Gate Capital News Letter | Issue 729

Glenwood Private Equity (“Glenwood  PE”), a leading Korea-based investment firm, Mubadala Investment Company (“Mubadala”), an  Abu Dhabi-based global investor, and other co-investors announced the closing of their co-investment in NanoH2O Co., Ltd. (“NanoH2O” or “the Company”, formerly known as LG Water Solutions and a division of LG Chem, Ltd.). All closing conditions and regulatory approvals have been  met.

The Goldman Sachs Group today (December 2) announced that it has entered into an agreement to acquire Innovator Capital Management (Innovator), a pioneer of defined outcome ETFs (exchange-traded funds) for $2 billion. Innovator manages $28 billion of assets under supervision (AUS) across 159 defined outcome ETFs as of September 30, 2025, with capabilities to drive outcomes for clients across income, targeted buffer and growth strategies.

The Saudi Bahraini Investment Company (SBIC), a PIF company, has signed an agreement with Bahrain Mumtalakat Holding Company (Mumtalakat), the sovereign wealth fund of Bahrain, aimed at expanding opportunities of investment cooperation between the two parties.

The agreement aims to unlock new investment opportunities in Bahrain, subject to satisfying certain requirements, including performing the necessary due diligence, said a statement.

The UAE has launched the ‘AI for Development’ initiative, a US$1 billion programme to support AI projects in African countries. The initiative aims to enhance economic and social development by improving digital infrastructure, government services, and productivity.

COGNNA, the Saudi AI-led cybersecurity company, announced today that it has raised $9.2 million in a Series A funding round led by Impact46, co-led by BNVT Capital, with participation from Vision Ventures and Tali Ventures.

The new funding will accelerate COGNNA’s global expansion, support major investments in product development, sales growth, operations, and team hiring, and enhance the company’s AI capabilities. COGNNA aims to scale its Agentic SOC platform—designed to anticipate and defend against threats in real time rather than simply react to them.

UAE-based Mastiska has raised $10 million in a seed funding round, backed primarily by sovereign wealth funds in the GCC. The funding will support the development of data-centre-class inference accelerators and the establishment of a UAE-based fabless semiconductor company built on open-source technologies.

With the new capital, Mastiska aims to advance its technology stack and build sovereign AI hardware tailored to markets seeking independence from U.S. and Chinese supplier.

ABU DHABI – Abu Dhabi-based Zelo, formerly known as eFunder, said on Thursday it has received $715 million in capital from its parent, International Holding Company, to expand its financing services for small- and medium-sized businesses. Zelo provides small businesses and mid-tier suppliers with liquidity by converting approved invoices from government entities, large corporates and major regional businesses into working capital within 1 to 2 days.

Beyon Solutions, part of the Beyon Group, and Bahrain FinTech Bay have signed a MoU to collaborate on advancing cloud adoption and drive the next phase of digital transformation across the kingdom’s financial services sector.

Sohar International Bank SAOG announced receiving the in-principle approval of the Central Bank of Oman (CBO) to proceed with the acquisition of a majority stake in Saudi Arabia’s Neo Group Limited KSA.

Saudi Arabia’s Dr Soliman Abdulkader Fakeeh Hospital Company (DSFH) has signed a binding share purchase agreement to acquire 50.01% of equity stake in teleradiology and imaging services company Diagnostic Elite from Fakeeh Real Estate, for 70 million riyals ($18.7 million), with no profit to the seller.

Funch, the AI-native lunch subscription startup, has raised $500,000 in a pre-seed funding round led by Angelspark, with participation from prominent regional and global investors including Mostafa Kandil (Founder of Swvl), Mahesh Murthy, Tushar F., Hamed Mustafa, Rutvik Deepak, and others.

Red Sea International Co. signed a contract with Baker Hughes Saudi Arabian Co. Ltd. to design, manufacture, supply, and operate accommodation facilities in the Eastern Province. The project seeks to support oil and gas exploration activities in the region, Red Sea said in a statement to Tadawul, adding that the contract value stood at SAR 265.95 million.

Nesma Infrastructure & Technology (NIT) has signed a new contract with SEC (National Grid SA), valued at approximately SAR150 million (approximately $40 million), for the construction of two 380kV double-circuit overhead transmission lines.

Investcorp Capital PLC (the “Company” or “ICAP”), a company founded by Investcorp and listed on the Abu Dhabi Securities Exchange (ADX symbol: “ICAP”), today announced that it has successfully acquired a diversified portfolio of industrial assets for approximately $400 million.

The Middle East and North Africa (MENA) region is experiencing a rapid expansion of its fintech ecosystem, fueled by supportive government initiatives, rapid digital adoption, and continued capital inflows.

This growth has been driven by the region’s a young, tech-savvy population eager for more convenient financial services, a large unbanked and underbanking population, and strong government backing, particularly in the Gulf, to make fintech a core part of their economic diversification strategies.

First Milling Co. (First Mills) completed the acquisition of 60% of Kenan Arabian Trading Co.’s capital and transferred full ownership of the stake for SAR 48 million, according to a statement to Tadawul.

SHL Finance Co. obtained Shariah-compliant credit facilities totaling SAR 300 million from Alinma Bank. The facilities aim to support the company’s expansion plans and boost sales during the coming period through new financing offered to customers, in line with its strategy and future outlook.

Saudi Fisheries Co. (SFICO) shareholders approved the sale of a 51% stake in Al-Haridah Aquaculture Co., a wholly owned subsidiary, to Sara National Trading Co., during the ordinary general meeting (OGM) held on Nov. 30.