Latham & Watkins LLP, a globally recognized law firm, has successfully advised Jadwa Investment on its substantial $50 million investment in PetroApp, marking a significant endorsement of the digital transformation in Saudi Arabia’s fuel and fleet management sector. Jadwa Investment, a leading Middle Eastern investment management firm, chose PetroApp, Saudi Arabia’s premier digital fuel and fleet management platform, for its latest funding venture.

PetroApp, renowned for being the Kingdom’s first independent digital provider for fuel payment and vehicle operations, is designed to support both public and private fleet operators. The platform facilitates cashless transactions, enhances fraud prevention, and provides real-time oversight of fuel expenditures. This technology is at the heart of modernizing the transportation and logistics frameworks within the region.

Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment, highlighted the strategic fit of PetroApp with their investment philosophy, which focuses on strong, scalable businesses poised for substantial growth. "PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects," Al-Sudairy stated.

Echoing the sentiment, PetroApp’s Co-Founder and CEO Abdulaziz Al Senan expressed enthusiasm about the partnership with Jadwa. "This partnership comes at a pivotal stage in PetroApp’s journey. Jadwa’s expertise will be crucial in boosting our platform, accelerating our growth, and expanding our market leadership in Saudi Arabia and beyond," said Al Senan.

This investment underscores the burgeoning momentum within Saudi Arabia’s digital economy and mobility infrastructure. Public and private entities are increasingly seeking innovative, secure methods to manage fleet operations and fuel costs, aligning with the ambitious Saudi Vision 2030.

The legal guidance for this deal was provided by Latham & Watkins’ Riyadh office, led by partner Ahmed el-Gaili, with the support of associates Ahmed El Banna and Bshayer Binyamin. This transaction builds on Jadwa's recent acquisitions, including a majority stake in Makhazen Alenaya, a leader in Saudi Arabia’s beauty and personal care market, also facilitated by Latham & Watkins.

Jadwa Investment, established in 2005 and based in Riyadh, manages over SAR 70 billion in assets. It is recognized for its Shariah-compliant investment services spanning asset management, private equity, and advisory roles. PetroApp continues to set benchmarks in the digital fuel and fleet management domain, supported by a robust portfolio of corporate and government clients.

Latham & Watkins LLP, with a rich history dating back to 1934, operates across 14 countries with a team of over 2,000 attorneys. The firm is renowned for its expertise in corporate, litigation, transactional law, and its dedicated Emerging Companies & Growth team, making it an invaluable partner for burgeoning tech enterprises worldwide.