BlueFive buys controlling stake in UAE dredging firm Gulf Cobla

BlueFive Capital is expanding into infrastructure, taking a controlling stake in Dubai-based contractor Gulf Cobla, according to a press release. The Abu Dhabi-based alternative investment platform has agreed to buy a 70% stake in Gulf Cobla, one of the UAE's oldest dredging and land reclamation contractors — its latest bet in a run of deals that now spans private equity, Islamic finance, AI, vehicle leasing, and autonomous delivery.

The details: BlueFive agreed to buy a 70% stake made up of Swiss-based Advanced Dynamics Investments’ entire 49% holding, and a 21% stake from Dubai’s Dutco Group. Dutco will keep the remaining 30% and stay on as a shareholder as the two look at expansion into new regional markets.

Gulf Cobla? The firm is one of the UAE's oldest dredging and land reclamation contractors, with a track record of projects across the Middle East and South Asia, including work on Jebel Ali Port, Aqaba New Port in Jordan and the airport in Malé, Maldives.

A jack of all trades: The acquisition marks a first foray into infrastructure and real estate for a firm which has been diversifying into a slew of sectors this year, including in Islamic finance through a tie-up with Saudi Arabia’s Al Murjan Group, US and European tech through a USD multi-bn fund, and vehicle leasing and autonomous delivery. BlueFive has also been increasing its exposure across Asia, after it was appointed as a general partner for a USD 4.6 bn China-focused fund-of-funds after launching another China-focused fund with CICC.