Gate Capital News Letter | Issue 752

Hub71, Abu Dhabi’s global tech ecosystem, announced that startups in its community have raised more than $2.7 billion (AED9.9 billion) in funding and generated $1.5 billion (AED5.4 billion) in revenue by the end of 2025, marking a new milestone in Abu Dhabi’s emergence as a leading destination for high-growth technology companies.

The figures, published in Hub71’s annual Impact Report, point to a maturing startup base with growing access to capital, customers and international markets.

Saudi Venture Capital (SVC) has announced its  investment in Khwarizmi Venture Capital Fund 2. The fund will focus on Seed-to-Series A investments in high-growth tech and tech enabled startups, primarily across the GCC, allocating at least 50% of its capital to Saudi  Arabia.

While sector-agnostic, the fund sees strong potential in fintech and e-commerce, and AI applications across verticals.

Dubai’s AHS Properties has acquired Shangri-La hotel on Sheikh Zayed Road in a deal valued at Dh1.1 billion ($272 million), and also plans to launch a Dh25 billion project this year, its chief executive has said.

The company bought the 42-floor Shangri-La property from Abu Dhabi-based Mismak, a unit of First Abu Dhabi Bank, Abbas Sajwani, who is also the founder of AHS, told The National.

Shangri-La covers an area of almost 93,000 square metres, and comprises a hotel, offices, residential units and food and beverage outlets. The company is yet to decide whether to refurbish the building or keep it as it is.

Saipem, a global leader in the engineering and construction of major projects for the energy and infrastructure sectors, has secured a major contract worth €900 million ($1.03 billion) for the Uthmaniyah Gas Compression Plant in the Kingdom of Saudi Arabia.

The Abu Dhabi-based private equity firm BlueFive Capital has expanded into the UAE’s mobility sector by acquiring a 49% stake in LeasePlan Emirates through its BlueFive Reef PE Fund I. Solutions+, a wholly owned subsidiary of Mubadala Investment Company, will remain the majority shareholder with 51%.

Abu Dhabi’s newest sovereign wealth fund L’IMAD Holding, headed by the ​emirate’s crown prince, ⁠has increased its stake in state-owned power ‌and water utility TAQA by a further 8.09%, TAQA said on Wednesday.

Oman has signed 10 agreements and memoranda of understanding to establish new projects with an investment value of RO2.9 billion in the Duqm Special Economic Zone, said an Oman News Agency post in X platform. The agreements, signed by the Public Authority for Special Economic Zones and Free Zones, cover the construction of a power generation station, alongside industrial facilities for the production of ammonia, electric battery components, and chemical materials, in addition to industrial, tourism and residential complexes, it said.

Miahona Co. signed a share purchase agreement to acquire 100% of SHAS Water Co. Ltd., including the company’s stakes in its subsidiaries, Miahona said in a statement to Tadawul.

Egyptian fintech MNT-Halan has reached a $1.4 billion valuation following the first closing of a new investment round led by Al Ahly Capital, the investment arm of the National Bank of Egypt. A second closing is expected as part of the ongoing round.

The investment will support the company’s next phase of growth, including the expansion of its international footprint, enhancement of its AI-driven capabilities, and scaling of its gifting services for both businesses and consumers.

Edafa Venture has acquired two AI startups, Kuadra and IRRI Vision, in six-figure transactions announced during AI Everything Middle East & Africa – Egypt 2026, as part of its strategy to expand its presence in the AI and technology ecosystem.

Algebra AI today announces its official launch, emerging from stealth with clients across the financial services, food and beverage, distribution and manufacturing sectors and $7 million in financing from investors including Infinity Constellation, BECO Capital, Silicon Badia and Waseel Investments.

Egypt has secured a $420 million foreign investment commitment for a 580-megawatt wind power project on the Red Sea coast, marking another significant step in the country’s drive to expand renewable energy capacity and attract private-sector capital into the energy sector.

Alramz Real Estate Co.  signed an agreement to establish a Shariah-compliant real estate investment fund named “Alahli Alramz Assayel Residential Fund”, according to a Tadawul statement.

ADCB Egypt has entered into a strategic partnership with EFG Hermes, a unit of EFG Holding, to launch the bank’s first mutual fund in the Egyptian market, according to an emailed press release. Under this partnership, ADCB Egypt and EFG Hermes seek to explore further opportunities to introduce new funds across various asset classes.

Saudi-born entertainment and sports technology platform webook.com has made its first move into Europe with the acquisition of Portugal-based SmartMove, an event technology company with more than 30 years of market experience.

Alramz Real Estate Co.  signed an agreement to establish a Shariah-compliant real estate investment fund named “Alahli Alramz Assayel Residential Fund”, according to a Tadawul statement.

Miahona Co. signed a share purchase agreement to acquire 100% of SHAS Water Co. Ltd., including the company’s stakes in its subsidiaries, Miahona said in a statement to Tadawul.