Gate Capital News Letter | Issue 748

Ladun Investment Co. was awarded two contracts under the Real Estate Balance Program – Phase One, in a consortium with Al-Ayuni Investment and Contracting Co., by the Royal Commission for Riyadh City (RCRC), both totaling SAR 2.4 billion (inclusive of VAT). This project includes the design, execution, and delivery of infrastructure works for the specified sites (Al Qirawan: 3.6 million sqm – Al Narjis: 87,000 sqm), in accordance with the highest technical and operational standards.

Saudi Arabia’s Dr Soliman Abdulkader Fakeeh Hospital Company (Fakeeh Care) has acquired Dr Mohammed Bin Rashed Al Faqih & Partners Company (Al Faqih & Partners) for a cash offer of 1.596 billion riyals ($425 million). The acquisition, which is subject to regulatory and additional approvals, will increase the group’s consolidated debt levels reflecting both acquisition financing and the assumption of the acquired company’s existing net debt

National Agricultural Development Co. (NADEC) signed a share purchase agreement with Anaam Saudi for Trading Co. to acquire its entire stake in the joint venture Al Raie National Livestock Co.

Upon completion of the transaction, NADEC’s ownership stake in Al Raie will increase to 100%.

A subsidiary of Abu Dhabi-based AI group G42 has secured a major US data centre deal in Minneapolis, strengthening the Emirati technology company’s push into the American artificial intelligence infrastructure market.

The UAE Ministry of Industry and Advanced Technology (MoIAT) has unlocked AED18 billion ($4.90 billion) in competitive financing for the industrial sector to help manufacturers scale their production.

The ministry signed memoranda of understanding (MoUs) with Mashreq Bank and Dubai Islamic Bank to provide AED10 billion over five years and AED2 billion, respectively, while Emirates Development Bank separately allocated AED6 billion, bringing the total to AED18 billion as part of its ongoing partnership with MoIAT.

Saudi Real Estate Company (Al Akaria) has renewed a credit facilities deal with Albilad Bank for financing worth up to SAR 600 million ($160 million). The Shariah-compliant financing, obtained through the real estate firm’s subsidiary, Binyah, will be used to support operational activities of the company. The fresh capital will also help finance future projects.

The deal was secured by a promissory note, subject to the bank’s terms and conditions.

Ajman Bank has entered into a strategic financing agreement with LIFEPharma, the pharmaceutical manufacturing arm of VPS Health, on the sidelines of Make it in the Emirates, at the IHC Pavilion. The agreement boosts the UAE’s push to scale local pharmaceutical manufacturing and strengthen domestic production capabilities.

Saudi digital health startup Metafare has closed its first funding round at $1 million, backed by Harmonics Ventures and a group of family offices, as it looks to scale its AI and virtual reality-powered healthcare platform.

Siin, the fastest-growing live shopping marketplace in MENA, today announced new funding, bringing its total capital raised to $3 million. The round was led by VentureSouq and Shift Group, with participation from Plus VC, Oqal, and other prominent regional investors including Suhail Al Gossaibi, Mussab Al Hakami, and Abdulla Al Hashmi. Siin enables users to buy and sell high-value goods through real-time livestreamed and gamified shopping experiences.

Khwarizmi Ventures announced today the launch of Khwarizmi Venture Capital Fund II, dedicated to backing ambitious founders building technology companies across the GCC market.  The fund successfully completed its first close in February, with signed commitments exceeding SAR 270M ($70M+) from institutional investors and leading Saudi family offices. Khwarizmi plans to deploy capital into its first initial investments in the coming period.

CredibleX today announced its Series A funding round led by Mubadala Investment Company, an Abu Dhabi sovereign wealth fund, with participation from existing investor Further Ventures as part of a broader $15 million equity raise. CredibleX is a UAE-based SME licensed lender specialising in providing small and medium-sized enterprises (SMEs) with fast access to working capital through its digital platform.

Spanish energy group Repsol has agreed to ​sell a ⁠49% stake in its largest ‌portfolio of renewable assets in Spain to the ​United Arab Emirates’ Masdar, newspaper Cinco Dias reported ​on Monday, citing unidentified ​sources familiar with the talks.

The investment arm of Etihad Water and Electricity has signed an agreement to construct a major desalination plant to boost water security in the utility’s Northern Emirates service network. The deal with NMDC Infra and Lantania Aguas for the Fujairah I independent water producer project, which will be located at the Port of Fujairah on the Gulf of Oman.

Madeed, a Saudi platform specialising in preventative personalised healthcare, has secured additional pre-seed funding from SEEDRA Ventures, Unity Investment Partners, and Seen Growth. This funding is part of the investment round previously announced by the platform, which also included Vision Ventures and a group of Saudi investors, including Mashhour Al-Dubayan, Mazen Al-Darrab, and Abdullah Elias.

Abu Dhabi’s Ta’ziz has signed global offtake and feedstock agreements worth $28.5 billion to support chemicals production in the UAE and boost industrial growth.

The flurry of sales agreements announced on Tuesday include deals with with Adnoc and Proman for methanol, Emirates Global Aluminium for caustic soda, and Mitsubishi Corporation for ethylene dichloride, vinyl chloride monomer and caustic soda, Ta’ziz said.

Khalda Company, a joint venture between the state-owned Egyptian General Petroleum Corporation (EGPC) and the US-based Apache Corporation, is planning to invest at least $1 billion in upstream projects in western Egypt including drilling more than 100 oil wells.

Alt Capital, a CMA-regulated private equity firm, announced the acquisition of a significant minority stake in Dkhoni, as part of its strategy to back high-potential consumer businesses in Saudi Arabia and the wider region.

Mubadala Investment Company, an Abu Dhabi-based global investor, today announced a significant minority investment in Power Factors, a leading renewable energy management suite (REMS) provider, alongside existing investor Vista Equity Partners.