Gate Capital News Letter | Issue 722

Multiply Group, the Abu Dhabi-based investment holding company, will acquire 2PointZero and Ghitha Holding through a share swap transaction, to create a 120 billion UAE dirham ($32.6 billion) enterprise.

The move will see Multiply Group issue approximately 23.36 billion new shares to acquire the two entities, increasing its share capital from AED 2.8 billion to AED 8.64 billion.

The UAE’s National Central Cooling Company, also known as Tabreed, and Netherlands-based fund CVC DIF have completed the acquisition of Abu Dhabi’s PAL Cooling from Multiply Group after regulatory approval, as it seeks to strengthen its long-term, concession-backed business model.

The transaction, with an equity value of Dh3.87 billion ($1.1 billion).

Investcorp Capital (ICAP), listed on the Abu Dhabi Securities Exchange (ADX), has committed to invest in $750 million Investcorp Golden Horizon platform, a pre-IPO growth initiative. The Investcorp managed platform, which is anchored by the China Investment Corporation, focuses mainly on investing in the GCC region through the Investcorp Saudi Pre-IPO Growth vehicle. The platform has secured commitments from several institutional investors and LPs, including the Jada Fund of Funds, a subsidiary of Saudi Arabia’s Public Investment Fund, along with the Silk Road Fund, and Bank of China, among others from the GCC, Asia, and China

Startup investment in the Middle East and North Africa surged to $4.5 billion in the third quarter of 2025, marking a 523 percent quarter-on-quarter increase, according to data from Wamda and Digital Digest.

Arcapita Group Holdings Limited, a global alternative investment firm, today announced the exit of ARC US Industrial Portfolio VI, a Class A industrial distribution facility in Dallas-Fort Worth, Texas, and fully leased to Federal Express Corporation (FedEx), under a long-term triple net lease. The asset was acquired by Ares Management, a leading global alternative investment manager.

Dubai-based Dubizzle Group Holdings, which operates classifieds platforms, plans to offer a 30.34% stake through an initial public offering (IPO) on the Dubai Financial Market (DFM). The offering will comprise 1.25 billion ordinary shares, including 196.1 million new shares and 1.05 billion existing shares to be sold by the current shareholders.

Algeria’s Sonatrach and Saudi company Midad Energy North Africa have signed a production-sharing hydrocarbon contract for the exploration and exploitation of hydrocarbons on the contractual perimeter of Illizi South, located nearly 100 km south of In Amenas. The investment under the contract is estimated at $5.4 billion, including $288 million allocated for exploration work, with Midad Energy financing 100% of the project.

Al Marjea for Professional Services Closed Joint Stock Company (CAM), a Saudi-based provider of Sharia compliance support services, has announced acquisition of Shariyah Review Bureau (SRB), a top-tier international provider of Sharia assurance services licensed by the Central Bank of Bahrain.

UAE-based legaltech startup Oqood has raised $1 million in seed funding from a group of angel investors, marking a key milestone in the company’s mission to accelerate digital transformation in the legal sector.

PAYDAY, a Tunisian fintech and insurtech startup, has announced the closing of its first pre-seed financing round led by UGFS North Africa (United Gulf Financial Services), with participation from TALYS Group and BioProtection SA.

Casablanca, Morocco: Chari, the YC-backed startup founded in 2020 by husband-and-wife duo Ismael Belkhayat (ex-BCG) and Sophia Alj (ex-McKinsey), has closed a $12M Series A round—the largest Series A ever raised in Morocco.  Several high-profile business angels joined the round.

Al Mal Capital REIT (AMCREIT), listed on the Dubai Financial Market (DFM) and a subsidiary of Dubai Investments, has acquired NMC Royal Hospital in Dubai Investments Park (DIP). Financial details of the transaction have not been disclosed.

ASF has agreed to sell a majority stake in its coatings business to private equity firm Carlyle and the Qatar Investment Authority, valuing the unit at 7.7 billion euros ($8.91 billion).

Abu Dhabi state oil firm ADNOC is set to secure EU approval for its 14.7-billion-euro ($17 billion) bid for German chemicals company Covestro, with EU regulators likely to seek tweaks to remedies provided earlier this month.

Dubai International Financial Centre (DIFC) and Partners for Growth (PFG), a global specialty credit manager providing tailored, asset-backed lending solutions to high-growth technology companies, have announced a strategic partnership to support and scale the next generation of high-growth companies across Dubai and the GCC.

Al Baraka Bank Egypt has signed a new agreement with the Micro, Small, and Medium Enterprises Development Agency (MSMEDA) to receive EGP 200 million over more than three years.

Intelligent Oud Trading Co. (iOud) signed today, Oct. 15, a final acquisition agreement with the owners of Thannah Trading Co. to acquire 100% of the latter’s capital for SAR 59.47 million.

Saudi Arabia’s Export-Import Bank signed an accession agreement with International Finance Corp., a member of the World Bank Group, to help local exporters tap new international markets.