Gate Capital News Letter | Issue 765

Saudi Arabian building materials procurement platform BRKZ has raised $31 million funding from several investors including Aramco’s investment arm Wa’ed Ventures.

The fresh capital includes $13 million in Series B equity and $18 million in growth debt to be provided by Stride Ventures.

Saudi Arabia – barq, the digital payments company, announced the close of a Series A funding round worth $329.5 million, at a valuation of $1.85 billion, marking a new milestone that reflects the growth the company has achieved since its launch and cements its position among the fastest-growing fintech companies in Saudi Arabia and the region.

Saudi Vitrified Clay Pipes Co. (SVCP) announced the completion of Laffan Qatar’s entry as a shareholder in Laffan Saudi through subscribing to the new shares in exchange for an in-kind contribution, representing a 45% stake. SVCP’s ownership in Laffan Saudi will therefore stand at 55%.

In a statement to Tadawul today, Sept. 16, the company said that approval was also granted for Laffan Saudi to convert from a single-member limited liability company into an unlisted Saudi joint stock company, with an issued capital of SAR 45.5 million, divided into 45.5 million ordinary shares at a nominal value of SAR 1 each, fully paid via in-kind contributions.

Tabby has raised $233m in new equity funding at a valuation of $6.5bn as the fintech expands beyond buy now, pay later into a broader range of financial services in Saudi Arabia and the UAE.

Abu Dhabi sovereign wealth fund L’imad Holding Company has strengthened its ownership in AD Ports Group following the completion of its cash buyout deal with one of minority owners, Al Seer Marine Supplies and Equipment Company (ASM).

ASM confirmed on Tuesday that its board of directors officially accepted the offer from L’imad through Abu Dhabi Developmental Holding Company (ADQ) to take over its stake in AD Ports Group at AED 6.25 per share, valuing the transaction at AED 2.32 billion ($632 million).

AMAN Holding, Bokra and Erada Finance have joined Scale It Forward, an initiative launched by GIZ Egypt and enpact to advance the adoption of Venture Debt in Egypt.

The three financial institutions signed framework agreements with enpact during a launch ceremony in Cairo, becoming the programme’s first Financial Institution partners and marking their commitment to exploring and piloting Venture Debt solutions designed to support high-growth businesses seeking alternative financing options.

Synapse Analytics, an AI company  that builds agentic decisioning infrastructure for regulated financial institutions putting  policy control directly in the hands of credit and risk teams, announced today that it  has raised $13 million in a Series A funding round, bringing the total raised to  $17 million since inception. Terms of the transaction and valuation were not  disclosed.

Arabian Pipes Co. signed on Sept. 15 a contract with Saudi Aramco valued at approximately SAR 19 million. In a statement to Tadawul, the company said the 11-month contract includes the coating of steel pipes.

Bahrain-founded fintech firm Tarabut has secured $50 million from investors, including Saudi banks and financial institutions. The fresh capital will be used to expand in Saudi Arabia and enhance its offerings, such as helping lenders assess the creditworthiness of borrowers via live, real-time cash flows.

New York-based software startup Clay, which was co-founded by an Egyptian entrepreneur, has secured $115 million, bringing the company’s valuation to $7.1 billion. The Series D funding was led by US-headquartered Wellington Management, with participation from Sequoia Capital, StepStone Group and other investors.

CATRION Catering Holding Co. signed on 15 Sept. a contract with Air Arabia, at an estimated value of SAR 200 million. The five-year contract includes providing catering services and the right to sell food, beverages and other products onboard aircraft, in addition to certain logistics services for Air Arabia.

ADES Holding Co. said its indirectly owned subsidiary, ADES Saudi Limited Co. completed the acquisition of all issued and outstanding shares of Saudi Arabian Saipem Limited, which owns three premium jackup rigs and leases two others, from Saipem International BV.

ADES reported that the transaction consideration amounted to approximately SAR 1.07 billion ($285 million), along with customary adjustments at completion.

National Agricultural Development Co. (NADEC) completed the conditions and requirements set out in the Agricultural Development Fund’s (ADF) approval to restructure the ownership of Al Raie National Livestock Co.

Saudi-listed Edarat Communication and Information Technology Co (Edarat) will deploy a total of SAR 127.54 million ($34.01 million) to boost its computing infrastructure amid high demand for artificial intelligence and cloud computing.

Neopay, a leading payments solutions provider in the UAE, has partnered with Commercial Bank of Dubai (CBD) to help small and medium-sized enterprises (SMEs) gain easier access to financing for their working capital requirements and banking services, supporting their growth and day-to-day business needs.

Abu Dhabi Future Energy Company– Masdar has signed two strategic agreements with European energy partners, strengthening its investment presence in Germany and supporting Europe’s energy transition, energy security and growing electricity needs.

Saudi Arabia’s residential rental solutions platform Rize has secured SAR 187.5 million ($50 million) in debt financing from Jadwa Investment, an investment bank and asset manager. The asset-backed Murabaha facility will go directly to funding the platform’s portfolio of residential rental contracts.

Bahrain-HQ private markets investment platform Tanami has closed an undisclosed funding round with participation from tali ventures, stc group’s corporate venture capital arm, Qatar Development Bank (QDB), UK-based 1818 Ventures, and other strategic regional investors.