Riyadh, Kingdom of Saudi Arabia - November 9, 2025: The Industrial Investment Fund Company today announced a strategic investment in “Aegel” (formerly known as “Beldenau”), the first platform in the MENA region to provide “Buy Now Pay Later” solutions for transactions between companies in industrial supply chains, in order to support small and medium industrial companies in the sector.
This investment aims to enable the growth of small and medium industrial companies and accelerate the pace of industrial innovation in line with the National Industry Strategy and the goals of the Kingdom's Vision 2030. It also represents a milestone in Aegel's journey towards digitizing the credit and solvency of the company's customer base, providing digital solutions that comply with the provisions of Islamic law to supply raw materials on a long-term basis and enhance working capital in promising sectors.
Aegel had previously completed a seed investment round led by the regional venture capital companies Raed Ventures and Khwarizmi Ventures, followed by a strategic funding round from Arbah Capital and the Technical Venture Capital Fund (STV) in early 2025. This funding has contributed to proving the suitability of the company's business model to market needs, building a solid credit infrastructure, expanding its supplier base, and achieving significant growth in key industrial sectors.
Empowering small and medium-sized industrial companies through digital access to suppliers and flexible credit with clear conditions
“Aegel” was established in 2022 to provide short-term and Sharia-compliant working capital payment solutions for small and medium enterprises that need raw materials to operate their business. The company has achieved rapid growth in the industrial, construction and wholesale sectors, which serve the “Industrial Investment Fund Company”'s approach to industrial investment.
To date, “Aegel” has supplied raw materials worth more than 300 million Saudi Riyals. Automation is studied and the supply of raw materials is usually completed within 24 hours. The company has also doubled the size of its credit portfolio over the past 12 months, in a clear indication of strong demand in the market and the need for liquidity among economically and technologically competitive small and medium enterprises in the sector. This rapid growth confirms the strategic importance of “Aegel” and paves the way for it to achieve greater expansion to support capital operating in the industrial sector.
Commenting on the deal, Fahad Al-Naeem, CEO of the Industrial Investment Fund Company, said: “Empowering small and medium enterprises is a key pillar for sustainable industrial development. Our partnership with 'Aegel' supports a rapidly growing platform that addresses the cash flow challenges that small and medium-sized industrial companies may face. This partnership also contributes to regulating digital purchases, enhancing the efficiency of operations and raising utilization rates of production capacities in order to build a competitive industrial system led by innovation.”
Abdullah Sheikh, co-founder and CEO of Aegel, also said: “The company's investment is a pivotal event in our journey. With the support of our partners, we aim to expand the 'Buy Now Pay Later' infrastructure, attract hundreds of small and medium enterprises in priority industrial sectors, and expand the provision of existing commercial and Sharia-compliant digital solutions for small and medium enterprises in different regions of the Kingdom in line with Vision 2030.”
About the Industrial Investment Fund Company
The company was established to contribute to accelerating the development of the industrial sector in the Kingdom by enhancing the participation of the private sector and providing innovative investment solutions. The company's efforts focus on the top priority national sectors such as industry, mining, energy and logistics in order to build an integrated and sustainable industrial system.
About Aegel
Aegel is a Saudi platform for the “Buy Now Pay Later” service. It offers Sharia-compliant credit solutions designed specifically for small and medium enterprises in the industrial sector supply chain. The platform allows suppliers to obtain advance payments, while granting buyers access to raw materials with flexible repayment periods in accordance with legitimate controls. The platform supports manufacturers, contractors and wholesalers by helping them enhance the stability of operations, maintain cash flow and increase the efficiency of working capital.
For inquiries through the media:
• Urgent mail: ir@aajil.sa
• Aajil Company: www.aajil.sa
• Industrial Investment Fund Company: www.sic-sa.com
