DIFC tokenised credit targets a $100m GCC SME fund

Dubai-based digital assets platform Zamanat has launched a DIFC-domiciled tokenised private credit fund targeting up to US$100 million. The fund aims to narrow an estimated US$250 billion SME financing gap across the Gulf Cooperation Council. It gives investors a new way to access DIFC tokenised credit.

Tokenised private credit in DIFC targets GCC SMEs

Zamanat announced the sponsorship of Zamanat Fund CEIC Limited as its first live regulated fund tokenisation use case on ZIGChain. The vehicle is a closed-ended credit fund domiciled in the Dubai International Financial Centre and regulated by the Dubai Financial Services Authority. Fund interests are issued as ZM1 Investment Tokens.

According to the launch release cited by CryptoSlate, the fund’s target size is up to US$100 million. Proceeds are directed to small and medium-sized enterprises across the GCC. As a result, the structure brings GCC private credit into a DFSA-regulated tokenised format for professional clients within the DIFC.

The fund combines a DIFC fund framework, institutional administration and digital issuance on ZIGChain. This positions tokenisation as an infrastructure layer for ownership and settlement, rather than a change in underlying credit risk. Apex Group provides fund administration, Truleum Venture Partners acts as the licensed fund manager, and ZIG Markets serves as distribution agent for professional clients.

The initiative sits within a wider shift by DIFC towards digital asset and tokenisation regimes. Updated crypto token rules came into force in January 2026. These updates moved the DFSA’s crypto token framework towards firm-led suitability assessments, raising the bar on governance and compliance for operators in the centre. Zamanat’s fund launch therefore aligns with DIFC’s strategic push to host regulated tokenised structures linked to real-economy assets.

What does the SME financing gap mean for investors?

Regional research cited in Zamanat’s release indicates that SMEs in the GCC face an estimated US$250 billion financing gap. Only around 11% have access to credit through traditional channels. This constraint persists despite SMEs’ role as core drivers of job creation and non-oil growth in Gulf economies.

By directing tokenised private credit into underserved SMEs, the fund aims to support economic diversification objectives. These sit at the heart of Gulf policy agendas. However, access is restricted to professional clients as defined by the DFSA, with interests issued as ZM1 Investment Tokens available only within the DIFC.

Analysts at AInvest note that tokenisation in this case mainly streamlines fund management and ownership tracking. It does not transform the underlying SME credit risk profile or democratise access. One analyst summary captures the trade-off crisply: ‘This fund makes GCC private credit operationally digital, but keeps economic risk squarely in a traditional private-credit box.’

Meanwhile, other DIFC-regulated funds have begun to explore tokenised structures. These include a US$50 million digital offering by Nisus focused on real estate exposure via a DFSA-regulated Qualified Investor Fund. This suggests that DIFC tokenised credit is moving from concept to a modest but growing pipeline of live transactions anchored in existing fund strategies. Separately, Mirae Asset DIFC recently secured its Gulf fund licence, adding further depth to the centre’s regulated fund ecosystem.

A maturing intersection of Gulf credit and digital assets

For investors, Zamanat’s launch highlights a maturing intersection between Gulf private credit, SME finance and regulated digital assets. The fund may appeal to regional lenders, family offices and sovereign-linked investors seeking yield in SAR- and AED-linked economies. It avoids public-market volatility while staying within a robust regulatory perimeter.

It also signals how Gulf financial centres are using tokenisation to bridge operational gaps in credit intermediation. The vehicle offers income-focused exposure to private credit loans that conventional banks often do not underwrite. Risk, however, remains within a DFSA-regulated framework. As Gulf SMEs continue to seek non-bank funding and DFSA digital asset rules bed in through 2026, investors should watch how quickly Zamanat deploys capital, how portfolio performance compares with conventional private credit, and whether DIFC tokenised credit structures scale beyond early pilots into a broader regional asset class.

Quick answers