Goldman Sachs commits $500 million to launch Small Business AI Institute and expand 10,000 small businesses - Business Record

Goldman Sachs, HSBC, Fortress, Ruya, and Amwal plan to lend $150M to United Saudi Company, marking a significant private credit transaction amid the US-Iran war. Saudi Arabia is increasingly relying on private capital for economic overhaul and to manage fiscal pressures. The deal highlights growing nonbank lending opportunities in the region.

Fortress Investment Group, Goldman Sachs, and HSBC are providing $150 million in private credit financing to United Saudi Company, marking a rare cross-border deal since the U.S.-Iran war. This is one of the largest such deals since mid-2025, as international lenders become more active in Saudi Arabia's financing market. The transaction is notable for Fortress's first entry into Saudi private credit and reflects the kingdom's efforts to diversify financing sources.

Goldman Sachs, Citigroup, Banco Santander, and 18 other financial firms are investing $270 million in a joint stablecoin venture called Project Faro, targeting a 2027 launch. The consortium plans to incorporate in the U.S. and issue a stablecoin compliant with the GENIUS Act, which prohibits yield payments but allows interest on deposits.

Goldman Sachs (GS) and HSBC (HSBC) are collaborating on a $150M private credit deal in Saudi Arabia with Fortress Investment Group, Ruya Partners, and Amwal Capital Partners. The financing supports United Saudi Company, a manufacturer of nonwoven fabrics. This deal marks Fortress's first entry into Saudi Arabia's private credit market and highlights growing international interest in the region's economic transformation.

Goldman Sachs and Citi are reportedly committing $270 million to Project Pharaoh, a venture to issue dollar-denominated stablecoins. Visa has added Monad to its stablecoin settlement network, offering privacy features. These moves indicate growing institutional interest in stablecoins and crypto.

21 financial institutions, including Goldman Sachs, Citigroup, and others, committed $270M to Project Faro for a dollar-denominated stablecoin. The U.S.-incorporated venture aims to launch in 2027, with plans for other G7-currency stablecoins. The consortium targets institutional and retail use cases, competing with existing stablecoins like USDT and USDC.