Gate Capital News Letter | Issue 762

Saudi Aramco’s investment arm has invested in US-based startup Twin1 AI, which creates AI clones of workers that can handle basic office tasks.

Aramco Ventures has co-led a $20 million Seed funding round for the California-headquartered company, alongside Bessemer Venture Partners and Tribeca Venture Partners.

The funding round saw participation from EJF Ventures, Tin Alley Ventures, AGI House Ventures, Neo, F-Prime, Btech Consortium, Antiportfolio Ventures, Lakestar, Notion Capital, Insiders, Orrick and several angel investors.

Mezzan Holding Company’s subsidiary has raised its shareholding in Kuwait Dairy Company from 9.2% to 10.6%. The transaction is valued at KWD 1.01 million ($3.3 million), the Kuwaiti conglomerate confirmed on Tuesday.

Mezzan is a major consumer product conglomerate in the Gulf region, operating across various sectors, including food manufacturing, beverage distribution, fast-moving consumer goods and healthcare

SAL Saudi Logistics Services Company (SAL) said one of its subsidiaries has obtained a Shariah-compliant credit facility to fund its logistics zones in Saudi Arabia. SAL Zones Company has secured a credit facility of 2.5 billion Saudi riyals ($666.33 million) from Saudi Awwal Bank, SAL said in a statement to the Saudi stock exchange.

The facility, which has a 15-year term, is supported by a corporate guarantee and promissory notes.

French investment in Saudi Arabia is expanding beyond traditional sectors such as energy and manufacturing into artificial intelligence, digital infrastructure, culture, financial services and gaming, according to a briefing on the investment relationship between the two countries.

UAE-based financial AI platform Oro has raised $3 million in a strategic funding round co-led by MH Ventures and Mapleblock Capital, with participation from M2M Capital, Archer Capital and X21 Digital, and follow-on backing from Disrupt.com and ZIGLabs.

Fasset, the AI-powered stablecoin neobanking platform, today announced it has raised $68 million in Series C funding at a $1 billion valuation. The financing was led by SBI Group and follows Fasset’s $51 million Series B earlier this year, which brought Speedinvest onto the cap table alongside a group of strategic investors.

UAE-based AI and geospatial intelligence  company Stellaria has closed an AED 25 million Seed Round, backed by a group of angel investors. The round values the company at AED 420 million and will support its next phase of growth, including scaling its AI operating system for geospatial intelligence, expanding its technical capabilities and team, and accelerating the deployment of its solutions across the UAE and international markets.

The Abu Dhabi National Energy Company (TAQA) board has taken the decision to delist all of its shares from the Abu Dhabi Securities Exchange (ADX) following the mandatory acquisition by Abu Dhabi Power Corporation (ADPC).

Dubai-based mobility technology company Swvl has raised $13 million through a private investment in public equity (PIPE) transaction led by US investment firm Coefficient LP, as the company looks to accelerate its expansion in the US and strengthen its financial position.

The Qatar Investment Authority (QIA) has invested in US-based autonomous truck operator Gatik to support the expansion of its freight business. The sovereign wealth fund co-led Gatik’s $200 million Series D financing, alongside Koch Disruptive Technologies.

Zain Bahrain, a leading telecom services company in the kingdom, has signed a partnership deal with Sharaf DG Bahrain to enable customers to purchase products through convenient installment vouchers. The partnership expands Zain Bahrain’s Partner Voucher Program, available through Zain app, offering customers greater choice, flexibility and access to a broader range of products.

Dubai-based martial arts and holistic education network GMNSM has raised $2 million in funding from investment firm VEYRA Capital, whose portfolio includes companies such as Dwelly, ZINIT and DVC, as well as a private investor. The investment will support the company’s first jiu-jitsu academy in Riyadh and the launch of its first European location in Monaco, supporting the company’s ambition to broaden the Dubai-developed model of holistic child development to international markets.

AD Ports Group’s board has recommended that shareholders accept L’imad’s Dh6.25-a-share offer to take full control of the Abu Dhabi ports and logistics company, following a fairness opinion from its independent financial adviser HSBC.

Saudi Arabian Mining Co. or Maaden has secured $1 billion in inaugural international syndicated credit facilities, with strong demand from global lenders resulting in the facilities being significantly oversubscribed.

Egypt is seeking to expand oil and gas drilling with ADNOC Drilling as part of a broader push to raise domestic production and attract investment into exploration and field development.

Channel Capital Advisors, the London-headquartered private credit asset manager, has announced the acquisition of a minority interest of Magellan’s position in Beehive’s SME funding program focused on Emirati SMEs.

Saudi Arabia’s Inmar Company for Real Estate Development and Investment (formerly Enma Alrawabi) plans to launch three investment funds with Al Rajhi Capital, valued at 1 billion riyals ($267 million).

Raff, a Saudi-based technology platform simplifying distribution and inventory management by connecting consumer brands directly with retailers, today announced the closing of its $1.7 million pre-seed funding round, led by Vision Ventures, with participation from 500 Global, Palm VC, Oqal Group, Salman Butt (Co-founder of Salla), among others.