ZYA Fund
SAR 300 million Saudi private equity fund for growth-stage fashion and beauty brands, anchored by the Cultural Development Fund with a 40 percent stake and managed by Merak Capital.
Industry: Private equity (fashion and beauty) | Location: Saudi Arabia | Founded: 2022
About ZYA Fund
ZYA Fund is a Saudi Arabian private equity fund dedicated to the fashion sector. It targets growth-stage Saudi fashion and beauty brands across design and production, supply chains, e-commerce and beauty, with the aim of helping them scale in the region and internationally. The fund has a total size of SAR 300 million, about USD 80 million, and TechScoop reported that it plans five to seven investments.
ZYA is the new name of The Fashion Fund, which GCC Business News reported on 10 April 2026 as unveiling the name. The fund was set up through a partnership between the Cultural Development Fund, which anchors it with a 40 percent stake, and Merak Capital, which acts as fund manager. TechScoop describes Merak Capital as a Capital Market Authority-licensed manager with more than SAR 3 billion in assets under management. The Saudi Fashion Commission also announced the launch of ZYA, according to a report carried by MENA Startup Digest in June 2026.
The inaugural board is chaired by Hamed Fayez, Vice Minister of Culture and vice chairman of the Fashion Commission. Majed Alhugail, chief executive of the Cultural Development Fund, is vice chairman. The other members are Abdullah Altamami, founder and chief executive of Merak Capital, Burak Cakmak, chief executive of the Fashion Commission, and Ravi Thakran, chairman and chief executive of Turmeric Capital. Coverage links the fund to the National Culture Strategy under Saudi Vision 2030.
The sources read do not disclose the fund's other investors, ticket sizes, term or portfolio companies. Enterprise reported in July 2026 that the fund looks for companies with consistent revenue growth and a credible path to profitability, and that it will offer strategic guidance and market access alongside capital.
Leadership
- Abdullah Altamami, Board member; Founder and Chief Executive Officer, Merak Capital
- Ravi Thakran, Board member; Chairman and Chief Executive Officer, Turmeric Capital