Two major Emirati conglomerates — International Holding Company and tech-focused Medad — are expanding their portfolio with fresh acquisitions in the tech space.

#1- NWTN secures USD 100 mn investment from Medad unit: UAE-based EV manufacturer NWTN signed a USD 100 mn share purchase agreement with Seet, a subsidiary of Emirati conglomerate Medad Holding, according to a statement. The agreement will see Seet acquire newly issued shares, and become NWTN’s largest shareholder.

The game plan: Seet will support NWTN in rolling out urban mobility and technology solutions tied to AI, clean energy, and blockchain.

#2- IHC acquires and rebrands UAE SME financing platform eFunder: Abu Dhabi's International Holding Company (IHC) completed its acquisition of eFunder, a UAE-based private financing platform for small and medium enterprises (SMEs), according to a press release (pdf). Zelo provides invoice financing, converting approved receivables into working capital, and has deployed more than USD 200 mn in funding since its 2020 launch.

Next steps: The platform has been rebranded as Zelo and is licensed by the ADGM’s Financial Services Regulatory Authority. Its co-founders, Dhanush Arjun (LinkedIn) and Deepak Sekar (LinkedIn), will continue to oversee operations, as IHC looks to expand Zelo’s reach and scale it across MENA’s SME ecosystem.

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