Gate Capital News Letter | Issue 749

Investment Corporation of Dubai, the primary investment arm of the Dubai government, has transferred its entire stake in Emaar Properties to a wholly-owned subsidiary of Dubai Holding.

Following the completion of the deal, Dubai Holding’s stake in Emaar has increased to nearly a third, or 29.73%.

The transaction marks a strategic reshuffling of state assets between two major investment entities in the emirate. Dubai Holding has a diverse portfolio in hospitality, retail and technology.

Abu Dhabi sovereign investor Mubadala is investing $325 million in the world’s largest offshore wind farm, Orsted’s Hornsea 3 project located off the Norfolk coast in the UK.

Mubadala’s investment is part of a consortium led by Apollo-managed funds, which includes the UK pension fund USS and Canada’s La Caisse.

The investment follows Apollo Funds’ acquisition of a 50% stake in the joint venture holding Hornsea 3.

Aumet, the AI-first procurement operating system for healthcare, today announced the successful close of a $12 million funding milestone, marking a major step in its journey to transform healthcare supply chains across emerging markets and globally.

Founded by Yahya Aqel (CEO & Co-founder) and Adel Haddad (Co-founder), Aumet is building the foundational infrastructure layer that powers procurement, inventory, and decision-making across the healthcare ecosystem.

Abu Dhabi has launched Dh55 billion ($15 billion) worth of public-private partnership projects to boost major development in the transport, infrastructure and social sectors.

Stream, the Riyadh-born payments and billing platform, has announced a $5.2 million seed extension. This comes less than six months after closing its initial seed round, bringing total seed funding to $9.2 million. The round was led by BECO Capital, with participation from STV, Flourish Ventures, and Arab Bank, alongside existing investors Outliers and BYLD.

Riyad Capital, one of Saudi Arabia’s largest asset managers and a leading company in real estate investment, has signed an agreement to establish a $400 million (SAR1.5 billion) real estate fund in partnership with  Princess Munira bint Abdullah bin Faisal Al Saud and Naif AlRajhi Investment Company.

GFH Bank (GFH) has announced its participation as an anchor investor in the combined initial public offering (IPO) of Pershing Square and Pershing Square USA, a landmark dual listing on the New York Stock Exchange led by renowned investor Bill Ackman.

Pershing Square, founded in 2003 by Bill Ackman, is one of the most recognised investment management firms globally, with approximately $36 billion in assets under management, $26 billion of fee-paying AUM, and 98% permanent capital along with 100% fee-related earnings.

Saudi Research and Marketing Group (SRMG) announced that its wholly owned subsidiary, Arab Media Co., has entered on May 11, into an agreement with the other shareholders of Thmanyah Publishing and Distribution Co. to increase its stake in the company from 51% to 75%.

Middle East trucking platform TruKKer has secured a securitisation facility for financing of up to $300 million from Abu Dhabi Commercial Bank (ADCB).

Funds raised from the deal – a cross-border, Sharia-compliant asset-backed structure – will be used to finance the company’s expansion in the region.

Jamjoom Pharmaceutical Factory said its Algerian joint venture, Jamjoom Algeria Lil Dawa, has obtained SAR 110.7 million ($29.5 million) in short-term loan and letter of credit facilities from Societe Generale Algeria and Al Baraka Bank Algeria.

Snoonu has announced its investment in HASIF, a Qatari startup specialising in smart accounting and financial compliance solutions for SMEs, as part of the Snoonu Startup Factory initiative aimed at empowering entrepreneurs and accelerating innovation in Qatar.

GFH Bank, formerly GFH Financial Group, has proposed to acquire an additional stake in Seef Properties, a Bahrain-based real estate development and commercial centres management firm. A current shareholder of Seef with a nearly 30% stake, GFH said on Tuesday that it has approached the board of the property firm with a proposal for a “voluntary takeover” for some of the issued shares.

Egypt’s Alkan Holding will invest 11 billion Egyptian pounds ($208 million) to build three new hotels in the Citadel area of Historic Cairo, the company chairman said. The company had disclosed earlier that the mixed-use project, which will overlook the Citadel of Saladin, will include approximately 550 hotel rooms and 70 serviced apartments.

Phoenix Group, an IHC portfolio company and global digital infrastructure operator, today announced a strategic partnership with DC Max to develop its first European AI data centre, an 18MW facility in Lyon, France.

DUBAI – BlackRock’s GIP has partnered with Singapore’s Temasek and Abu Dhabi’s newest ​wealth fund L’IMAD and ⁠state oil firm ADNOC to launch an infrastructure partnership targeting $30 billion of investment ‌across the Gulf and Central Asia, the companies said in a joint statement on Thursday.

Dubai Taxi Company (DTC), a leading provider of comprehensive mobility solutions in Dubai, on Wednesday announced that it has entered into a Sales and Purchase Agreement (SPA) to acquire 100% of the share capital of National Taxi, one of the UAE’s established taxi operators with operations in Dubai, Abu Dhabi, and Al Ain for a total enterprise value of AED1.45 billion ($394.83 million).

Lyrie.ai, the autonomous cybersecurity platform developed by OTT Cybersecurity LLC, has announced the completion of a $2 million pre-seed funding round alongside its official exit from stealth mode. The company said the funding will support continued platform development, expansion of its cybersecurity research team, and the operational rollout of the Agent Trust Protocol (ATP) across its platform and partner ecosystem.

Stitch, the operating system built for modern financial institutions, today announced it has raised $25 million in Series A funding led by Andreessen Horowitz (a16z). The investment marks a16z’s first in the GCC and brings Stitch’s total funding to $35 million. In addition to a16z, existing investors Arbor Ventures, COTU Ventures, Raed Ventures, and SVC also participated in the round.