Latham & Watkins Advises on Jadwa’s $50M Investment in PetroApp

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Posted: 8th July 2025

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Latham & Watkins Advises on Jadwa’s $50M Investment in PetroApp.

Latham & Watkins LLP has advised Jadwa Investment, a premier investment management and advisory firm in the Middle East, as lead investor in the US$50 million funding round for PetroApp, Saudi Arabia’s leading digital fuel and fleet management platform.

PetroApp is the Kingdom’s first independent provider of digital fuel payment and vehicle operations technology, empowering both public and private sector fleets to eliminate cash transactions, reduce fraud, and gain real-time control over fuel spending.

The platform has become central to the digital transformation of Saudi Arabia’s transportation and logistics sectors.

This latest funding round marks the fifth investment under Jadwa’s flagship blind-pool vehicle, the Jadwa GCC Diversified Private Equity Fund, launched in late 2024.

The deal builds on Jadwa’s recent majority investment in Makhazen Alenaya, a top player in Saudi Arabia’s beauty and personal care market - a transaction also guided by Latham & Watkins.

“PetroApp presents a compelling investment opportunity, supported by a robust technology infrastructure and strong network effects. The investment aligns with our fund’s strategy of backing ambitious management teams leading high-growth, scalable businesses across a diversified range of promising sectors.” said Tariq Al-Sudairy, Managing Director and CEO of Jadwa Investment

PetroApp’s Co-Founder and CEO Abdulaziz Al Senan added:

“We are excited to embark on this partnership at a pivotal stage in PetroApp’s journey. Jadwa’s institutional expertise will be critical in strengthening our foundation, accelerating growth, and expanding our leadership in Saudi Arabia and beyond. Together, we remain committed to setting new benchmarks in fuel and fleet management innovation, aligning with our customers’ evolving expectations and the broader objectives of Saudi Vision 2030.”

The investment reflects the growing momentum behind Saudi Arabia’s digital economy and mobility infrastructure, as public and private sector entities seek smarter, more secure ways to manage fleet operations and fuel expenditure.

The Latham & Watkins team was led by Riyadh partner Ahmed el-Gaili, with support from associates Ahmed El Banna and Bshayer Binyamin.

Jadwa Investment, founded in 2005 and headquartered in Riyadh, is a Shariah-compliant investment firm specializing in asset management, private equity, and investment advisory services. Managing over SAR 70 billion in client assets, Jadwa is known for its deep sector expertise and strategic focus across the GCC region..

PetroApp is Saudi Arabia’s first independent digital fuel and fleet management platform, providing cashless payment solutions, fraud prevention technology, and real-time fleet analytics. Serving a rapidly growing portfolio of corporate and government clients, PetroApp has emerged as a leader in transportation fintech and mobility innovation across the Kingdom.

Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.