Gate Capital News Letter | Issue 721

PureHealth Holding, a leading healthcare group in the Middle East, today (October 7) announced the successful completion of the acquisition of its 60% stake in Hellenic Healthcare Group (HHG), Greece and Cyprus’s leading private healthcare provider, for a total consideration of €800 million ($939 million). The transaction implies a 100% equity valuation of €1.3 billion for HHG.

Abu Dhabi investment company Multiply Group has signed an agreement to acquire a majority stake in Italy’s ISEM Packaging Group. On completion, Multiply Group will hold 60.8 per cent of ISEM, while Peninsula Capital and minority investors will own the remaining 39.2 per cent, Multiply said on Wednesday in a filing to the Abu Dhabi Securities Exchange, where its shares trade. The value of the transaction was not disclosed.

Abu Dhabi investment firm Lunate and alternative asset manager Blackstone plan to invest in logistics assets across the GCC through a new platform called the Gulf Logistics Infrastructure Development Enterprise (GLIDE).

Targeting $5 billion in high-quality warehouse assets, the companies seek to accelerate the development of logistics infrastructure in the GCC, focusing on greenfield developments, selective portfolio acquisitions and sale‑and‑leaseback transactions.

The UAE has launched a nationwide entrepreneurship initiative to strengthen its position as a leading global startup destination.

Aramco has advanced its strategic downstream expansion with the acquisition of an additional 22.5 per cent stake in Rabigh Refining and Petrochemical Company (Petro Rabigh) from Sumitomo Chemical Corporation (Sumitomo) for $702 million (SAR7 per share).

Aramco is now Petro Rabigh’s largest shareholder with an equity stake of approximately 60 per cent, while Sumitomo retains an equity stake of 15 per cent.

DP World has announced plans to develop a cold storage facility in Egypt with an investment of $29m (approximately EGP1.42bn).

The project follows the company’s acquisition of land within Elsewedy Industrial Development Park, located in Al Oula Industrial City, and comes amid growing demand for modern, energy-efficient storage solutions across the agri-export and frozen food manufacturing sectors.

Abu Dhabi’s artificial intelligence investment platform MGX has participated in a $6.6 billion secondary share sale in OpenAI, marking one of the largest private transactions in the AI sector this year and setting the ChatGPT-maker’s valuation at around $500 billion, according to Reuters. The deal enables OpenAI employees and early investors to monetise part of their holdings. It does not bring in new capital for the company’s operations.

Startups and investors across the Middle East and North Africa announced a wave of new deals this week, spanning artificial intelligence, fintech, property tech, agricultural tech and venture funding, underscoring growing capital flows and innovation momentum.

Tagaddod, the tech-powered renewable feedstocks platform operating across Africa, Asia, and Europe, is proud to announce the successful close of its $26.3 million Series A funding round, led by The Arab  Energy Fund (TAEF).

Engagesoft, the KSA-based, AI-powered platform for employee engagement and organizational effectiveness, has raised a $3.5 million Pre-Series A round led by Silicon Badia. The investment will accelerate Engagesoft’s AI-driven roadmap.

Nuxera AI, a Saudi health-tech startup, has secured $2.5 million in pre-seed investment from Sanabil Venture Studio by Redesign Health. This new funding will accelerate the company’s mission to transform clinical workflows.

Penspen, an engineering and energy services consultancy, has announced record performance in the Middle East & Africa (Mena), securing project management consultancy and engineering contracts worth more than $400 million so far this year.

Al-Babtain Power and Telecommunication Co. signed on Oct. 3 a binding share purchase agreement (SPA) with Metalogalva-Irmãos Silva to acquire its 40% stake (8,520 shares) in Al-Babtain Metalogalva Ltd. for SAR 8.52 million.

Edarat Communication and Information Technology Co.’s board of directors approved the acquisition of a 40% stake in National Excellence Co. for Data Centers by subscribing to a capital increase of SAR 400,000, the company said in a statement to Tadawul.

Optasia, a Dubai-based fintech company partly owned by Ethos Capital, announced its plans to list on South Africa’s Johannesburg Stock Exchange (JSE) and raise up to 6.3 billion rand (US$375 million) through a combination of new and existing shares.

According to Reuters, the company will raise around 1.3 billion rand through an initial public offering (IPO) and conduct a private placement of at least 5 billion rand for existing shareholders, it said in a statement.

SoftBank Group has agreed to buy the robotics business of Swiss engineering group ABB in a $5.4 billion deal, as the Japanese investor forges ahead with a strategy to fuse robotics and artificial intelligence.

EMMA Systems, an AI-driven SaaS platform that unifies real-time operational data across airports, airlines, and aviation stakeholders to drive efficiency, predictability, and sustainability, announced today, an investment by Plus VC, MENA’s most active VC.

Touché Privé, the fast-growing modest fashion brand redefining modern design and self-expression for women globally, has secured a USD 5 million growth investment from Amplify Growth Partnership (Amplify Growth).