Gate Capital News Letter | Issue 747

SALIC, a subsidiary of the Public Investment Fund (PIF), increased its stake in Olam Agri Holdings to 80.01% after completing the acquisition of 44.58% for $1.88 billion (nearly SAR 7 billion).

The move aligns with SALIC’s ambitious plans to strengthen its investment portfolio and expand its global footprint, it said in a statement.

The Saudi Arabia-listed Alamar Foods Company has secured an 86 million riyals ($22.7 million) sharia-compliant credit facilities agreement with Saudi Awwal Bank (SAB) to acquire the Five Guys franchisee in the kingdom.

The loan agreement has a seven-year tenor, with Alamar Foods offering a promissory note as a guarantee for the financing.

Vodafone Qatar has acquired the Doha-based startup MaktApp through its subsidiary Infinity Fintech Ventures LLC as part of developing its digital strategy. Financial details of the acquisition have not been disclosed.

Financial details of the acquisition have not been disclosed.

MaktApp is a subscription-based cloud software for business management (SaaS).

Taranis Capital, a DFSA-regulated investment firm in DIFC, has signed an MoU with Emaar Executive Company to develop, build and operate carrier-neutral data centres across Saudi Arabia. Public reports value the programme at about $2bn.

Comfi, a B2B embedded finance platform, today announced it has raised $65 million in a pre-Series A funding round consisting of both equity and debt. The equity round was led by Iliad Partners and joined by Yango Ventures and Raw Ventures, both making their first investment in the region. The round includes a credit facility from Partners for Growth and a mezzanine facility structured by Shorooq, with participation from a notable family office.

BlueFive Capital, a global investment platform based in Abu Dhabi, has announced that a consortium led by New York-based investment group HOF Capital has entered into a deal with luxury auto brand Porsche to acquire its entire stake in Bugatti Rimac, a joint venture set up in 2021 to serve as home to the iconic Bugatti brand.

Egyptian developer Delta Capital for Urban Development (DCUD) has entered into a strategic partnership with Emirates Global Real Estate Investment (EGRI), a subsidiary of Abu Dhabi-based NCE Group, to launch a portfolio of integrated mixed-use projects in Egypt with a total estimated investment of $500 million.

Bahrain headquartered-Al Salam Bank has announced the sale of its 20.94% stake in Gulf African Bank, the largest Islamic Bank in Kenya. The sale forms part of AL Salam Bank’s broader group optimisation strategy to focus on its core markets and expand banking operations, a statement said.

A wholly-owned subsidiary of the Abu Dhabi Investment Authority (ADIA) has participated in a recent capital raise by Singapore- and Thailand-based TeraHop, a supplier of high-speed optical transceivers for data centres.

Saudi Fisheries Co. (SFICO) agreed with Sara National Trading Co. to extend the period for transferring the lease contract and licenses related to the sale of its 51% stake in Al-Haridah Aquaculture Co.

Lola, the fast-growing cake ordering and customisation platform, has raised $3 million in a seed funding round led by Vision Ventures with participation from Aljazira Capital, Seedra Ventures, Plus VC and other investors.

The Saudi Real Estate Refinance Co., a subsidiary of the Public Investment Fund, has signed an agreement to purchase a SR3 billion ($799 million) residential mortgage portfolio from Al Rajhi Bank.

The agreement is part of SRC’s ongoing efforts to enhance liquidity and support the sustainability of the Kingdom’s mortgage market.

RAKBANK has outlined measures to support the UAE’s SME sector, focusing on maintaining credit flow, strengthening business resilience and supporting growth amid ongoing global uncertainty. RAKBANK has allocated around AED 2 billion in additional credit limits for both existing and new customers.

Saudi Arabia’s National Gas and Industrialisation Holding Company (Gasco) said on Wednesday it had received clearance from the General Authority for Competition to proceed with its planned acquisition of a 50% stake in Jacko Gases.

Egypt – Catalyst Partners Middle East (CPME), Egypt’s first special purpose acquisition company (SPAC), has announced that its board has granted in-principle approval to proceed with the acquisition of a controlling stake, potentially up to 100%, in EIH Consulting and its subsidiaries.

Rain Financial, a cryptocurrency exchange firm, regulated by the Abu Dhabi Global Market and Central Bank of Bahrain, has acquired Saudi-based financial media company, Digital Ma’arefa.

UAE-based gifting platform Udora, formerly known as Flowwow, has secured $10 million in investment through a private funding round. The funds will be used for market expansion and a relaunch under a new brand.

The Saudi Industrial Investment Company (SIC), the investment arm of the Saudi Industrial Development Fund (SIDF), has announced a strategic direct investment in BRKZ, a leading Saudi platform specialising in industrial supply chain enablement.