Gate Capital News Letter | Issue 731

Middle East e-commerce platform noon has raised $500 million in new funding from existing backers, including Saudi Arabia’s Public Investment Fund (PIF), as the company moves closer to a potential initial public offering, according to people familiar with the matter.

Founded in 2016, noon operates an online marketplace alongside food delivery and online grocery services across Saudi Arabia, the UAE, and Egypt. The company launched shortly after Amazon acquired Dubai-based Souq.com for $580 million and has since positioned itself as a regional challenger to global e-commerce players.

iVoiceUp, the region’s first and fastest-growing AI-powered whistleblowing and ethics case management platform, has closed an investment round, led by A15 to accelerate its mission across Egypt, Saudi Arabia, and the UAE.

Designed for the modern enterprise, iVoiceUp is a fully-fledged ethics & compliance case management platform. The platform empowers senior management to detect, handle, and analyse critical misconduct before it escalates. The platform covers a wide spectrum of use cases, ranging from financial crimes like embezzlement and corruption to non-financial issues such as sexual harassment and discrimination.

Alterra, the UAE’s $30 billion climate fund, is investing in a fund managed by Copenhagen Infrastructure Partners (CIP) to support the expansion of renewable energy use globally.

Alterra will support CIP’s Growth Markets Fund II, which focuses on large-scale greenfield renewable energy projects across Asia, Latin America, Europe, the Middle East and Africa

The size of the investment was not disclosed.

ASMO, a logistics joint venture between Saudi Aramco and DHL, plans to operate six logistics facilities by 2030 with annual procurement volumes expected to exceed $8 billion, the company said, according to local media outlet Akhbaar24.

Abu Dhabi-listed Two Point Zero Group, a newly merged entity following Multiply Group’s acquisition of Ghitha Holding and 2Point, has increased its ownership in Maseera to 100%. The company’s subsidiary, E Point Zero Holding Limited, acquired the remaining 5% stake in Maseera, effectively making the firm a wholly-owned entity, Two Point confirmed on Tuesday.

Mubadala Investment Company, in partnership with Bain Capital, on Wednesday announced it has closed the acquisition of Service Logic, LLC, a leader in comprehensive commercial HVAC and building automation services, from Leonard Green & Partners.

Saudi Arabia’s ACWA Power has signed a deal with African Development Bank (AfDB) as part of efforts to deliver up to $5 billion in sustainable energy and water projects across Africa. The cooperation framework aims to identify, develop and finance projects to provide energy access, boost water security and promote green investment across the continent.

The two entities aim to provide financing for the projects between 2025 and 2030. As a developer and investor, ACWA Power is expected to identify and execute electricity and water projects, while AfDB will help accelerate funding and appraisal of the projects.

Elm Co. today signed an agreement to increase its stake in Sahl Almadar Trading Co., the owner of the Madar Digital Platform. Madar is an advanced digital platform that connects shippers and carriers and provides unified solutions for managing logistics operations, according to the company’s statement.

Relik, a UAE-born authentication platform blending AI with advanced security technologies to verify, protect, and preserve the authenticity of collectibles, art and cultural treasures, has announced the closing of its seed investment round.

As the global counterfeit market surpasses an estimated $467 billion and generative technologies continue to blur the lines between what is real and artificial.

Premialab, a global provider of data, analytics and risk management solutions for quantitative investing, today announces a significant $220m growth investment from funds and accounts managed by KKR, a leading global investment firm.

Under the terms of the agreement, KKR will lead a significant growth investment alongside existing investor Balderton.

Saudi Arabia-listed Ratio Speciality Company, a café chain owner, has partnered with Silk Solutions as part of a move to invest SAR 100 million ($26.6 million) in the kingdom’s coffee sector.

The investment aims to strengthen the supply chain, expand market and commercial opportunities, as well as boost the customer base in the industry.

Abu Dhabi-listed Phoenix Group has said that its minority-owned Bitzero Holdings, a crypto mining and high-performance computing data centre, is now listed on the Canadian Securities Exchange. Following its recent debut, the cryptominer was trading at a market price of USD 2.25 per share at the close of trading on Tuesday, Phoenix said in a bourse filing on the Abu Dhabi Securities Exchange (ADX).

Saudi Arabia’s Public Investment Fund announced on Monday that US-based real estate services firm JLL will acquire a significant stake in Saudi Facility Management Co., known as FMTECH, a subsidiary of the sovereign wealth fund.

Oman sovereign wealth fund’s ITHCA Group has signed a strategic investment deal with Saudi Vision Venture Capital to boost support for start-ups in the sultanate. The new agreement is expected to enable Omani entrepreneurs to access the Saudi investment ecosystem and benefit from Saudi Vision Venture Capital’s expertise and networks in the region.

Saudi Arabia’s Midad Energy has emerged as one of the leading contenders ⁠to buy Russian oil major Lukoil’s international assets, leveraging deep political ties with Moscow and Washington, three people familiar with ⁠the matter ‌said.

The assets, valued at about $22 billion and spanning oilfields, refineries and thousands of fuel stations worldwide, have drawn bids from about a dozen investors, including U.S. oil majors Exxon ⁠Mobil and Chevron and private equity firm Carlyle.

Global engineering company ABB expects strong growth in data centre construction across the UAE and Saudi Arabia as it develops next-generation infrastructure through a partnership with US chipmaker Nvidia.

The Abu Dhabi Investment Office (ADIO), responsible for accelerating the UAE capital’s growth and enabling the emirate’s economic transformation, is collaborating with Primavera Capital to drive increased cross-border capital flows.

Mobile operator O2 Slovakia, owned by e& PPF Telecom Group BV, a subsidiary of the UAE’s Emirates Telecommunications Group Company PJSC (e&), has signed a binding agreement with the London-based Liberty Global to acquire 100% of UPC Broadband Slovakia for 95 million euros ($111 million).