Gate Capital News Letter | Issue 730

BlackRock is open to partnering with sovereign wealth funds (SWFs) across the GCC to ramp up investments in Asia. The world’s largest asset manager has been active in India and China for more than a decade.

Ben Powell, Chief Strategist for Middle East and Asia Pacific at BlackRock Investment Institute, said the company was “very open minded” about co-investment opportunities with SWFs in the region.

Leading sovereign investor Mubadala and master-developer Aldar have launched a landmark joint venture to expand Al Maryah Island, thus unlocking the next phase of growth in the international financial district and further enhancing the Abu Dhabi’s global position as the ‘Capital of Capital.

With a gross development value exceeding AED60 billion ($16.3 billion), the north side of Al Maryah Island holds the final undeveloped bank of land, which spans almost 500,000 sqm.

Saudi Arabia’s Purity for Information Technology Co has renewed a Shariah-compliant banking facility worth SAR 10 million ($2.66 million). It will help the IT firm secure funds to cover operational obligations and execute current and future projects, among others.

The credit line with Gulf International Bank is valid until November 27, 2026.

It will help the IT firm secure funds to cover operational obligations and execute current and future projects, among others.

Abu Dhabi has launched a financial cluster, with a focus on FinTech, insurance, digital and alternative investment assets, amid plans for the emirate to attract more investment and diversify its economy away from oil.

Qatar has partnered with Canada’s Brookfield to establish a $20 billion joint venture aimed at building advanced artificial intelligence infrastructure and positioning the Gulf state as a regional hub for next-generation computing.

Impact46 announced today that it has led a $1 million investment round in Hypemasters, an international game development studio focused on competitive strategy experiences for mobile. The round included significant participation from GEM Capital.

Alpha Dhabi Holding and Abu Dhabi’s strategic investment arm Mubadala Investment Company’s joint venture has acquired a European direct-lending portfolio managed by US asset management firm Apollo Global Management, strengthening their credit investment platform. Apollo will continue to manage and grow the portfolio following the transaction, the two companies said on Tuesday in a joint statement to the Abu Dhabi Securities Exchange.

Investcorp Capital, an investor in private markets and a provider of capital and capital financing services in the alternative investments space, has announced that it has acquired Guardian Fire Services.

Saudi Arabia-listed Perfect Presentation for Commercial Services (2P) has renewed a banking deal for up to SAR 135 million ($35.99 million) in financing. Perfect requires new funds for issuing letters of guarantees, letters of credit and invoice financing, it said on Tuesday.

Byit Capital, the high-growth propTech platform headquartered in the UAE, has raised $1.1 million in strategic investment from A15, Beltone Holding, and angel investors, marking a pivotal milestone in its mission to standardise and scale real estate brokerage across the GCC.

Qadi, the Middle East’s first sovereign regulatory compliance platform, today emerged from stealth and announced its pre-seed funding round, led by Incubayt. Qadi’s platform turns local laws, regulations and policies into AI agents that can make compliance determinations.

Trendle, the parent company of MASAHA App, has announced the successful closure of its second Seed investment round at a valuation of $1.5 million. The round was supervised by Dr. Yaqoub Al-Sane’s Law Office and included participation from Fifty Studios Holding alongside a group of angel investors.

MASAHA is the first technology platform dedicated to modernising and transforming the tailoring sector through automation and artificial intelligence solutions, bringing digital innovation to one of the region’s most underserved traditional industries.

Türkiye’s leading digital asset platform, Paribu, today announced that it has acquired CoinMENA, the largest local crypto exchange in the Middle East and North Africa (MENA), in a transaction valuing the company at up to $240 million. Paribu to acquire CoinMENA, MENA’s largest local crypto exchange, in a transaction valued at up to $240 million.

Orascom Construction and OCI Global agreed to establish a joint Abu Dhabi-anchored infrastructure and investment platform with enhanced reach, diversification, and growth prospects. The combined entity will leverage the ADX-listed group’s execution capabilities, infrastructure expertise, concessions development experience, and strong pipeline of opportunities.

The Emirates Growth Fund (EGF), the UAE’s flagship AED 1billion growth equity platform, and Hub71, Abu Dhabi’s global tech ecosystem, have signed a strategic Memorandum of Understanding (MoU). The partnership is aimed at advancing the growth and competitiveness of small and medium enterprises (SMEs) and growth-stage companies within their respective portfolios

Kistos, an independent energy company, has signed a binding agreement to acquire a 5 per cent working interest in Block 9 and a 20% interest in Blocks 3 & 4 from Mitsui E&P Middle East, all located onshore in Oman.

Dubai Investment Real Estate, the wholly-owned real estate subsidiary of Dubai Investments, has launched a 1.3 billion UAE dirhams ($353.98 million) mixed-use development in Meydan Horizon.

The Tourism Development Fund (TDF), Saudi Arabia’s national tourism enabler, has announced 6 agreements and one Memorandum of Understanding “MoU” with government and private-sector partners.