Saudi's PIF-anchored Shariah-compliant fund makes first investment

Saudi's PIF-anchored Shariah-compliant fund makes first investment

NBK Capital Partners' $300 million Shariah Credit Opportunities Fund, anchored by Saudi Arabia's Public Investment Fund, has made its first investment.

The fund has signed a $20 million financing facility with UAE-based human resource outsourcing company Reach Group to support its expansion into Saudi Arabia.

Reach is entering the Kingdom through the acquisition of a HR recruitment company in partnership with a local conglomerate, NBK Capital said in a statement on Monday (April 12), without identifying the target firm.

Reach Group identifies, recruits, and hires employees directly on its payroll and outsources them to its clients that include government and quasi-government entities on long-term contracts. It works in diverse sectors including healthcare, telecommunications, and financial services and has close to 6,000 outsourced full-time employees, said the statement.