Gate Capital News Letter | Issue 751

Emirates Telecommunications Group Company PJSC (e&) has signed a binding agreement with Uber Technologies to sell a portion of its stake in Careem Technologies for $100 million in cash.

Under the agreement, e& will divest 12.5% of its 50.03% holding in Careem. Following completion of the transaction, the telecom group will retain a 37.53% stake in the company.

DP World and the Government of the Dominican Republic will invest an additional US$100 million to expand logistics and warehousing infrastructure at the DP World Free Trade Zone (FTZ) in Caucedo.

Unveiled during the 12th World Free Zones Congress 2026, the investment is in addition to the US$760 million previously committed, further strengthening the country’s role as a manufacturing and logistics hub for the Americas.

BinDawood Holding Co. announced completing the procedures for the acquisition of a 51% stake in Vaza Food Co., in a deal worth SAR 217.9 million.

In a statement to Tadawul, the company added that it finalized the regulatory process related to shares ownership transfer and notarizing the amended Bylaws by the Notary Public. The consideration will be paid as agreed in the Share Purchase Agreement (SPA).

Saudi Arabia recorded 24 mergers and acquisitions deals worth $689 million in the first quarter of 2026, a 4 percent annual increase in deal volume, according to Ansarada’s latest Middle East M&A Market Analysis report.

Gas engine manufacturer Innio ​said on Tuesday it ⁠was targeting a valuation of up to $20.25 billion in its U.S. ‌initial public offering, as it looks to tap investor appetite for companies powering the ​AI boom.

UAE’s AD Ports Group has agreed to acquire Brazilian agribulk terminal operator Corredor Logística e Infraestrutura (CLI) for AED 3.1 billion ($835 million), marking its entry into the Latin American market and a major expansion of its food logistics platform.

SAB Invest, the investment arm of Saudi Awwal Bank (SAB), has joined hands with Retal Urban Development Company for the launch of a CMA-regulated real estate investment fund valued at SAR1.9 billion ($502 million). The project will be developed on a 19,000sqm site in Riyadh’s Almalqa district.

In a statement, the company said the fund is structured to optimise capital efficiency and risk management, with SAB committing financing of up to 50% of the total investment value.

Yango Group has made its first investment in the Middle East and North Africa region through its venture arm Yango Ventures, backing UAE-based fintech Comfi AI in a pre-series A funding round.

Dubai-based  telecom operator du has launched du Ventures, a $50 million venture capital fund aimed at investing in startups and emerging technologies to support the growth of its core business.

Qatar Investment Authority (QIA) has increased its investment in Anthropic, the AI firm behind chatbot Claude, by participating in the $65 billion Series H financing, doubling down on its prior stake.

CargoX, the UAE-based autonomous delivery platform, has raised $250 million in a funding round led by alternative investment firm BlueFive Capital. The capital raise also coincides with the company appointing Tomaso Rodriguez as its CEO.

Aluminium Bahrain (Alba) has agreed to acquire Aluminium Dunkerque – the largest aluminium smelter in the European Union – in a deal worth $2.2 billion, a report in the Gulf Daily News.

The deal was signed in the presence of Finance and National Economy Minister and Mumtalakat chairman Shaikh Salman bin Khalifa Al Khalifa, on the sidelines of the Choose France Summit, which was opened by French President Emmanuel Macron at the Palace of Versailles in Paris.

Saudi Arabian Refineries Co.’s (SARCO) subsidiary, Refineries Venture Company, signed a non-binding Memorandum of Understanding (MoU) with Khadra Al-Hijaz Environmental Services Company to acquire a 33% equity stake in Global Waste Solutions.

Saudi Arabia’s Anmat Technology for Trading has secured a 314.5 million riyals ($84 million) contract from Saudi Energy Company (SEC) for an end user device replacement and expansion project.

Artificial Intelligence is fundamentally reshaping industries worldwide, and the UAE has embraced this technological revolution. Today, the sand dunes of the desert nation are witnessing an unprecedented shift, as the Emirates actively cultivates a thriving, forward-thinking AI startup ecosystem. The Emirates is pushing hard to mint more AI Unicorn companies through a policy initiative.

National Finance, a leading finance and leasing company in Oman, has signed a strategic memorandum of understanding (MoU) with AB Energy to advance sustainable financing solutions.

Dubai World Trade Centre (DWTC) Free Zone has entered into a strategic collaboration with DHL Express, the leading international logistics provider, to build a robust ecosystem that enables small and medium-sized enterprises (SMEs) to grow, scale, and compete globally.

Saudi Steel Pipe Co. (SSP) won a contract from Saudi Aramco valued at about SAR 65 million, according to a statement to Tadawul. SSP said the contract involves a purchase order to supply oil and gas steel pipes.