Saudi Arabia’s Growth Catalyst raised $96 million to back companies in the kingdom, making it one of the first private sector investors to close a fundraising round since the onset of the Iran war.

The firm is aiming to more than double the size of the fund over the next six months before it reaches a final close, Growth Catalyst founder and chief executive Turki Al-Dayel told Semafor. The conflict with Iran didn’t significantly impact the fundraising, he said, and has “reinforced what experienced investors already recognise: That Saudi Arabia has become an anchor of stability and economic momentum in the region.”

The new fund is backed by the government-linked Saudi Venture Capital and regional family offices. It will target investments in profitable businesses across the business services, consumer goods, healthcare, and technology sectors.