Gate Capital News Letter | Issue 763

Saudi Arabia’s Vision International Investment Company (Vision Invest) and Africa Finance Corporation (AFC) have committed to invest in Mauritius’ WIOCC Group.

The two entities signed a shareholder subscription agreement with the open-access digital infrastructure platform that operates across more than 30 African countries.

The Saudi Investment Bank (SAIB) announced that it has signed an agreement with American Express Middle East to sell its entire 50% stake in American Express Saudi Arabia for SAR 1.43 billion ($381.36 million), in addition to deferred purchase consideration, in accordance with the shareholders’ agreement between the two parties.

Enhance, the operating system for personal training (PT), announces an $18.2 million equity/debt fund raising. Institutional investors include Global Ventures – the leading MENA venture capital firm (equity) – and Stride Ventures (venture debt).

The growth capital provided in the round will be used to accelerate Enhance’s expansion in the United States. As the world’s largest gym market, the US is Enhance’s centre of gravity and where its model generates the most value.

Saudi Arabia is advancing into a new phase in the development of its water sector, leveraging the advanced capabilities it has built in integrated water management and enhanced sector efficiency to establish a coordinated national industry.

Alistithmar Capital, the investment banking arm of the Saudi Investment Bank, said on Monday that it has acquired the Jeddah Cove project in Saudi Arabia.

The investment bank has launched a SAR 1.1 billion fund to take over and finance the commercial and entertainment destination, along with master developer Ezdihar Real Estate Development Company.

A wholly owned subsidiary of Abu Dhabi Investment Authority (ADIA) has been named as one of the investors in the Indian government backed $2 billion NIIF Infrastructure Fund II. Alongside the Fund, NIIF aims to mobilise $950 million in co-investment capital, enabling investors to participate at scale in select transactions.

Sohar International and National Bank of Oman (NBO) have agreed a $720 million syndicated refinancing facility for Phoenix Power Company SAOG (PPC), following the 15-year extension of its Power Purchase Agreement (PPA) with Oman Power and Water Procurement Company (OPWP).

Nofoth Food Products Co. announced that the General Authority for Competition (GAC) has issued its no-objection approval for the economic concentration resulting from its acquisition of a 65% stake in Plenty Food Co. LLC, dated Sept. 1.

Kingdom Holding Company (KHC) completed the acquisition of a 70% stake in Al-Hilal Club Co. from the Public Investment Fund (PIF) after fulfilling all transaction conditions and paying the full SAR 840 million consideration.

COFE Tech (formerly COFE APP), the leading operator of agentic AI enterprises and the provider of intelligent procurement and commerce infrastructure to more than 1,000 businesses across the Gulf, announced today at LEAP 2026 the close of a pre-IPO funding round valuing the company at $178 million.

Arada, one of the world’s fastest-growing master developers, has announced its entry into the Syria through a joint venture with the state-owned Syrian Sovereign Fund. The joint venture’s first project will be the development of a major new fully integrated city on a four million square metre site west of Damascus.

FlyAkeed, the Saudi corporate-travel technology platform, announced Monday from the main stage at LEAP 2026 that it has secured SR94.3 million ($25.15 million) in growth funding. The round pairs an equity investment led by Sanabil Investments – a financial investment company wholly owned by the Public Investment Fund (PIF).

Global semiconductor company AMD and Humain, Saudi Arabia’s new AI enterprise, have announced a landmark investment of up to $10 billion to build a next-generation AI infrastructure ecosystem spanning Saudi Arabia and the US.

National Industrialization Co. (Tasnee) completed on Aug. 31 the sale of its entire equity stake in Al-Rowad Industrial Transformation Co. to Tahweel Holding. The sale was complete after the transfer of full ownership Tasnee stake to Tahweel Holding, as regulatory approvals were secured and all conditions under the agreement satisfied.

The Mohammed Bin Rashid Innovation Fund (MBRIF), an initiative launched by the Ministry of Finance to support the innovation and entrepreneurship ecosystem in the UAE, announced the provision of an AED 5.5 million credit guarantee to Enhance, a UAE-based fitness and technology scaleup.

The guarantee will support the company’s continued expansion of its technology-enabled fitness platform and the rollout of its B2B SaaS personal trainer management solutions for large-scale gym operators, reinforcing the UAE’s position as a hub for innovation across the health, wellness, and digital economy sectors.

Kuwait Projects Company (KIPCO) has signed a sale and purchase agreement with the National Petroleum Services Company (NAPESCO) to sell a 36.36% stake in JTC Logistics Transportation & Stevedoring Company in a deal valued at 30 million Kuwaiti dinars ($97 million).

Accenture has signed a six-year agreement with Amazon Web Services to help businesses and governments across the Middle East accelerate their shift to cloud computing and artificial intelligence.

Dubai Islamic Bank (DIB) has successfully closed its debut US$750 million three-year Senior Unsecured Commodity Murabaha Term Facility, marking an important milestone in the Bank’s funding strategy and further diversifying its sources of institutional funding.