Gate Capital News Letter | Issue 756

Ruya Partners Limited (“Ruya”), the ADGM-based private credit firm focused on investing in the GCC and the wider MENA region, today announced a US$15 million senior secured private credit facility for Whiteshield Group (“Whiteshield” or the “Company”), the AI-native policy intelligence company with principal operations in the UAE and KSA. The facility, provided by funds managed by Ruya, finances the next stage of Whiteshield’s development as it expands the proprietary technology it builds for governments, multilateral institutions and corporates around the world.

Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, today announced the completion of its acquisition of 100% of the share capital of National Taxi, following receipt of all required regulatory approvals.

The approvals included from Dubai’s Roads and Transport Authority (RTA) and Abu Dhabi’s Integrated Transport Centre (ITC).

The final consideration amounted to AED 1.45 billion ($394.83 million), following the agreed locked-box adjustment mechanism under the Sale and Purchase Agreement (SPA).

Dubai Chambers has signed a MoU with FedEx, the world’s largest express transportation company, to help local businesses strengthen their export readiness and accelerate international growth through world-class logistics, global connectivity, and trade expertise.

The agreement will help Dubai Chambers’ member companies participate more effectively in global trade by combining FedEx’s global transportation network, logistics expertise, and trade facilitation capabilities with preferential logistics programmes, streamlined onboarding, and customs advisory support.

Saudi Arabia led the Gulf Cooperation Council’s projects market in the second quarter of this year, while other member states grappled with declines amid the economic fallout from the Iran war, a new analysis showed.

UAE-based proptech company Keyper has raised $11m in a Series A funding round led by Speedinvest, as the company accelerates plans to digitise residential renting through a platform that combines rental payments, property management and embedded financial services. The round attracted a broad group of strategic and institutional investors, including NeoVentures, the corporate venture capital arm of Mashreq, Middle East Venture Partners (MEVP), Dubai Future District Fund (DFDF), Property Finder, Arab National Bank, Ellington Properties, Dar Ventures and Abbey Road Investment Group.

UAE property developer Arada is establishing Arada Capital, a new funds management platform based in the ADGM. The vehicle has received in-principle approval from the Financial Services Regulatory Authority (FSRA) and is seeking final licensing approval to operate as a fund manager. It targets US$5 billion in assets under management within four years of establishment.

Maalexi, the company behind the Maalexi Agricultural Assets Token Exchange (MAATEX), today announced the close of an oversubscribed funding round led by Tawuniya, a Saudi joint-stock company listed on the Saudi Exchange (Tadawul: 8010), and Global Ventures, a UAE-based venture capital firm and Maalexi’s pre-Series A lead investor.

Maalexi is developing what it describes as the world’s first regulated real-world asset (RWA) agricultural exchange, aimed at bringing greater verification, standardisation and transparency to cross-border agricultural trade.

UAE-based climatetech Planno has secured a strategic investment from Incubayt Investments, the sustainability-focused venture firm founded by Sami Khoreibi, to accelerate its international expansion and strengthen its geospatial AI platform for the solar industry.

Oman and Jordan have agreed to establish a 38.5 million Omani rial ($100 million) joint investment company targeting strategic sectors including energy, mining, technology, and pharmaceuticals as both countries pursue economic diversification.

Saudi fintech and private credit firm Seha Invest has signed a $500 million partnership with Boston-based Y-Innovations to support biotechnology and healthcare development in the Kingdom.

Dubai Aerospace Enterprise (DAE) and Neuberger Specialty Finance on Monday announced an agreement to launch Mustang Aerospace (Mustang), a new aircraft leasing co-investment venture.

Dubizzle Group, the leading online classifieds platform in the Middle East, today announced a strategic partnership and investment in Takeem, the UAE-based rent guarantee platform.

As part of the partnership, Bayut and dubizzle will be the exclusive portal for Takeem’s Rental Guarantee solution, complementing the Group’s growing suite of rental services with a more dependable way for landlords to protect rental income and reduce uncertainty throughout the leasing process.

Saudi Arabia-based edtech Noon Academy has acquired Almakhfi, a digital platform specialising in Qudurat and Tahsili exam preparation, to strengthen its AI-powered learning ecosystem and expand its offering for middle and high school students.

Adnoc Distribution has signed a definitive agreement to acquire 100 per cent of Shell Downstream South Africa (SDSA), as the UAE’s largest fuel and convenience retailer continues to expand its international portfolio.

United Solar announced on Monday that it has reached financial close on the International Finance Corporation’s (IFC) previously announced $50 million equity investment, completing the company’s $1.6 billion capital raise for its polysilicon manufacturing project in Oman.

IFC arranged and mobilised more than 30 percent of the total capital raised, the company said in a press statement.

Qatar Investment Authority (QIA) has announced its participation in SambaNova’s $1 billion Series E financing round alongside General Atlantic, Seligman Ventures, T. Rowe Price Associates, Inc., Capital Group, and other new and existing investors.

SICO, the leading regional asset manager, broker, and investment bank with direct presence in Bahrain, the Kingdom of Saudi Arabia, and the UAE, today (July 4) announced the successful completion of the merger of its wholly-owned subsidiary, SICO Funds Services Company (SFS), into the bank, thus marking the final phase of a strategic integration initiative.

Alternative Energy Projects Company (AEP), a Kuwait-based renewable energy developer and platform, today (July 8) announced plans to raise capital to fund the expansion of its solar energy business across Kuwait and the wider Mena region.