Gate Capital News Letter | Issue 740

Skipr, the autonomous trust fabric for the age of AI, today announced the close of its $2 million seed funding round at a $10 million valuation. The funding supports the startup’s expansion from Hub71, Abu Dhabi’s global tech ecosystem, as it scales sovereign AI infrastructure for national and enterprise deployments.

Skipr is already working with telecommunications operators, AI and cybersecurity laboratories, and data centre partners to deploy autonomous, sovereign AI digital services at national and enterprise scale.

Arabian Mills Company for Food Products has signed two deals with a combined value of around SAR 71.2 million ($19 million) with Switzerland-based Bühler AG to execute strategic expansion projects at its facilities in Saudi Arabia.

The deals are in line with the Saudi-listed firm’s plans to significantly increase its production capacity for flour and feed, to meet growing market demand in the Kingdom.

CATRION Catering Holding Co. completed the acquisition of a 55% stake in Al Khalejiah Catering Co. (AKCC), after fulfilling all conditions set out in the agreement. In a statement to Tadawul, the company said it obtained all required regulatory approvals, including the clearance from the General Authority for Competition (GAC).

Since the acquisition was completed earlier than expected, the consolidation of financial results and the deal’s financial impact will be reflected in Q1 2026.

Saudi Arabia’s non-oil private sector remained firmly in expansion territory in February, supported by strong domestic demand and steady project approvals, according to the latest Riyad Bank Purchasing Managers’ Index.

A subsidiary of the Abu Dhabi-listed 2PointZero Group PJSC has acquired an undisclosed stake in the US-based health tech firm, Whoop, Inc. Whoop, which offers a subscription-based wearable platform, has raised more than $400 million since its 2005 launch from investors including SoftBank Vision Fund, IVP and GP Bullhound.

Saudi Holding Company for Conversion Industries (Tahweel Holding) has entered into a deal with leading petrochemical group Tasnee to acquire 100% of the share capital of its entity – Al Rowad Industrial Transformation Company (Target Company) for SAR700 million ($186.4 million).

Dubai-based cross-border crowdshipping startup Paquik closed an $85,000 pre-seed funding round in November 2025 from angel investors to operationalise and scale its asset-light logistics model. Paquik operates as a mobile app that connects individuals who need to send items internationally with verified travellers already heading to the same destination. By leveraging unused luggage space, the platform enables peer-to-peer cross-border deliveries supported by identity verification (KYC), secure escrow payments, ratings systems, and dispute resolution mechanisms.

Saudi Fisheries Co. (SFICO) reached an agreement with Sara National Trading Co. to extend the period for transferring the lease contract and licenses related to the sale of a 51% stake in Al-Haridah National Aquaculture Co. for two additional months, starting Feb. 26, according to a Tadawul statement.

Rimal Semiconductors, a Saudi chip design startup, has secured a bridge funding round from Keheilan Asset Management and an undisclosed regional investor as it looks to strengthen its position within the global semiconductor supply chain.

Qatar-based healthtech startup iQtech has closed its first investment round with backing from European assessment technology firm Selexi and deep-tech partner Yuniro to advance its XR-based (extended reality-based) medical simulation platform.

SAL Saudi Logistics Services Co. signed a sale and purchase agreement with Aviapartner Belgium NV and Aviapartner Holding NV to acquire 100% of their stake in Aviapartner Liège SA for SAR 123 million, on a cash- and debt-free basis.

Zurich Insurance has raised 3.9 billion Swiss francs ($5bn) in a share sale to partly finance the acquisition of Britain’s Beazley, it said on Tuesday, sending shares in the group down sharply.

Aluminium Bahrain (Alba), the world’s largest aluminium smelter at a single site, and AIP VII Europe Sarl., a wholly-owned subsidiary of AIP Fund VII, managed by American Industrial Partners, today (March 2) announced that they have entered into an exclusive agreement under which Alba will acquire 100% of Aluminium Dunkerque, the European Union’s largest primary aluminium smelter.

US financial services firm Cantor Fitzgerald sees the UAE energy sector having $11 billion in free cash flow and an up to 6 per cent dividend yield by 2030, as it begins its coverage of Adnoc’s listed entities.

New York-based Cantor assigned overweight price targets for the six listed Adnoc companies that, on average, are more than 30 per cent above their prevailing share prices

The future of the heavy construction equipment market in Saudi Arabia appears promising, driven by ongoing government initiatives and urbanisation trends. As the country continues to invest in mega projects and infrastructure development, the demand for advanced machinery – including excavators, bulldozers, cranes, loaders, dump trucks and compactors – is expected to rise, according to Research And Markets, a leading market data company.

National Industrialization Co. (Tasnee) signed on March 1 an agreement to sell its entire stake in Al-Rowad Industrial Transformation Co.to Tahweel Holding for SAR 700 million, subject to customary adjustments under the agreement.

Saudi Fisheries Co. (SFICO) reached an agreement with Sara National Trading Co. to extend the period for transferring the lease contract and licenses related to the sale of a 51% stake in Al-Haridah National Aquaculture Co. for two additional months, starting Feb. 26, according to a Tadawul statement.

Oman’s Ministry of Transport, Communications and Information Technology, in co-ordination with the Authority for Projects, Tenders and Local Content, has awarded contracts worth RO186.3 million ($483 million) for two key infrastructure development projects.