Aramco closes 49% stake acquisition in Humain

Aramco has completed its purchase of a 49% stake in Humain, investing SAR 9.9 bn (USD 2.6 bn) in a company whose services it plans to use across its own operations, according to a press release. The Public Investment Fund (PIF) keeps a controlling 51%. Aramco bought in through a wholly owned subsidiary, and the deal also covers AI, computing, and digital assets. The PIF and Aramco had signed a non-binding term sheet at last year’s Future Investment Initiative (FII9) for the latter to acquire a significant minority stake in Humain.

Why this matters: Aramco brings both funding and a use for the infrastructure. The liquid contribution supports Humain’s expansion, while its plans to deploy Humain’s services across its operations give the AI company an industrial market to serve.

The money will support a sizable infrastructure push: Humain is targeting 3 GW of AI data center capacity by 2030. Launched in May last year, the company’s remit spans data centers, cloud platforms, AI models — including an Arabic-language model — and applications for businesses and governments. PIF and Aramco will contribute assets, expertise, and staff to support its expansion, putting Saudi Arabia’s two heaviest state balance sheets behind the AI firm.

Banque du Caire has just started trading on the Egyptian Exchange, wrapping up an EGP 36.37 bn (c. USD 658 mn) offering. Building on the IPO of MNT-Halan’s Egypt unit before it, the transaction brought foreign equities investors tumbling back into Egypt in force. Trading kicks off this morning under the ticker BQDC.

BY THE NUMBERS:

• Investors bought 45% of Banque du Caire at EGP 5.30 a share, valuing the bank at EGP 80.83 bn under the final offer terms (pdf), a modest premium of 1.2x book.
• BdC had EGP 561.2 bn in assets and EGP 443.9 bn in deposits at the end of June, serving 3.2 mn customers.
• First-half profit rose 21.8% to EGP 8.94 bn, it said according to its offering circular (pdf).

Acwa Power is making its first big move into the US, taking 49% of a power generation and storage platform with Washington-based investor EIG. The vehicle — Plenum Power — is targeting a launch with around USD 4 bn in initial equity, which would put Acwa’s share near USD 2 bn, the two said in a joint statement, with EIG holding the remaining balance, Acwa said in a Tadawul filing. This hands the financial sponsor rather than the operating partner the majority stake in the platform.

They are buying into a squeeze. The partners expect US power demand, pushed up by electrification and AI data centers, to require substantial new generation and storage, and they read the pressure on US renewable developers from regulatory change, supply-chain inflation, and higher rates as a discount. It has opened “an attractive entry point for a new entrant at scale,” EIG CEO R. Blair Thomas said, and both expect the squeeze to force consolidation Plenum can buy into. No capital is committed yet, with deployment subject to governance and case-by-case sign-off.

Acwa has signed in six new markets this year: Renewable power generation in Mongolia and Turkey, clean energy investments in Indonesia, a gas turbine power plant in Mauritania, a gas-fired plant in South Africa, and a solar and battery storage facility in the Philippines.

Orascom Construction expects to complete its merger with OCI in December, after OCI shareholders approved it on 30 October. The ADX- and EGX-listed contractor got its own shareholders’ sign-off in January, and the timetable could move since some steps depend on third parties and regulators, according to a company disclosure (pdf).

The mechanics: The board meets Thursday to approve a capital increase allotting 97.2 mn new shares to OCI, nearly doubling paid-in capital to USD 207.4 mn, which would leave OCI holders with about 47% of the enlarged company, by our math. The target for issuing and listing the new shares on the ADX and EGX is 24 November, with eligible OCI shareholders receiving them on or around 8 December. OCI then delists from Euronext Amsterdam and is liquidated, according to NNS Holding’s offer memorandum (pdf).

Still open: Nassef Sawiris’ NNS Holding, which held c. 57.3% of OCI in mid-September, is offering EUR 4.10 a share to holders who would rather exit, with the offer closing 17 November unless extended. A Value8 petition asking the Enterprise Chamber to stop the vote and investigate OCI was still pending in mid-October, and the agreement’s long-stop is 30 December.

Sami Saad Holding’s ADD Properties has lined up a USD 265 mn syndicated loan to grow its Egyptian hospitality business, according to statements from ADD Properties and the European Bank for Reconstruction and Development (EBRD). The EBRD is arranging the deal as the initial mandated lead arranger and bookrunner and is taking the largest single facility, at USD 127.5 mn. The remaining debt comes from three lenders — the International Finance Corporation (IFC) at USD 60 mn, Emirates NBD Egypt at USD 40 mn, and the National Bank of Egypt (NBE) at USD 37.5 mn.

The centerpiece is a new Grand Hyatt hotel on the Giza Plateau overlooking the Grand Egyptian Museum (GEM) and the pyramids. This push comes as West Cairo continues to fill up with tourism plans around the same plateau. Singapore-based Hotel101 Global has entered Africa for the first time with an EGP 5.5 bn, 750-room project near GEM and the Giza Pyramids, due for completion by 2029. State-backed Nevera Egypt is also preparing an integrated media city that envisions 18 hotels alongside extensive commercial and logistics hubs near the Pyramids Plateau. Orascom Pyramids Entertainment is slated to inject EGP 500 mn next year to upgrade infrastructure, services, and cultural events across the plateau.

Magrabi Retail has agreed to buy 100% of Dubai Optical, adding 15 stores across Dubai, Sharjah, Fujairah, and Ajman. The value was not disclosed, and completion needs merger control clearance from the UAE Ministry of Economy with no closing date given, according to Gulf News and Khaleej Times. Dubai Optical was founded in 1978 and runs 19 stores in all, under the Dubai Optical and Optivision brands.

It’s Magrabi’s fourth acquisition in two years. The Saudi-founded retailer has completed Rivoli’s optical retail division and Kefan Optics, and a majority stake in Egypt’s Baraka Optics is still waiting on Egyptian Competition Authority clearance. Chief executive Yasser Taher said the strategy is about investing in strong local businesses rather than adding scale.

Edge Group is taking control of a UAE maker of uncrewed offshore vessels: Strategic Development Fund (SDF), the Abu Dhabi investment firm wholly owned by Edge Group, has agreed to raise its stake in maritime technology company Marix to a majority, according to a press release. Sovereign Global Solutions will keep a minority stake in Marix, formerly Sovereign Global Solution Middle East. SDF, which invests in dual-use technologies, first took a minority stake in 2022 to back Marix’s first prototype, Marip-12. Terms weren’t disclosed.

Marix’s next vessel is built for offshore energy work: The company has completed the design of Marip-24, an uncrewed surface vessel for subsea inspection, maintenance and repair, hydrographic and geophysical surveys, and work-class remotely operated vehicle missions, and is moving toward production in the UAE. SDF says Marix is positioned to meet growing demand for offshore services as the UAE expands its energy production. Marip-12 has operated offshore in the UAE for several years, and the vessels let missions run from shore with fewer people offshore, Marix chairman Muaatassem Awda said.

Market Snapshot

Tadawul -0.8% • ADX -0.1% • DFM -0.8% • EGX30 -1.7%

Brent USD 111.96 / bbl • Gold USD 3,902 / oz • USD / SAR 3.75 • USD / EGP 55.86