Gate Capital News Letter | Issue 718

Fawaz Abdulaziz Alhokair Co. (Cenomi Retail) announced the completion of negotiated deals through which Al-Futtaim Retail Co. acquired a 49.95% stake in the former from its major shareholders, following the fulfillment of all regulatory approvals and conditions precedent. Through the deal, Al-Futtaim and Cenomi Retail will work to ramp up business activities through enhanced operations, accelerated digital transformation, expansion of its distribution network, and innovation to strengthen its competitive position.

Saudi Arabian start-up Tamara has secured an up to $2.4 billion financing package from backers including Goldman Sachs, Citi, and Apollo funds that will help the fintech company expand its credit and payment products, it said on Monday. The Shariah-compliant package will refinance and increase a previous $500 million facility, Tamara said in a statement. The deal includes an initial $1.4 billion, with a further $1 billion available for a three-year period pending further approvals.

Rihal, a leader in the region’s technology and data services sector, today announced the successful first close of its Series A funding round, targeting a total raise of $15 million. ITHCA Group led this initial close with an investment of $7.5 million, reaffirming their confidence in Rihal’s strategic direction and exceptional growth trajectory.

Rihal has demonstrated an impressive CAGR of 119% since its launch, expanding its operations and making a substantial impact across key industries, including government, logistics, telecom, and oil and gas.

Lendo, the debt crowdfunding platform, has agreed to a Murabaha financing facility worth SAR 187.5 million (USD 50 million) with Jadwa GCC Private Credit Fund.

HALA, Saudi Arabia’s leading fintech and provider of embedded financial services to micro, small and medium enterprises, has raised $157 million in a Series B investment round — officially one of the largest fintech Series B funding rounds in the Middle East. These funds will be utilised to strengthen HALA’s position in the Saudi market and offer more embedded financial services and lending products catered to support the growth of MSMES and Freelancers as well as to expand HALA’s presence regionally.

Amaani, a new-age consumer company reimagining beauty and wellness from the Middle East, has raised $3M in seed funding for its debut Arab beauty brand, AÏZA. The round was led by Peak XV’s Surge (formerly Sequoia Capital India & SEA), marking their first consumer and seed investment in the MENA region. Amaani plans to scale the brand across the region and globally, expand into retail, and launch additional brands celebrating Modern Arabia.

Sunset Hotels & Resorts, the lifestyle hotel division of Sunset Hospitality Group (SHG), is entering a decisive phase of its global growth strategy with a robust pipeline of openings across Europe and Asia. The acceleration plan is marked by the grand openings of four flagship properties: METT Barcelona in September and METT Singapore in October; followed by METT Milan in December and Casa METT Sitges in March 2026.

Saudi Arabia’s General Organization for Social Insurance (GOSI), the kingdom’s largest public pension fund, has signed a memorandum of understanding with Riyadh-based financial services app Tabby to widen access to credit for millions of beneficiaries.

Saudi Arabia-based fintech LDUN has raised a $4.8 million seed round led by Sadu Capital, with participation from Suhail Ventures and Nomu Angel Investment. LDUN focuses on offering factoring solutions to micro-small-and medium-sized enterprises (MSMEs). Its tech-driven platform facilitates trade credit between suppliers and retailers, aiming to improve purchasing power for business owners, enhance suppliers’ cash flows, and support the financial sector’s digital.

Saudi startup Oumla, specialising in digital asset infrastructure, has raised $2.4 million in seed funding led by Core Vision, with participation from Avalanche and a group of angel investors. Oumla provides custody and management solutions for digital assets to corporates, banks, and government entities, enabling blockchain network connectivity and offering a platform for the tokenisation of financial and real estate assets.

Spare, a fast-growing open banking infrastructure provider based in Riyadh, has raised USD 5 million in a pre-Series A funding round. The round was led by anb Seed Fund, the venture capital fund of ANB Capital —a subsidiary of Arab National Bank’s (ANB) investment arm and one of Saudi Arabia’s leading financial institutions. Other investors included Vision Ventures, SEEDRA Ventures, 500 Global, Boubyan Ventures, Middle East Venture Partners (MEVP).

Saudi Arabia’s Public Investment Fund-backed AviLease has partnered with Hassana Investment Co. to establish a new aircraft leasing joint venture, underscoring growing public-private collaboration in advancing the Kingdom’s aviation sector. Hassana, the investment manager of the General Organization for Social Insurance, will hold the majority stake in the venture. AviLease, which manages an aircraft portfolio worth over $7 billion, will act as the platform’s aircraft service provider.

Saudi Pharmaceutical Industries and Medical Appliances Corp. (SPIMACO) signed a Sharia-compliant credit facility agreement with Saudi National Bank (SNB) at a value of SAR 200 million. In a statement to Tadawul, the company said that the short-term facilities, obtained on Sept. 15, 2025, will be valid for nine months and will be used to finance its working capital.

First Milling Co. (First Mills) signed, on Sept. 15, a binding agreement to acquire 60% of Kenan Arabian Trading Co. for SAR 48 million. The transaction includes the transfer of ownership in accordance with the terms and conditions stipulated in the agreement.

Saudi Arabia is one of the most dynamic markets in the Middle East, New Zealand’s trade minister has claimed after deals valued at $100 million were signed by businesses from the two countries. Todd McClay spoke to Arab News during a visit to Riyadh where he led a delegation of 21 New Zealand businesses to promote trade and investment ties with the Kingdom.

The memorandums of understanding signed during the trip included those involving NIG Nutritionals and Al Dawaa Pharmacies, 26 Seasons and Qassim Strawberry & Fruit Cooperative Society, and Gallagher Animal Management and Al Tajweed.

These partnerships mark an important step in deepening New Zealand’s trade relationship with Saudi Arabia and across the Gulf region.

Fintologya, the Bahrain-based fintech infrastructure company, has secured USD 1 million in a seed funding round led by a Gulf holding company. This milestone enables the company to accelerate its mission of building secure, modular, cloud-native payment platforms that empower banks, fintechs, and financial institutions across the GCC and beyond.

ALEC Holdings, a market-leading diversified engineering and construction group, today announced its intention to list 20% of its share capital on the Dubai Financial Market (DFM) through an initial public offering (IPO). ALEC Holdings has its operations focused on large-scale, complex and iconic buildings and energy projects in the United Arab Emirates and the Saudi Arabia.

Duaya, a leading digital transformation company in the healthcare sector, acquired EXMGO, a provider of SaaS solutions for pharmacies and medical businesses, in a six-figure investment deal (value undisclosed). This strategic step represents a new milestone in advancing pharmacy digitization and strengthening e-commerce solutions in Egypt.