The new private equity fund will be managed by Merak Capital, with the Cultural Development Fund serving as an anchor investor. The fund will invest across the fashion value chain, from apparel and accessories to supply chain enablers, e-commerce, and beauty. Majed Abdulmohsen Alhugail, CEO of the Cultural Development Fund, added: “The establishment of the Fashion Fund marks a pivotal step toward building a sustainable and competitive Saudi fashion industry in this dynamic sector. Abdullah Altamami, Founder &CEO of Merak Capital, commented: “The establishment of the first private equity fund in the fashion sector marks a pivotal milestone in advancing the Kingdom’s creative industries and positioning Saudi Arabia as a hub for talent and innovation. Our partnership with the Cultural Development Fund reflects Merak Capital’s commitment to supporting national projects and enabling Saudi brands to expand regionally and globally, in line with the ambitions of Vision 2030."