BRKZ raises USD 31 mn Series B as revenue set to triple

BRKZ gets more to build with

Construction-materials platform BRKZ has raised USD 31 mn in a Series B round, the platform’s founder and CEO Ibrahim Manna said on LinkedIn. The round comprised USD 13 mn in equity co-led by Aramco’s Wa’ed Ventures and 500 Global, with Beco Capital and ANB, plus USD 18 mn in growth debt from Stride Ventures. The raise comes after what Manna called BRKZ’s hardest operating year and its best, with revenue on track to triple in 2026 after growing 2.5x in 2025.

Use of proceeds: The USD 18 mn in debt from Stride Ventures will fund BRKZ’s lending activity, Forbes reports. The USD 13 mn equity will fund technology and expansion, including deeper AI capabilities, more automation across the procurement journey from quotation to fulfillment, and direct-sourcing corridors with China and India.

What it does: BRKZ runs a marketplace where contractors post the materials they need and suppliers bid to fulfill them, handling sourcing, pricing, logistics, and flexible payment terms through a single platform. The platform now connects more than 1.5k contractors and 150 factories with around 2.1k suppliers.

REMEMBER- The raise takes BRKZ’s total funding to more than USD 70 mn, following a USD 17 mn Series A in February 2025 and USD 30 mn in growth debt in October 2025.

Trucks on the road

UAE fleet-tech firm FMSi is planning to expand to Saudi Arabia and other Gulf markets, after Shorooq and Emirates Growth Fund (EGF) invested an undisclosed amount in the company, according to a statement (pdf). Shorooq led and arranged the transaction through its private equity strategy alongside a group of co-investors, marking its first investment alongside EGF.

FMSi is not entering the Kingdom cold: More than 25 Saudi partners already use its technology to provide fleet-management services to their customers. The next step is building a stronger presence through organic expansion and selective consolidation, FMSi CEO Wissam Mourad tells EnterpriseAM. The company also operates across the UAE, Oman, and Iraq.

Another KEC land partnership

Knowledge Economic City (KEC) has run its land-into-fund playbook a fourth time, signing an MoU with Dar Al Majed (Al Majdiah) and Capital Hill for a SAR 2.8 bn mixed-use project in Knowledge Economic City, Madinah, according to a Tadawul disclosure.

The structure is familiar by now: KEC contributes the 97k sqm plot as an in-kind stake, Al Majdiah puts in money and runs development, and a closed-ended real estate fund, managed by Capital Hill, owns the whole thing. The project is planned for roughly 2.7k apartments for sale, 8k sqm of leasable commercial space, and more than 3.5k parking spots.

The split: KEC takes about 80% of the fund’s units for its land, and Al Majdiah takes 20% for a total contribution of SAR 200.7 mn — SAR 89 mn to acquire its share of the land and SAR 111.7 mn in cash into the fund. Al Majdiah also collects development, sales, marketing, and property management fees plus a performance share. There’s a 90-day exclusivity window to reach definitive agreements.

REMEMBER- KEC keeps recycling its Madinah land bank through this exact structure — land in at a marked-up valuation, a partner carries the capital and construction, and KEC keeps majority control and a share of the upside. It ran the same play with Alrashid on Multaqa Residences, Fourmen on Knowledge Gardens, and Kaden on Multaqa Al Madinah 2. Each converts an underused plot into a revenue-generating vehicle funded largely by someone else. Al Majdiah, for its part, frames the tie-up as part of a Makkah-Madinah expansion and a way to tap demand from the new foreign-ownership rules.

Bahri secures refinancing debt

Bahri has completed a USD 263 mn refinancing transaction with BNP Paribas and National Bank of Greece, marking its first unsecured international bank financing and reducing its reliance on asset-backed debt, Al Arabiya reports, citing a company announcement. The transaction will help Bahri diversify funding sources and support future growth.

Building Porta Jeddah

Saudi Real Estate (Al Akaria) signed a SAR 463.1 mn contract with Mounes Mohamed Alshayeb for Civil Construction to execute the first package of its Porta Jeddah mixed-use project, according to a Tadawul disclosure. The 48k sqm development in Jeddah’s Al Nahdah District will include a hotel, offices, retail, restaurants, cafes, and leisure facilities, with construction expected to take a little over two years.

BACKGROUND- The company awarded the execution package to Mounes in May 2026. The scope includes structural works across all components (including the hotel), external facades, electromechanical works (excluding the hotel), and public and landscaped areas. It also has a heavy pipeline ahead, including early works for the Expo 2030 Riyadh site, the Fai Sedra complex, and Al Narjis Business Park.

Yet another sukuk issuance

The Finance Ministry has completed a SAR 1.6 bn sukuk issuance, the National Debt Management Center (NDMC) said in a statement. The issuance consisted of six tranches ranging from four to 15 years. The ministry and the NDMC did not identify the managers for the issuance.

ICYMI- The ministry wrapped up its previous sukuk issuance last month, which totaled SAR 9.5 bn.