What Watheeq Capital does

Watheeq Capital (وثيق المالية) is a Saudi closed joint-stock company founded in 2018 and headquartered in Riyadh, licensed by the Capital Market Authority under license No. 32-18189 to conduct advisory, arranging, investment management, and fund operations in securities. The firm operates as a fully-integrated, Sharia-compliant financial services platform with three core offerings: investment banking (IPOs and parallel-market listings, M&A, capital restructuring, private placements), asset management (real-estate funds, private equity funds, venture capital funds, and discretionary portfolios), and advisory services. Customer segments are Saudi corporations seeking capital-markets access, high-net-worth and institutional investors seeking Sharia-compliant products, and real-estate developers requiring structured capital.

The company's revenue model is a hybrid of recurring asset-management fees on assets under management (exceeding SAR 4 billion as of 2025, including approximately SAR 4.7 billion in real-estate funds launched in 2025 alone and a SAR 500 million educational private-equity fund), transaction-based investment-banking and arranging fees (e.g., four CMA-approved Parallel Market listings in 2025), and probable carried interest on PE/VC funds. There is no proprietary technology platform; the firm delivers services through a licensed in-house team across investment banking, asset management, and advisory, supported by a standard corporate website and client portal. Distribution is direct and relationship-driven, leveraging event presence such as Platinum sponsorship of the Real Estate Future Forum 2026, with geographic focus limited to Saudi Arabia.

Capital base was increased four-fold from SAR 5 million to SAR 20 million in January 2024 to support expansion into a fully integrated offering. Recent strategic activity includes the launch of the Watheeq Educational Fund (first asset: Tabuk International Schools, January 2026), the Wethaq Saudi Riyal Murabaha Fund (CMA-approved public offering, March 2026), a $1.2M lead investment in Viero (February 2026), and operational partnerships with Nama Investment (education) and Rital for Urban Development (Masar Makkah luxury residential tower). Vision 2030 thematic alignment, particularly around education, real-estate development, and capital-markets deepening, is the explicit narrative driver of the firm's product roadmap.

Name

Watheeq Capital

Legal name

Watheeq Capital Company

Website

https://watheeq.com

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

Watheeq Capital is a Riyadh-based, CMA-licensed Sharia-compliant investment management firm offering investment banking, asset management, and advisory services. It serves Saudi corporations, HNWIs, and institutional investors via real-estate, PE, VC, education, and murabaha funds with over SAR 4 billion in AUM.

Ownership category

akta.pro rank

Product category

Investment Management

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Vehicles (525990)

SIC

Investment Advice (6282), Security Brokers, Dealers & Flotation Companies (6211)

akta.pro primary industry

Islamic Investment Banking & Capital Markets Services (FSABAGAG)

akta.pro secondary industry

Private Banking & UHNW Wealth Advisory (FSAEABAC)

Keywords

• Sharia-compliant investment management
• Sukuk and fund advisory
• Asset management services
• Investment banking advisory
• Private equity fund management

Headquarters

HQ city

Riyadh

HQ country

Saudi Arabia

HQ region

Middle East

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Asset Management Fees: Watheeq Capital earns recurring management fees from operating and managing investment funds including real estate funds, private equity funds, venture capital funds, and discretionary portfolios. Fee structures are typically a percentage of assets under management (AUM), which stood at over SAR 4 billion as of 2025.
2. Investment Banking & Advisory Fees: Revenue from structuring and executing IPOs, listings on the main and parallel markets, mergers and acquisitions, capital restructuring, and arranging private placements for corporate clients. Fees are earned on transaction completion.
3. Arrangement & Structuring Fees: Fees earned from arranging and structuring investment products and private placements, including Sharia-compliant fund structuring for clients.
4. Fund Performance / Carried Interest: As a fund manager, Watheeq Capital likely earns carried interest on private equity and venture capital fund returns in addition to management fees, though specific carried interest terms are not publicly disclosed.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels6 records

Core offering

Watheeq Capital is a CMA-licensed Saudi financial services firm offering Sharia-compliant investment management, advisory, arranging, and fund operations across securities. Its core offerings include investment banking (IPOs, parallel market listings, M&A, capital restructuring, private placements), asset management of real estate, private equity, venture capital, and discretionary portfolio funds, and personalized advisory services. The company manages multiple funds across real estate, education, and Murabaha categories with combined AUM exceeding SAR 4 billion.

Product overview

Watheeq Capital is a Saudi-based financial services company offering a comprehensive suite of investment products and services. Its core offerings include Investment Banking (covering IPOs, M&A, and capital markets), Asset Management (managing portfolios across real estate funds, private equity funds, venture capital funds, and discretionary portfolios), Real Estate Asset Management, and Advisory Services. The company operates under specific fund sub-brands including the Watheeq Educational Fund (500 million SAR target, education-focused private equity), Wethaq Saudi Riyal Murabaha Fund (Sharia-compliant murabaha fund), and multiple real estate funds (totaling 4.7 billion SAR). All products are structured to comply with Islamic Sharia principles and are licensed by Saudi Arabia's Capital Market Authority.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Banking Full-service investment banking covering IPOs for main and parallel markets, direct listings, priority rights issuance, corporate restructuring, M&A management, capital restructuring, and private placement arrangement for corporate clients in Saudi Arabia.
• Asset Management Comprehensive asset management services structuring and managing Sharia-compliant investment funds across real estate, private equity, venture capital, and discretionary portfolios, with risk management and periodic performance reporting for institutional clients, sophisticated investors, and individual clients.
• Real Estate Asset Management Integrated real estate investment solutions including fund design and structuring, asset management for income-generating and development properties, market studies, governance and regulatory compliance, and periodic investor reports targeting real estate developers and property owners.
• Advisory Service CMA-licensed personalized advisory service providing recommendations on financial securities, financial situation analysis, risk assessment, and customized investment strategy design with regular market-condition-based updates.
• Watheeq Educational Fund Closed Sharia-compliant private equity fund with a target size of SAR 500 million, focused on acquiring and operating promising schools across Saudi Arabia, with annual profit distribution to unit holders. First asset acquired was Tabuk International Schools, with Nama Investment serving as the technical operator.
• Wethaq Saudi Riyal Murabaha Fund Sharia-compliant Murabaha investment fund approved for public offering by the Capital Market Authority, combining security with Islamic finance principles for individual and institutional investors.
• Watheeq Capital Real Estate Funds (2025 cohort) Four Sharia-compliant real estate funds launched in 2025 with a total value of approximately SAR 4.7 billion, supporting real estate development and financing projects across Saudi Arabia, including income-generating properties and land acquisition in Makkah.
• Al-Qanadil Real Estate Fund Sharia-compliant real estate fund targeting acquisition of the Al-Qanadil master plan in Makkah, valued at SAR 2.032 billion for a land area of 1,039,570 square meters. Established with business partners Ajlan bin Abdulaziz Al-Ajlan, Fahd bin Abdulrahman Al-Mujile, and Khalid bin Hassan Al-Qahtani.
• Watheeq Rital Rawya Al-Haram Real Estate Fund Sharia-compliant real estate fund structured to develop a luxury residential tower at the Masar destination in Makkah with approximately 200 residential units across 28 floors, located 2.5 km from the Holy Mosque. Estimated project value is SAR 600 million, executed via MoU with Rital for Urban Development.

Quantifiable outcome

• SAR 4+ billion in total assets under management
• +4 more outcomes

Named customers9 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• Nama Investment (Nama for Investment)coreStrategic or Co-development Partner · 4 January 2026Nama Investment serves as the technical manager and operator of companies within the Watheeq Educational Fund. Dr. Badr Al-Alawi, CEO of Nama Investment, commented on the acquisition of Tabuk International Schools, noting that the acquisition enables development of educational programs aligned with labor-market requirements. Nama Investment is the technical and operational partner for education fund assets.
• Rital for Urban Development (شركة رتال للتطوير العمراني)coreStrategic or Co-development Partner · 1 July 2025Watheeq Capital's Watheeq Rital Rawya Al-Haram real estate fund signed a memorandum of understanding with Rital for Urban Development to jointly develop a luxury residential tower at the Masar destination in Makkah. The estimated project value is SAR 600 million, comprising approximately 200 residential units across 28 floors, located 2.5 km from the Holy Mosque.

Scale indicators8 records

Recent moves9 records

Expansion highlights5 records

Broad incumbents

• SEDCO Capital: Established Saudi Sharia-compliant asset manager across real estate, private equity, and public markets, overlapping Watheeq's offering at greater scale.
• Derayah Financial: Saudi CMA-licensed firm offering asset management, brokerage, and investment services, a broader incumbent competing for similar investor mandates.
• Jadwa Investment: Leading Saudi Sharia-compliant investment house with large-scale asset management, real estate, PE, and advisory — a bigger established player in the same space Watheeq competes in.
• Al Rajhi Capital: Bank-affiliated Saudi investment arm providing Sharia-compliant asset management and investment banking at large scale, a well-capitalized incumbent competitor to Watheeq.

Direct peers

• Yaqeen Capital: Saudi investment company offering asset management, real estate funds, and investment banking/advisory, comparable to Watheeq's multi-line CMA-licensed model.
• Sidra Capital: Saudi CMA-licensed Sharia-compliant asset manager specializing in real estate and alternative investment funds — directly comparable to Watheeq's core real estate and Islamic fund business.
• Alistithmar Capital: Riyadh-based investment firm providing asset management, investment banking, and advisory services in Saudi securities, a near-mirror of Watheeq's service scope.
• Musharaka Capital: Saudi Sharia-compliant investment firm focused on real estate and private equity funds, mirroring Watheeq's real estate fund structuring and management model.
• AlKhabeer Capital: Saudi CMA-licensed asset manager offering Sharia-compliant real estate, private equity, and capital markets products — overlapping closely with Watheeq's integrated offering.
• Osool & Bakheet Investment Company: Independent Saudi CMA-licensed asset and portfolio manager focused on Sharia-compliant investment products, comparable to Watheeq's partner-owned boutique positioning.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/watheeqcapital
• LinkedInlinkedin.com/company/watheeqcapital/about

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments3 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Watheeq Capital