Safqah Capital
Riyadh-based, CMA-licensed platform that funds small and mid-sized real estate developers through Shariah-compliant debt instruments sold to investors. Founded in 2023, it raised a $15.2 million seed round in February 2026.
Industry: Real estate development debt financing | Location: Riyadh, Saudi Arabia | Founded: 2023 | Total Funding: USD 15.2M
About Safqah Capital
Safqah Capital is a Riyadh-based fintech and proptech company that provides Shariah-compliant debt financing to small and medium-sized real estate developers in Saudi Arabia, a segment that has historically been underserved by banks. It was founded in 2023 by Abdullah Alsubaie, Karim Merie (spelled Merhi in some sources), Abdulmalik Alothman and Omar Alessa. Press coverage lists Alsubaie as chief executive, Merie as chief business officer, Alothman as chief financial officer and Alessa as chief technology officer. The company is authorised by Saudi Arabia's Capital Market Authority (CMA) to offer and enable investment in debt instruments structured in line with Islamic principles. Its products finance developers' projects from land purchase through development, with loans released against project milestones and backed by collateral. The platform combines structured financing with digital underwriting and data-driven risk tools to speed up developers' access to capital. According to company data cited in press coverage, within about 18 months of launch Safqah had financed more than 70 development projects with an aggregate value above USD 800 million across Saudi Arabia, with no defaults and collateralisation above 248% across funded loans. Sharikat Mubasher reported in 2024 that the company financed nine real estate projects in the second quarter of that year, and the company has partnered with that outlet to reach more investors. These figures are company-reported. In February 2026 Safqah announced a USD 15.2 million seed round, described by several outlets as one of the largest pure equity seed rounds in Saudi Arabia, and reported by Pulse 2.0 as oversubscribed. Shorooq led the round. Other participants were anb Seed Fund, Rua Growth Fund, Sharaka Capital, COTU Ventures, Sadu Capital, 500 Global, Suhail Ventures, MEVP, Waad Invest and JOA Capital. Shane Shin, founding partner at Shorooq, described Safqah as foundational infrastructure rather than another lending platform. Alsubaie said that banks were not built for developers and that Safqah was. The company plans to use the capital to expand its financing capacity, scale its digital platform and build AI-driven risk assessment and underwriting tools to support a wider range of projects. It frames the opportunity against Saudi Vision 2030 construction activity and persistent funding gaps in housing and commercial real estate. Headcount and revenue have not been disclosed.
Leadership
- Abdullah Alsubaie, Co-founder
- Karim Merie, Co-founder
- Abdulmalik Alothman, Co-founder
- Omar Alessa, Co-founder
- Faris AlRashed, Board Member
- Fidaa Haddad, Board Member