Gate Capital News Letter | Issue 745

Shuaa Capital Saudi Arabia, a Capital Market Authority (CMA) licensed capital markets institution and a fully owned subsidiary of Shuaa Capital, has signed an agreement with Gate Capital Financial Services, an established financial advisory firm, to co-launch the first of its kind alternative investment fund dedicated to the consolidation of the fuel retail sector in the Kingdom of Saudi Arabia (KSA).

Saudi Energy Co. signed a definitive agreement to establish a strategic partnership with Kraken Technologies Ltd., a global company specializing in AI-powered digital operations solutions for the utilities sector. The deal includes the creation of a joint venture based in Riyadh, as well as Saudi Energy’s acquisition of a minority stake in Kraken Technologies.

Al Kuzama Trading Co. signed, on April 9, a sale and purchase agreement (SPA) to acquire 25% stake in Unique Food Catering Co. (a single-member LLC) for SAR 35 million. In a statement to Tadawul, the company said the agreement includes the usual terms, conditions and guarantees provided by each party as is customary in such transactions, including the completion of due diligence and the signing of final agreements between the parties.

Saudi Arabia’s Public Investment Fund (PIF) has approved its 2026-2030 strategy which focuses on transforming PIF’s portfolio of 13 strategic sectors into six integrated economic ecosystems, strengthening the linkages among them and creating a broader spectrum of partnership and investment opportunities for the private sector.

AD Ports Group, a leading global enabler of trade, industry and logistics solutions, has signed a framework agreement with the National Company Maritime Ports Administration, the administrator of the Port of Constanța in Romania, to explore strategic investment and development opportunities in the Black Sea’s largest port.

CE-Ventures, the corporate venture capital arm of Crescent Enterprises, on Tuesday announced that its portfolio company CrossBridge Bio has entered into a definitive agreement to be acquired by US pharmaceutical major Eli Lilly and Company.

Homegrown Ventures today announced the final close of Fund I, with a raise of over $22.8 million for its debut fund, exceeding its US$20 million target and positioning itself as the region’s first purpose-built venture capital firm focused on consumer packaged goods (CPG), fast-moving consumer goods (FMCG), and a new generation of locally built consumer brands.

Saudi proptech startup Jozo has announced the successful close of its SAR 8.3 million ($2.21 million) seed funding round, led by Sheikh Hamad Bin Saedan Real Estate Co. as a strategic partner.

Saudi Arabia’s sovereign wealth fund, the Public Investment Fund (PIF), is increasing its investment in electric car maker Lucid Group. A long-term strategic investor, the fund’s subsidiary, Ayar Third Investment Company, is purchasing $550 million of Lucid’s convertible preferred stock.

DIAFA, the Abu Dhabi–based luxury & hospitality investment platform and IHC Group affiliate, today (April 11) announced the completion of a majority investment in the hospitality portfolio of Richard Caring, one of the most influential figures in the global restaurant industry.

Startup Sync, the integrated entrepreneurship platform operating in both Egypt and Saudi Arabia, has successfully facilitated the acquisition of Egyptian startup Cyclex by Edafa Venture, one of the leading venture capital firms in both countries.

Falak Holding announced its acquisition of a majority stake in Kernel, including its branches in Saudi Arabia and Jordan. Kernel specialises in developing AI solutions and applications, in a strategic move aimed at strengthening Falak’s presence in advanced technologies and expanding its capabilities in the artificial intelligence sector.

Saudi fintech startup AVA has secured an undisclosed strategic investment from Plug and Play Middle East, following its successful participation in the Plug and Play Fintech Accelerator Programme.

Oman’s OQ Exploration and Production S.A.O.G. (OQEP) has revealed plans to acquire Mitsui E&P Middle East B.V.’s (MEPME) 35% interest in Block 27, valued at 28.8 million rials ($75 million).

Brazilian state-run oil ⁠firm Petrobras is in initial direct negotiations with ‌Abu Dhabi’s Mubadala sovereign wealth fund to repurchase the Mataripe refinery ​in Brazil. A deal could be inked by ​the ‌end of this ⁠year, the ⁠sources said. Mataripe is Brazil’s second largest refinery, but is operating ​at only around 60% of capacity, ‌while Petrobras’ plants are operating at ⁠their limit in order to boost local production, one source said.

Payment orchestration firm PayTabs has acquired full ownership of UAE contactless payment technology provider TAPn’GO. The PayTabs TAPnGO acquisition integrates smartphone based payment capabilities directly into the company’s primary merchant application.

Qatar-based super app Snoonu has announced the launch of Snoonu Startup Factory, a new initiative aimed at supporting early-stage founders and accelerating startup growth across Qatar and the wider region.

Egyptian fintech startup INVIA has raised $1.2 million from angel investors and strategic supporters to scale its AI-powered financial operating system for small and medium-sized enterprises.