Gate Capital News Letter | Issue 755

The Abu Dhabi Investment Authority (ADIA) is one of the cornerstone investors in Chinese electronics manufacturing giant Luxshare’s expected $3.1 billion Hong Kong IPO, which opened Tuesday. The UAE sovereign wealth fund is one of nearly two dozen major state-backed investors, asset management firms and funds investing in the IPO.

DUBAI: H.H. Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of The Executive Council of Dubai, has approved new transformative strategies and projects with a budget of AED18 billion designed to enhance quality of life and shape a better future for residents.

Sanabil Investments, wholly owned by Saudi Arabia’s Public Investment Fund (PIF), has participated in the $30 million Series A funding round for 1001, a GCC- and London-based provider of sovereign AI for critical infrastructure.

The funding round was led by Lux Capital, with other backers including Hanabi, General Catalyst, CIV and Stanford AI researcher Chris Ré.

GCC countries are investing hydrocarbon revenues in infrastructure, digital capacity, and industrial development, with recent geopolitical tensions reinforcing the value of secure supply and resilient infrastructure, says BlackRock Investment Institute’s 2026 Midyear Global Outlook.

Investcorp, the Middle East’s largest alternative asset manager, plans to deploy about $350 million across three to four companies in the Gulf states through its $750 million Golden Horizon Partnership fund.

Acwa Power said its 60%-owned N’Diago project company signed a 25-year public-private partnership (PPP) agreement with the Mauritanian government on June 30, along with a related gas-to-electricity conversion agreement (CCE) with SOMELEC for the 230 MW N’Diago combined-cycle gas turbine (CCGT) power plant.

Arabian Romoz Company, the Saudi real estate development firm, plans to float 950,000 shares or 11.95% of its share capital in a Nomu IPO.

The offer will be confined to qualified investors. The announcement by Arabian Romoz comes the same week as another Saudi-based real estate firm, MSGA Investment Company (MSGA), readies for its float on the parallel market with a plan to raise approximately SAR 66.7 million ($17.8 million).

Arabian Pipes Co. (APC) signed a contract on June 30 with Saudi Arabian Oil Co. (Saudi Aramco) to manufacture and supply steel pipes for SAR 133 million, according to a statement to Tadawul.

Abu Dhabi-based MGX has raised $49 billion via an AI themed fund, attracting institutional and private investors from across the Gulf, North America, Asia and Europe. MGX Fund I was launched to provide investors with exposure to the AI theme through investments across the technology stack, including semiconductors, AI infrastructure, and AI-enabled technologies.

XRG, Adnoc’s international energy investment unit, and Italy’s Eni have signed agreements with Argentina’s YPF to acquire stakes in three upstream blocks to supply a new liquefied natural gas project in the South American nation.

Saudi-based Al Ramz Real Estate Company has announced that it has signed an agreement with Oud Capital for the launch of a new shariah-compliant real estate investment fund with a target size of more than SAR1 billion ($267 million) to develop residential projects owned by the company.

Saudi Arabian Refineries Co. (SARCO) completed the regulatory procedures to acquire a stake in Global Waste Solutions. In May, SARCO announced that its subsidiary, Refineries Venture Co., signed a non-binding memorandum of understanding (MoU) with Khadra Al-Hijaz Environmental Services Co. to acquire a 33% stake in Global Waste Solutions, Argaam reported.

BlueFive Capital is acquiring a 70% stake in UAE dredging and land reclamation company Gulf Cobla for an undisclosed amount.

The alternative investment platform will acquire the entire 49% shareholding held by Advanced Dynamics Investments, an affiliate of Saudi Binladin Group, together with a 21% stake from Dubai-based conglomerate Dutco Group.

Innovex International has completed its acquisition of TCO Group in a cash-and-stock transaction valued at $95 million. The deal strengthens Innovex’s corporate margin profile and is expected to be accretive to earnings per share, while supporting long-term growth

The Comprehensive Economic Partnership Agreement (Cepa) between the UAE and Ukraine will come into effect on July 1, enabling the two nations to boost bilateral trade and investment.

The deal, which aims to create new opportunities for private-sector collaboration, will strengthen the UAE’s relationship with a key European market, reinforcing its role as a global trade hub, the Ministry of Foreign Trade said on Tuesday. The two nations signed the Cepa in February last year.

1001, a GCC- and London-based company building sovereign AI for critical infrastructure, today announced a $30 million Series A led by Lux Capital. PIF-owned Sanabil Investments, 9Yards and Hanabi joined the round, and existing backers General Catalyst, CIV and Stanford AI researcher Chris Ré all increased their commitments.

The Saudi Arabia-based Amlak International Finance Company has sold its consumer finance contracts portfolio to Saudi National Bank (SNB) for 133.67 million riyals ($35.6 million) in a bid to strengthen its liquidity position and diversify funding.

Emarat Petroleum Company PJSC (Emarat), a pioneer in the UAE’s oil and gas industry, has expanded its international footprint with the opening of its first branded service station in Yerevan, the capital of Armenia.