Gate Capital News Letter | Issue 741

UAE-based Shorooq has participated in a $1.03 billion funding round for French artificial intelligence (AI) startup AMI Labs, founded by former Meta chief AI scientist Yann LeCun.

The new investment, which also drew support from heavyweights like Nvidia, Temasek and Mark Cuban, brings the startup’s valuation to around $4.5 billion.

TruDoc Healthcare, the GCC’s premier virtual-first, full-stack healthcare platform, today announced the successful closure of a $15 million pre-Series B funding round.

The round saw significant participation from the Al Nahyan family and the Al-Ketbi family, alongside continued support from existing investor Pulsar Capital.

Muhlah Zamaniyah for Finance, operating under the brand Muhlah, a Saudi fintech-enabled consumer microfinance company licensed by the Saudi Central Bank (SAMA), announced the closing of its Seed investment round totalling SAR 28.25 million ($7.5 million).

Global and local investors have committed $3 billion to support a massive, metro-connected mixed-use development in Saudi Arabia’s King Salman Park. The development, with a built-up area of one million square metres, will include 3,700 residential units, Grade A office space and a 300-room hotel, among others. It is directly adjacent to the King Salman Park Metro Station

IHC subsidiary Judan Financial has acquired a 50.1% stake in Alpha Wave Global, a US-based investment management firm.

The deal is expected to provide the Abu Dhabi-based financial services firm and its parent company with a significant foothold in the US market, including accelerating growth, strengthening institutional partnerships and unlocking new opportunities for investors.

Investcorp, a global alternative investment firm, has announced that its GP staking arm, Investcorp Strategic Capital Group (ISCG), has closed on commitments of over $1.25 billion to Investcorp Strategic Capital Partners II and associated vehicles (together, ISCP II).

This is inclusive of $1.1 billion of fund commitments and an additional $155 million of committed co-investment capital, it said.

Abu Dhabi-based investment firm 2PointZero Group said it has completed the acquisition of a 60.8 per cent stake in Italy’s ISEM Packaging Group for Dhs704m ($192m), expanding into the global packaging sector.

The deal was completed through a combination of primary and secondary capital, the company said. Private equity firm Peninsula Capital and other minority investors will retain the remaining 39.2 per cent stake in the business.

Qatar Investment Authority (QIA) has participated in a $500m financing round for Vast, a California-based company developing next-generation commercial space stations.

The financing consists of $300m in Series A equity and $200m in debt, Vast announced on Thursday.

Fawry has activated its partnership with Erada Finance, a microfinance and SME-focused company, to streamline the financing process in Egypt. The collaboration allows beneficiaries to access their funds through Fawry’s nationwide branch network.

Converted, a company specializing in AI-powered advertising technology for emerging markets, has announced the acquisition of Mitcha, one of Egypt’s leading e-commerce platforms dedicated to supporting local designers.

Saudi-based International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, signed a $1 billion framework agreement with Mauritania covering the 2026–2030 period to strengthen cooperation and support the country’s economic development priorities through strategic trade finance and capacity-building initiatives.

The Abu Dhabi Investment Authority (ADIA) is backing a new real estate secondaries platform by Ardian, a French-based private investment firm.

The Abu Dhabi sovereign wealth fund is acting through a wholly owned subsidiary, and financial details of the investment have not been disclosed.

Shalfa Facilities Management Co. signed on March 10 a Shariah-compliant credit facilities agreement with Saudi Awwal Bank (SAB) to support its operational activities and finance future projects.

German building materials giant Knauf International GmbH has secured the green light for its partial takeover of Saudi-based United Mining Industries Company (UMI). The deal to acquire 63.2% stake in UMI for SAR 504.49 million ($134.5 million) received a non-objection certificate from the General Authority for Competition (GAC).

Saudi Arabia is undergoing a profound structural transformation aimed at diversifying its economy away from oil and positioning the kingdom as a hub for startups and international businesses.

This shift is being driven by Vision 2030, a development plan that couples bold regulatory reforms with sovereign-backed capital, a new guide produced by the Saudi Ministry of Investment in collaboration with Invest Saudi, the country’s nation-wide investment brand, says.

In just seven years, Saudi Arabia’s cinema industry has transformed from a near-dormant sector into a rapidly growing entertainment market, marked by a significant increase in the number of screens and film production.

A subsidiary of Egypt’s Talaat Moustafa Group (TMG), together with CI Capital, has established a new real estate investment trust (REIT) with a capital of 8 billion Egyptian pounds ($154 million).

AKCEL Holding, a Dubai-based diversified conglomerate, has signed a strategic development agreement with XRange Golf Entertainment to develop a network of next-generation golf entertainment venues across the UAE, in a project valued at more than AED1 billion ($272.2 million).