DISPUTES-

Eshraq Investments will launch criminal proceedings against former board members who approved the acquisition of Goldilocks despite some of its shares being pledged as security to a local bank, the company said in a disclosure (pdf) to the ADX. The board members were not named, but the disclosure name-checked two non-executive board members who have resigned from the firm — Jacques Fakhouri (LinkedIn) and Maha Al Fahim (LinkedIn).

REMEMBER- Last month, Eshraq said its request to redeem its shares in Goldilocks was refused after an investment manager revealed that a “significant number” had been pledged as security — for a facility worth around AED 208 mn — to a local bank back in 2019, predating Eshraq’s 2022 acquisition. The development followed months of tension with Shuaa GMC, Goldilocks’ former manager, over asset valuation disputes that surfaced earlier this year. Both Eshraq’s chairman and CEO have stepped down recently.

Agthia has begun proceedings against a counterparty that failed to comply with its delivery targets for certain crops of dates, seeking recovery of some AED 142 mn in losses, it said in a disclosure (pdf) to the ADX. The firm has already recorded some AED 108 mn in provisions. It will reverse them if the proceedings result in the repayment of the funds, or add the remainder in provisions in the upcoming quarters.

M&A-

UAE-based omnichannel distributor and tech retailer Maxus Coral has acquired electronics retail chain E-city, according to a press release (pdf). The transaction, the value of which wasn’t disclosed, brings E-city under Maxus Coral’s omnichannel platform.

What’s next? The firm confirmed the takeover has regulatory clearance, with the final share transfer expected to be completed by December, a Maxus Coral spokesperson told EnterpriseAM UAE. E-city will retain its existing brand, and Maxus Coral is planning in-store format upgrades as well as a new leadership team to manage the transition.

INVESTMENTS-

India-based venture-capital firm Cedar-IBSi Capital has received a limited-partner (LP) commitment from Abu Dhabi’s KSH Investments for its debut fintech fund, which is expected to close by the end of the year, according to a press release. KSH Investments is the strategic global investment and wealth management arm of the Private Department of Sheikh Abu Mohamed bin Khalid Al Nahyan. The LP commitment from KSH Investment was described as sizable, with financial terms undisclosed.

Fund details: Launched in 2023, the fund targets initial investments in the USD 500k-1 mn range, and focuses on B2B and enterprise software for financial services. The fund completed its first close in 2024 and is already backed by Indian institutional investors including Muthoot Finance, IIFL Capital, and a number of family offices. It plans to invest in 10-15 early-stage fintech startups. Current portfolio companies include intelligent-document-processing firm Cogniquest, and an incentive-compensation software firm WonderLend Hubs with a third investment currently under evaluation.

ADVISORS- Finmark Capital (DIFC) and Profit Financial Advisory acted as strategic advisers to the transaction.

CRYPTO-

Phoenix launches hydropower mining plant in Ethiopia: Abu Dhabi-based Phoenix Group launched a 30 MW hydropower-backed mining facility in the Ethiopian capital Addis Ababa, according to a press release. The facility came through a partnership with state-owned producer Ethiopian Electric Power.

The details: The 6.2k sqm facility will add 1.9 EH/s (exahash per second) to Phoenix’s mining capacity and use carbon-neutral hydropower from Ethiopia’s national grid to power its mining and future compute activities. The move comes as Phoenix looks to diversify its portfolio into digital infrastructure like AI hosting.

AUTOMOTIVE-

Legend to build mobility facility in Dubai: Investment group Legend Holding inked an agreement to establish a comprehensive mobility facility in Dubai Industrial City, according to a press release. Legend will invest AED 300 mn in the 1 mn sq ft facility, which is slated for completion by 2027. It is expected to assemble 15k EV and non-EV motorcycles annually and also host Legend Autohub, a pre-owned vehicle dealership.

INFRASTRUCTURE-

Salik partners with Schneider Electric + Vcharge on EV charging rollout: Dubai’s toll gate operator Salik signed an agreement with Germany’s Schneider Electric and US-based EV charging platform Vcharge to deploy smart EV charging infrastructure across the UAE, according to a press release (pdf). The plan includes integrating Salik’s e-wallet directly into Schneider chargers — enabling plug-in charging without apps or cards — and will cover over 1.8k charging points set to be installed by Vcharge.

TRANSPORT-

UAE’s Space42 and South-Korea’s Autonomous A2Z have launched a joint venture to localize the production of level-4 autonomous vehicles, according to a press release. The two firms will retrofit existing fleets, deploy vehicle-to-everything technologies, and eventually build a local workshop and R&D program. The initiative will target public transport, logistics, industrial zones, airports, and tourism sectors.

REMEMBER-The JV was first announced in October, when the two said they wanted to create a self-driving ecosystem in Abu Dhabi.

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