Dubai's Zamanat brings GCC private credit on-chain with $100M tokenized fund targeting underserved SMEs
Dubai-based firm Zamanat has launched the Zamanat Fund CEIC Limited, a tokenized private credit fund domiciled in the Dubai International Financial Centre (DIFC) with a target size of $100 million. The initiative aims to address a $250 billion financing gap for small and medium-sized enterprises (SMEs) across the Gulf Cooperation Council (GCC) region. Despite SMEs contributing over 50% of the UAE's GDP, they currently receive less than 10% of total bank lending, highlighting a significant market inefficiency. The fund is regulated by the Dubai Financial Services Authority (DFSA) as a closed-ended Exempt Fund and is managed by Truleum Venture Partners Limited. Interests in the fund are issued as ZM1 Investment Tokens on the ZIGChain blockchain, facilitating a digital bridge between institutional capital and credit-starved businesses. Apex Group serves as the institutional fund administrator, ensuring professional oversight for the tokenized structure. This development marks a significant step in integrating regional private credit markets into a regulated blockchain framework, potentially unlocking liquidity for underserved sectors.