Gate Capital News Letter | Issue 742

East Pipes Integrated Company for Industry received a letter dated March 24, regarding the completion of the ownership transfer of 6.93 million shares in the company, representing 22% of its total share capital, from Welspun Mauritius Holdings Ltd (the seller) to Welspun Pipes Inc USA (the buyer), a wholly owned subsidiary of Welspun Corp Limited.

Welspun Pipes is a wholly owned subsidiary of Welspun Corp Limited.

Qomel Co. signed, on March 16, an agreement with Mohammed Al-Mutairi the owner of the company’s share capital to acquire a 75% stake in Kan Medical Co., a limited liability sole proprietorship, for a value of SAR 3 million.

The transaction comes to achieve the company’s strategic objectives aimed at strengthening its presence in the medical devices sector, as well as expanding Qomel business base by leveraging the growing opportunities in the sector in line with the company’s strategic plans.

Arabian Internet and Communications Services Company, also known as Solutions by STC, has signed a one‑year contract valued at 1.39 billion ($37 million) with Saudi Aramco for the Upstream Supercomputers Project.

The project will develop high-performance computing infrastructure to bolster Saudi Aramco’s digital capabilities in areas such as oil and gas exploration and reservoir analysis.

Saudi Arabia moved into the ranks of the world’s top 10 investors in renewable energy for the first time in 2025 as the world’s dominant oil exporter pushed ahead with plans to expand the share of renewables to 50 percent of its total energy use.

National Gas and Industrialization Holding Co. (GASCO) signed an equity interest purchase agreement with the owner of JACKO Gases to acquire a 50% stake in the limited liability company, following a 100% capital increase.

Abu Dhabi National Oil Company (Adnoc) and OMV Aktiengesellschaft (OMV) have announced strong progress towards the formation of Borouge Group International, including the signing of an asset usage agreement for the Borouge 4 (B4), an integrated polyolefins production complex in Abu Dhabi.

Phoenix Venture Partners Limited (“PVP”) announced today the successful third closing of its inaugural fund, Phoenix Venture Partners Innovation Fund CEIC Limited (“PVPIF”), effective 13 March 2026. The closing brings new investors from the United States, France, Saudi Arabia, Kuwait, and the United Arab Emirates, reflecting a diverse group of institutional investors, single-family offices, and high-net-worth individuals. This milestone further broadens PVP’s global network and highlights the growing interest in innovation‑led opportunities across the GCC and MENA region.

Dubai Aerospace Enterprise (DAE) has obtained new $2.8bn revolving credit facilities, enhancing liquidity and extending funding maturities. Replacing a previous $1.4bn arrangement, the facilities mature in 2031, increasing DAE’s total revolving credit capacity to $4bn.

Egypt’s The Waterway Developments plans to establish a real estate investment fund worth 10 billion Egyptian pounds ($190.2 million) in the first half of this year to help finance its project spending, CEO Hossam Hassan told Asharq.

Kuwait-listed Heavy Engineering Industries & Shipbuilding Co. (HEISCO) said on Wednesday that it has signed a contract worth 57.2 million Kuwaiti dinars ($186.6 million) with the Ministry of Electricity, Water and Renewable Energy (MEWRE) for works related to the Al-Khairan and Al Zour power plants.

Saudi-based edtech startup GAGA has raised $2.5 million in a pre-Series A funding round led by Phoenix Venture Partners, with participation from family offices and individual investors. Founded in 2021 by Abdullah Alkharsani and Eyad Alshabaan, GAGA offers live, interactive online education for students aged 4–18, with over 1,000 programmes across 200 subjects.

Dubai-based AriseIIP plans to invest more than $3 billion in Kenya over the next five years, ​an executive director at the African infrastructure developer told Reuters. AriseIIP is owned by Afreximbank’s private equity arm (FEDA), the Africa Finance Corporation, Saudi Arabia’s Vision Invest and UAE-based Equitane Group.

UAE-based blockchain infrastructure startup Utexo has successfully closed a $7.5 million seed funding round led by Tether, with participation from Big Brain Holdings, Portal Ventures, Franklin Templeton, Maven11 Capital, and Fulgur Ventures.

The investment aims to accelerate Utexo’s mission of enabling direct stablecoin payment processing across the Bitcoin network, particularly for USDT transactions, while simplifying integration for financial institutions and payment providers.

Global utility major Acwa Power has announced that it has successfully completed the acquisition of the entire 32% stake of Water and Electricity Holding Company (Badeel) in the Shuaibah Water and Electricity Company – through its key unit Alwaha Projects Company.

This comes following regulatory approvals and after shareholder and lender consents have been satisfied, said Acwa Power in it filing to Saudi bourse tadawul.

Startups across the Middle East and North Africa continue to attract investor interest and pursue strategic expansion, with fresh funding rounds, acquisitions, and new market entries highlighting sustained momentum across artificial intelligence, fintech, and digital infrastructure.

Abu Dhabi conglomerate International Holding Company (IHC) is set to proceed with the plan to buy back shares for up to AED 5 billion ($1.36 billion). The buyback proposal obtained the approval of shareholders at the Annual General Assembly on Monday, March 16.

Mubadala Investment Company, an Abu Dhabi-based global investor, has announced that it has entered into a definitive agreement to sell its minority stake in CoolIT Systems, a global leader in liquid data centre cooling, to Ecolab as part of a transaction valued at $4.75 billion led by KKR.

Saudi-based quick-delivery startup Ninja is evaluating an initial public offering (IPO) in Riyadh, as it looks to capitalise on strong growth and increasing investor interest in the Kingdom’s technology sector. Founded in 2022, Ninja raised $250 million in 2025 led by Riyad Capital, reaching a $1.5 billion valuation and joining Saudi Arabia’s growing pool of tech unicorns.