venture capital fund tali ventures and Aljazira Capital.
FlyAkeed said the funding will primarily support a new embedded deferred payment offering that lets large enterprises settle travel invoices on more flexible terms. Founder and Chief Executive Bassam Almohammadi said: "Large enterprises don't just want better software; they want better payment terms. Now we give them both."
FlyAkeed, founded in 2015 and based in Riyadh, sells a corporate-travel operating system to large enterprises.
Wassim Moukahhal, Head of Alternative Investments at Artal Capital, said the firm's continued support across both equity and sukuk financing reflects its conviction in FlyAkeed's strategy, management team and long-term growth prospects in Saudi Arabia's corporate travel market.
FlyAkeed raised a $15.2 million (SAR 57 million) Series A in August 2023, led by Sanabil Investments and Elm Company, with participation from Artal Capital and Al Rajhi Partners.
Artal Capital is a Capital Market Authority-licensed investment management firm in Riyadh, established in 2019. In April 2024 it announced a first close of the Artal Growth Opportunities Fund, a closed-ended private equity vehicle targeting SAR 500 million across eight to 10 companies, with average tickets of $10 million to $20 million and Jada Fund of Funds as a cornerstone. That announcement said the fund had already closed its first investment in FlyAkeed and put Artal's assets under management at more than SAR 2.5 billion.