Gate Capital News Letter | Issue 761

AD Ports Group today announced that it has received a notification from L’IMAD Holding Company of its intention to submit a voluntary conditional cash offer, through its wholly owned subsidiary Abu Dhabi Developmental Holding Company PJSC (ADQ), to acquire up to 100% of the issued and paid-up share capital of Abu Dhabi Ports Company (AD Ports Group) not already held by ADQ.

Saudi Aramco and Saudi Arabian Mining Co. (Maaden) today, Aug. 18, announced the signing of a shareholders’ agreement to form a joint venture to unlock new opportunities in mineral exploration and hard-rock mining in the Kingdom.

The JV will focus on copper and other minerals critical to the energy transition, the companies said in a joint statement.

BinDawood Holding Co. said it completed procedures to acquire 51% of UAE-based Wonder Bakery LLC and the consideration will be paid as agreed under the sale and purchase agreement (SPA), according to a statement to Tadawul.

The regulatory measures related to the ownership transfer were also finalized, the statement added.

The total value of the acquisition amounted to AED 114.8 million, adjusted in accordance with the SPA.

National Bank of Fujairah (NBF) has signed a Memorandum of Understanding with Numou, a UAE-based digital financing marketplace and subsidiary of ADGM.

The partnership aims to connect SMEs across the UAE with tailored financing solutions, covering areas such as account opening, guarantees, working capital, invoice financing and trade finance.

Saudi Arabian Mining Co. (Maaden) subsidiary, Maaden Integrated Fertilizer Co., and SABIC Agri-Nutrients Co. (SABIC AN) signed on Aug. 17 a memorandum of understanding (MoU) to evaluate and explore cooperation and joint investment opportunities.

Saudi Arabia-based investment firm Pinnacle has launched a venture capital-focused fund targeting growth-stage companies and secondary investment opportunities in the Kingdom. The fund will invest through both primary funding rounds and secondary transactions.

Qatar Investment Authority (QIA) has invested in a shariah-compliant public equity fund managed by Lesha Bank.

While the size of the investment was not disclosed, the move comes as part of the sovereign wealth fund’s Active Asset Management Initiative.

The fund seeks capital growth and income through investments in a diversified portfolio of shares included in the QE Al Rayan Islamic Index and shariah-compliant constituents of the QE All Share Index.

Diriyah Company has signed a SAR2 billion ($533 million) financing agreement with Arab National Bank to support the development of branded residences within Diriyah, its flagship project to transform an ancient city near Riyadh.

Nofoth Food Products Co. signed a share purchase agreement (SPA) on Aug. 18 with the shareholders of Plenty Food Co. LLC to acquire a 65% stake in the company. The deal involves a fixed consideration of SAR 52.70 million, plus a contingent consideration of up to SAR 3.25 million, bringing the maximum total to SAR 55.95 million.

HeyBreez, the operational layer for enterprise voice AI, announces an oversubscribed $2.5 million seed fundraise.  The raise was led by Lunara Partners – a multi-stage investment firm investing in tech & tech-enabled businesses, chiefly across the MENA region.

Investment advisory firm Exits MENA is acquiring 100% of Avanz Capital Egypt (ACE), a private equity and asset management company. The company has already signed a deal for the acquisition, in partnership with the local management of ACE. The financial value of the transaction has not been disclosed.

Abu Dhabi Islamic Bank (ADIB) has provided a £27 million ($36.5 million) five-year Shariah-compliant financing facility to Bahrain-based investment firm Blacksand Company B.S.C to support the acquisition and financing of a logistics warehouse in Glasgow, Scotland.

The transaction marks the third financing arrangement between ADIB and Blacksand.

The financing is backed by a 620,090-square-foot warehouse that serves as a regional distribution hub for UK supermarket chain Morrisons.

Jamjoom Pharmaceuticals Factory Co. (Jamjoom Pharma) completed on Aug. 16, its acquisition of a pharmaceutical manufacturing facility located in King Abdullah Economic City, Saudi Arabia, from Pfizer Saudi Limited, the company announced yesterday.

Bahri Logistics, a unit of Saudi national shipping company Bahri, has signed a MoU with Red Sea Global, the developer behind regenerative tourism destinations – The Red Sea and Amaala – to expand the existing partnership between the two organisations and also explore new opportunities for strategic logistics collaboration.

SAB Invest, a leading investment firm in Saudi Arabia and a unit of Saudi Awwal Bank (SAB), has announced the launch of a new open-ended, shariah-compliant public fund designed to provide investors with access to a concentrated portfolio of exceptional global companies expected to benefit from long-term structural growth trends, supporting Saudi Vision 2030’s goals to strengthen and diversify the financial sector.

Investcorp, the Bahrain-based global alternative investment firm, has acquired 20Cube 3PL Solutions, a digital-first contract logistics platform in India, for approximately 5 billion Indian rupees ($58 million), as it seeks to expand its exposure to the country’s fast-growing logistics sector.

Tax Star, the UAE’s first AI-powered corporate tax software platform, announced it has closed a $1.75 million seed funding round. The raise comes as Tax Star positions itself around one of its most significant regulatory milestones to date.

Building and Construction Co. Ltd., an 80%-owned subsidiary of Retal Urban Development Co., signed a SAR 267.98 million contract with Remal Park Fund (an associate), excluding taxes and fees.