Aldar locks in USD 5 bn + Hassan Allam buys the EPC arm of the UAE’s Metito

Gulf capital was in full deployment mode over the past couple of days, with Abu Dhabi breaking out a fresh chequebook to cover tickets home and abroad — Aldar’s AED 5 bn revolving credit facility, EIIC took a position in popular UAE chain Joe & The Juice, IHC closed out its Pakistan bank takeover, and Abu Dhabi raised another USD 4.5 bn in the private placement market (as we note in this morning’s Debt Watch, above)

Aldar Properties locked in an AED 5 bn sustainability-linked revolving credit facility with a five-year tenor, senior unsecured, across AED, USD, and shariah-compliant tranches backed by ten local, regional, and Asian banks, per a bourse filing (pdf). The facility pushes Aldar‘s total liquidity to AED 38.2 bn.

Egypt’s Hassan Allam Holding acquired MetiPro, the engineering, procurement, and construction (EPC) arm of UAE’s Metito for an undisclosed sum, according to a press release (pdf). The deal creates what the two companies are calling a “scaled, integrated platform” in water and wastewater — a high-demand niche given the Gulf desalination build-out and broader MENA water stress. The move enhances Hassan Allam’s already strong position in the market as it looks to chase new mega-projects across the Middle East, Africa, Eastern Europe, and the CIS.

State-owned Saudi Electricity Company has picked up a minority stake in UK utility software provider Kraken, which was valued at USD 8.7 bn late last year. The transaction paves the way for a regional JV that will migrate SEC‘s 11 mn customer accounts onto Kraken’s platform, Sky News reports. It’s a capability buy timed to the Kingdom’s renewables ramp-up as the utility looks to deepen its ability to optimize the grid as intermittent solar and wind power becomes a bigger feature of its energy mix.

EasyJet is the latest low-cost carrier to set up shop in Morocco, with the airline investingUSD 250-300 mn in its first African base in Marrakech. Morocco will be EasyJet‘s first full-fledged operating hub outside Europe, anchoring an additional six routes to Europe from this coming winter.

EasyJet’s investment in Morocco follows in the footsteps of other low-cost carriers, including Ryanair, as they take advantage of the Kingdom’s Open Skies policy. Morocco’s aviation landscape was fundamentally reshaped after the 2006 Euro-Mediterranean Aviation Agreement — the first “Open Skies” treaty between the EU and a non-European state — which reciprocally removed capacity and pricing restrictions between Morocco and the bloc.

ALSO WORTH KNOWING

Abu Dhabi’s International Holding Company (IHC) sealed its acquisition of a majority stake in Pakistan’s First Women Bank, securing regulatory clearance for the state-led privatization takeover, according to a bourse disclosure (pdf). The move builds on IHC‘s initial moves last October. No transaction value disclosed.

The Central Bank of Libyaissued LYD 10 mn (c.USD 1.58 mn) of unrestricted mudaraba sukuk across 91-, 182-, and 365-day maturities, carrying coupons of 5.5-7.5%.

Abu Dhabi’s Emirates International Investment Company (EIIC) picked up a minority stake in Copenhagen-born coffee-and-juice chain Joe & The Juice at a USD 1.8 bn valuation, per a press release (pdf). General Atlantic remains majority owner — EIIC brings regional retail scale to the brand’s international rollout.

Shuaa Capital and Gate Capital are partnering on an alternative investment fund that aims to consolidate Saudi Arabia’s fragmented fuel retail sector, per their press release. The platform will anchor with an initial operator acquisition before rolling up smaller players into a 500-station nationwide network — a textbook PE consolidation play in a sector that’s short on scale.

Homegrown Ventures closed an oversubscribed USD 22.8 mn fund to back “better-for-you” MENA consumer brands, betting the post-pandemic shift toward local, purpose-driven FMCG is structural rather than a blip.

Egyptian SME fintech Invia raised USD 1.2 mn from angels and strategics to scale its voice- and text-based bookkeeping and inventory platform, founded by former Beltone SME executives, per a press release. The play: replace bulky, expensive ERP systems with lightweight tech for small and micro-businesses.

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