{"id":115501,"date":"2026-06-03T00:00:00","date_gmt":"2026-06-03T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=115501"},"modified":"2026-06-03T06:49:01","modified_gmt":"2026-06-03T06:49:01","slug":"ubers-pursuit-of-careem-and-alabbars-pursuit-of-iffco-are-making-headlines-but-our-fellow-finance-nerds-will-want-to-check-out-saudis-new-securitization-rules","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/03\/ubers-pursuit-of-careem-and-alabbars-pursuit-of-iffco-are-making-headlines-but-our-fellow-finance-nerds-will-want-to-check-out-saudis-new-securitization-rules\/","title":{"rendered":"Uber\u2019s pursuit of Careem and Alabbar\u2019s pursuit of IFFCO are making headlines, but our fellow finance nerds will want to check out Saudi\u2019s new securitization rules"},"content":{"rendered":"

A couple of juicy M&A stories and boring (for normals) but important (for us finance <\/strong>nerds) regulatory changes in Saudi lead the column<\/strong> this morning on what\u2019s shaping up to be a very busy week for Markets + Deals news. Look for the pace to continue this month, war or not, as bankers and lawyers push to close transactions before the summer slowdown begins once school is out. <\/p>\n

UP FIRST- Could Uber end up owning all of Careem again?<\/strong> Telco-turned-tech-investor e& is selling a 12.5% stake in Careem\u2019s super-app unit, Careem Technologies, to Uber for USD 100 mn \u2014 cutting its holding to 37.53% from 50.03% and attaching matched put-and-call options exercisable between December 2031 and January 2032 that open a path for Uber to take the whole thing, per a press release (pdf)<\/a>. <\/p>\n

The history: <\/strong>Uber had owned Careem\u2019s ride-hailing business outright since its USD 3.1 bn 2019 buy, and in 2023<\/a> sold e& a 50.03% stake in the spun-out super app for USD 400 mn. The news comes as Uber chases another rival \u2014 Germany\u2019s Delivery Hero \u2014 after tabling<\/a> a USD 38.29-a-share proposal and building a 37% position ahead of a possible takeover.<\/p>\n

AND- International Holding Company and Mohamed Alabbar are both circling troubled <\/strong>food <\/strong>producer IFFCO<\/strong>, which is buckling under roughly USD 2 bn in debt and creditor insolvency filings, Bloomberg<\/a> reports. Nobody has yet made a formal bid, but Alabbar has written to the board and creditor banks signaling interest in the whole business, which includes assets potentially worth several bn USD spanning food, packaging, chemicals, and logistics across 50 countries. <\/p>\n

It\u2019s a food security play:<\/strong> IFFCO\u2019s UAE plants are among the more important nodes in the Emirates\u2019 supply chain.<\/p>\n

Speaking of food security: AD Ports is buying Brazilian agri-bulk terminal operator <\/strong>Corredor Log\u00edstica e Infraestrutura (CLI) for USD 835 mn (c. AED 3.1 bn)<\/strong> \u2014 its first owned port infrastructure in Brazil, according to a disclosure (pdf)<\/a>. The transaction gives AD Ports exposure to the supply side of the world\u2019s biggest sugar, soybean, and corn exporter. Rival DP World has been building out Santos<\/a> on the same thesis. The AD Ports transaction should close in the second half of this year. <\/p>\n

M&A IN CONTEXT- Saudi M&A defied the regional slump in 1Q, logging 24 deals worth <\/strong>USD 689 mn<\/strong>, a 4% y-o-y increase in volume even as MENA-wide value slid to USD 23.3 bn from USD 31.3 bn, per Ansarada (pdf)<\/a>. The Public Investment Fund was the big driver. \u201cThe conflict may be reshaping timelines, but it\u2019s not reshaping the region\u2019s thirst for M&A,\u201d Ansarada\u2019s Justin Smith told Arab News<\/a>. One caveat worth flagging: Data providers disagree on the depth of the slowdown, with LSEG<\/a> putting MENA M&A far lower at USD 18.8 bn, with inbound down 90% to a 10-year low.<\/p>\n

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Tadawul is drafting a dedicated framework for securitization and asset-backed issuances<\/strong>, splitting debt-listing rules from equities and adding disclosure tailored to structured deals, according to proposed amendments (pdf)<\/a> open for consultation until 14 June. The point, Fitch\u2019s Bashar Al Natoor says, is to let investors take risk on a defined asset pool rather than the issuer \u2014 the precondition for a genuine asset-backed sukuk market, building on last year\u2019s SPE reforms<\/a>. <\/p>\n

This sounds boring to non-finance nerds, but it could be really big: <\/strong>Securitization is the lifeblood of consumer finance and the wider non-banking financial sector \u2014 in Egypt, it\u2019s what funds the NBFI industry, with the banks as the primary buyers of the paper. A deeper, better-regulated Gulf template than what\u2019s in place today is one other Gulf regulators will be watching.<\/p>\n

SOUND SMART- Securitization is the art of turning lots of small, illiquid loans into one <\/strong>tradable security.<\/strong> A lender \u2014 say a consumer-finance or leasing firm \u2014 bundles thousands of car loans, installment plans, or lease receivables into a single pool, then sells bonds or sukuk backed by the monthly payments that pool throws off. The lender gets a lump of cash today instead of waiting years to collect it and recycles that straight into new lending. <\/p>\n

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Two big real estate moves to keep an eye on: <\/strong>In Saudi, the Royal Commission for Makkah <\/strong>City<\/strong> awarded<\/a> SAR 13.3 bn (USD 3.5 bn) of redevelopment work across six districts spanning 2.7 mn sqm. Interestingly each scheme runs through a closed-ended real estate fund rather than a straight contract. We\u2019re taking this as officials trying to bring in institutional capital rather than further stressing the state budget or further crowding the private-sector out of the banking system. <\/p>\n

MEANWHILE- <\/strong>Egyptian real estate giant TMG<\/strong> is pushing into Iraq, with a unit there securing<\/a> land and a license for a USD 10 bn, 12.8 mn sqm megaproject in Baghdad Financial and Economic City, targeting USD 18.8 bn in sales and USD 108 mn in recurring annual revenue. It follows real estate developer Ora<\/a> and snackfoods giant Edita<\/a> into Iraq and joins TMG\u2019s USD 10.7 bn Banan City<\/a> in Riyadh and USD 4.7 bn foray into Oman<\/a>. <\/p>\n

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From the Dept. of Dumb Moves: S&P Dow Jones Indices has opened a <\/strong>consultation (pdf)<\/a><\/strong> on demoting Egyptian equities <\/strong>to frontier status<\/strong>, citing market-access and capital-mobility concerns. Consultations are open until 17 July, with any change effective at the September 2027 reconstitution. The mechanical hit is small (Egypt is just 0.12% of the S&P EM BMI), but the signal is not: it comes while the EGX is deepening with a derivatives market<\/a>, short-selling, and a state IPO pipeline that includes Misr Life<\/a> and Banque du Caire. <\/p>\n

Our take: <\/strong>The case is \u2026 non-existent? Nobody else we know of is flagging access or capital-mobility problems right now: the carry trade clears every day and FTSE reaffirmed<\/a> Egypt\u2019s emerging-market status only three months ago. This reads more like a box-ticking review than a real warning, but the optics will frustrate policymakers in Cairo. <\/p>\n

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Autonomous-delivery startup CargoX has come out of \u201cstealth\u201d with a USD 250 mn raise <\/strong>led by Abu Dhabi\u2019s BlueFive Capital<\/strong>, per a press release<\/a>. It\u2019s being run by former Talabat CEO Tomaso Rodriguez, who took that company through its USD 2 bn 2024 IPO, and is now at the helm of a driverless-freight platform already piloting on UAE roads. For BlueFive<\/strong> it\u2019s the second mobility bet in as many months after a 4<\/a>9% stake<\/a>in Massar Solutions<\/a> from Taqa. This looks more and more like a regional mobility roll-up taking shape in real time.<\/p>\n

Adia is adding insurance software to its global portfolio<\/strong>, with a unit of the fund taking a significant minority stake in Sapiens<\/strong>, an Israeli-founded insurance-software firm, according to a press release<\/a>. <\/p>\n

Jordan\u2019s Amman Stock Exchange has gone live on Tabadul<\/strong>, the ADX-anchored cross-market platform, becoming its seventh exchange<\/a> and letting investors trade both bourses through a single pipe. <\/p>\n

Cairo VC firm A15 is days from closing its tenth exit \u2014 and has already returned 10.2x <\/strong>DPI<\/strong> (cash actually back to investors versus what they put in) with the fund still active, Managing Partner Karim Beshara tells our Egypt desk \u2014 that\u2019s good enough to make the fund in the top decile globally. You can read the full story here.<\/a> <\/p>\n

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ALSO WORTH KNOWING<\/p>\n

UK-based energy services company Petrofac<\/strong> closed the sale of its UAE unit, Petrofac<\/strong>Emirates<\/strong>, to a group led by US investment firm Mason Capital Management<\/strong> and London-based hedge fund manager Pearlstone Alternative<\/strong>, according to a press release<\/a>. <\/p>\n

Green Palm Bidco<\/strong> \u2014 the BlackRock<\/strong>-led vehicle that bought into Aramco<\/strong>\u2019s Jafurah<\/strong> gas field \u2014 has opened books on a debut USD bond worth as much as USD 2 bn, Global Capital<\/a> reports. HSBC, Citi, and JP Morgan are running the transaction. <\/p>\n

EBRD <\/strong>is mulling up to USD 200 mn in finance for UAE-based Alcazar Energy<\/strong>\u2019s 500 MW Ras <\/strong>Ghareb<\/strong> wind complex in Egypt \u2014 up to USD 100 mn each for the NIAT and Rasgha projects (here<\/a> and here<\/a>) \u2014 covering much of the USD 450 mn debt behind the USD 600 mn build, on a 25-year grid offtake. The GCC has accounted for more than 60% of wind and solar FDI in Egypt since 2015.<\/p>\n

BinDawood Holding<\/strong> completed its acquisition of a 51% stake in Vaza Food for SAR 217.9 mn (USD 58 mn), per a Tadawul disclosure<\/a>. It\u2019s the retail giant\u2019s first push upstream into food processing.<\/p>\n

Aluminium Bahrain (Alba)<\/strong> cleared a regulatory hurdle on its USD 2.2 bn acquisition of France\u2019s Aluminium Dunkerque<\/strong>, with the European Commission signing off<\/a>.<\/p>\n

Positron AI<\/strong>, a US maker of hardware optimized for AI inference rather than training that has raised more than USD 300 mn including a USD 230 mn Series B, has opened its first office outside the US at the DIFC<\/a><\/strong>.<\/p>\n

\n

Market Snapshot<\/p>\n

Tadawul<\/strong> +0.1% \u2022 ADX<\/strong> -0.3% \u2022 DFM<\/strong> -0.7% \u2022 EGX30<\/strong> -0.2%<\/p>\n

Brent USD 95.99 \/ bbl \u2022 Gold USD 4,517 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 51.2<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: Real estate is heating up in Mekka and Iraq<\/p>\n","protected":false},"author":1,"featured_media":115502,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2630],"tags":[2847,2647,2538,2805,2628,2646,2919],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-115501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-debt-capital-markets","tag-debt-watch","tag-enterpriseam","tag-ma-watch","tag-markets-deals","tag-real-estate","tag-securitization","wpautop","entry"],"acf":{"mongo_id":"92f7907c-d9da-4392-8791-011d42965182","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/489.jpg","photo_position":"above","homepage_title":"","full_issue_title":"M&A all day","related_issue":[115486],"teaser":"Plus: Real estate is heating up in Mekka and Iraq"},"yoast_head":"\nUber\u2019s pursuit of Careem and Alabbar\u2019s pursuit of IFFCO are making headlines, but our fellow finance nerds will want to check out Saudi\u2019s new securitization rules - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/06\/03\/ubers-pursuit-of-careem-and-alabbars-pursuit-of-iffco-are-making-headlines-but-our-fellow-finance-nerds-will-want-to-check-out-saudis-new-securitization-rules\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Uber\u2019s pursuit of Careem and Alabbar\u2019s pursuit of IFFCO are making headlines, but our fellow finance nerds will want to check out Saudi\u2019s new securitization 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