Gate Capital Newsletter | Issue 713

Coraly.ai (formerly Coralytics), the proptech company transforming how real estate professionals generate and convert leads across the MENA region and beyond, today announced the closing of a US$2 million pre-seed funding round. The round was led by Salica Oryx Fund, a MENA-focused early-stage investment vehicle based in Abu Dhabi Global Market (ADGM) and managed by Salica Investments, with participation from EQ2 Ventures as well as a group of strategic angel investors.

Mubadala Energy, the international energy arm of Abu Dhabi’s sovereign wealth fund, has finalized a strategic investment in the U.S. natural gas sector. The company acquired a 24.1% equity stake in Caturus, a rebranded entity formerly known as SoTex HoldCo, through a partnership with Kimmeridge. The deal marks the first significant investment in the US energy market and reinforces Mubadala Energy’s global growth strategy and further strengthens its position across the gas value chain.

Impact46 has announced investments exceeding SAR 25 million in five gaming studios—Fahy, NJD, Game Cooks, Starvania, and Alpaka—as part of its SAR 150 million Gaming Fund, launched in March 2024. The fund reflects Impact46’s long-term commitment to backing high-potential founders shaping the future of digital content and gaming experiences in the region.

Startups across the Middle East and North Africa region continued to attract significant investor interest this week, with funding rounds spanning sectors such as fintech, logistics, artificial intelligence, and digital infrastructure.

Nisus Finance Investment Consultancy (NiFCO Dubai) has partnered with UAE-based BNW Developments to acquire a premium residential building in Jumeirah Village Circle (JVC), Dubai. The property, named Esplora, spans 120,000 sq ft and includes 143 residential apartments and three retail units. This acquisition is managed through a DIFC-registered fund and a special purpose vehicle, NiFCO Holding 02 Ltd.

New Murabba Development Company said it has sealed a long-term partnership deal with Falcon’s Creative Group, a US leader in entertainment experience design, to develop the creative vision and immersive experiences for Mukaab, the iconic centerpiece of New Murabba.

Sohar International Bank SAOG (SIB) has announced plans to acquire a controlling stake in Neo Group Limited, a financial services firm based in the Kingdom of Saudi Arabia, as part of its wider regional growth strategy.

Neo Group is an established financial institution in Saudi Arabia, holding regulatory licences from the Capital Market Authority (CMA) to provide asset management and financial advisory services. According to SIB, the proposed acquisition aligns with its vision to expand its footprint in key regional markets and reinforce Oman’s presence in the Gulf’s fast-growing financial services sector.

SIB noted that the transaction is still in its early stages and will be subject to a series of conditions before completion. These include a satisfactory outcome from the due diligence process, successful negotiations, execution of definitive agreements, and obtaining all necessary regulatory, corporate, and other mandatory approvals from both Omani and Saudi authorities.

ADES International Holding Ltd., a subsidiary of ADES Holding Co., has agreed to acquire 100% of Shelf Drilling Ltd. in a SAR 1.42 billion ($379 million) cash merger. The deal, funded through ADES’s existing credit facilities, will see Shelf Drilling delisted from the Oslo Stock Exchange and become a wholly owned subsidiary. The acquisition price is set at NOK 14 per share.

Permasteelisa Gartner Middle East – part of leading international façade specialist Permasteelisa Group has announced that it has signed heads of terms with Dubai-based Albaddad Capital, a leader in fast-track building solutions, setting out a strategic collaboration through a joint venture agreement.

First Milling Co. (“First Mills”) has completed the acquisition of a 100% stake in Al Manar Feed LLC for SAR 77 million. The acquisition includes the factory, its assets, rights, and all relevant licenses—crucial components that will fully integrate operations into First Mills’ portfolio.

Money transfer company Western Union said on Sunday it will acquire Intermex, a U.S. firm that focuses on payment transfers to Latin America and the Caribbean, for about $500 million in cash. Western Union will pay $16 for each Intermex share, representing a premium of over 70% to Intermex’s last close of $9.28 on Friday.

SNB Capital, a leading regional financial institution, said it has successfully completed the SAR7.1 billion ($1.9 billion) capital increase of Acwa Power, Saudi Arabia’s leading developer, investor, and operator of power generation and desalinated water plants, through a rights issue on the Saudi Exchange (Tadawul), delivering one of the largest rights issues by value ever concluded in the region. SNB Capital acted as lead manager, joint financial advisor, and lead underwriter.

The London-listed luxury real estate developer, Dar Global, has increased its gross development value by 67 percent to $12.5 billion, driven by new large-scale projects in Saudi Arabia and a move into financial services.

Zero Two, a digital infrastructure development and investment platform headquartered in Abu Dhabi, part of ADQ, has announced a strategic investment with Evolution Data Centres (Evolution), a leading sustainable data centre platform in Southeast Asia.

Professional Medical Expertise Co. (ProMedEx) obtained, on Aug. 11, a SAR 45 million Shariah-compliant financing from Saudi Awwal Bank (SAB) to fund its existing projects, according to a statement to Tadawul. The loan includes a SAR 40 million import finance facility and a SAR 5 million standby letter of credit.

The GCC’s asset management industry grew to $2.2 trillion in Assets under Management (AuM) in 2024, a 9% increase from the previous year report.

According to the report, the revenue growth in 2024 was driven by market performance rather than investor inflows, underscoring the industry’s vulnerability to external forces. Meanwhile, persistent fee compression, shifts in investor preferences, and digital disruption are pushing firms to redesign their business models, accelerate cost innovation, and sharpen their strategic focus

Saudi Aramco and DHL are seeking to attract investors to finance and build a logistics distribution center in Saudi Arabia. The sources expect the project, which will be implemented as a build-to-order model where the facility is designed according to the tenant’s specifications, to cost about SAR 1 billion ($267 million).

Saudi Printing and Packaging Co. (SPPC) signed on Aug. 13 a financing agreement with one of its major shareholders, Saudi Research and Media Group (SRMG) for SAR 75 million, according to a statement to Tadawul.

Mycrane Trading, a newly established crane sales, leasing and maintenance services provider, based in Jebel Ali Free Zone, Dubai, has announced the successful closing of a $50 million investment deal with a DIFC-based investment holding company.