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UAE wheat pipeline to Egypt goes live
Abu Dhabi-based Al Dahra has begun implementing a five-year wheat supply agreement with Egypt worth up to USD 500 mn, moving a 2023 framework into operation, state news agency Wam reports. The agreement will supply imported wheat to state commodities buyer GASC under financing backed by the Abu Dhabi Exports Office (ADEX).
REFRESHER- Egypt’s parliament approved the financing framework in late 2024, paving the way for ADEX to fund GASC’s wheat purchases from Al Dahra under a revolving program capped at USD 100 mn a year.
SEPC moves to acquire UAE-based Wintality Petroleum
India’s SEPC is looking to take full control of UAE-based refined petroleum trader Wintality Petroleum through its Sharjah subsidiary. SEPC's board has given in-principle approval for SEPC FZE to acquire 100% of Wintality Petroleum FZE, a UAE entity that imports, exports, and trades refined petroleum products globally, according to the Indian press. The agreement will be done entirely through noncash consideration.
Background: To fund the acquisition, SEPC restructured SEPC FZE's equity. Its single AED 150k share was subdivided into 1.5k shares, with a further 38.5k shares issued via capitalization of reserves — creating a 40k-share pool. Only 1.7k of those shares (4.25%) are earmarked as consideration for the Wintality swap; the rest goes to SEPC Limited itself, leaving the parent with 95.75% ownership of its Sharjah arm. Once complete, Wintality will become a step-down subsidiary of SEPC Limited.
Why this matters: The agreement gives SEPC a direct foothold in the UAE's refined petroleum trading market, extending it well beyond its core business as an engineering and infrastructure contractor.
Channel Capital backs UAE SME lending
UK private credit manager Channel Capital Advisors has acquired a minority interest in Magellan’s position in SME lending platform Beehive’s UAE SME funding program, joining Goldman Sachs and Magellan in supporting the facility, as per a press release. The program originally launched last year as an AED 500 mn facility, with Goldman Sachs providing senior funding and Magellan the mezzanine tranche. It has since expanded to AED 600 mn, with Channel now joining Goldman Sachs and Magellan in the structure — though the press release doesn't specify whether Channel's entry itself accounts for the increase.
The mezzanine investment will fund UAE small- and medium-sized businesses, supporting expansion and innovation while strengthening the flow of institutional capital into the country's SME ecosystem. The funding follows the first close of Channel’s Corniche Sharia fund, a shariah-compliant investment vehicle backed by the GCC, the UK, and international partners. Channel said it is deploying capital from the fund into Beehive and other innovation-economy companies.
GMNSM raises USD 2mn to expand into Riyadh and Monaco
Dubai-based martial arts and sports education network GMNSM has raised USD 2 mn from Veyra Capital and an unnamed private investor to open new academies in Riyadh and Monaco, according to a press release (pdf). The company currently has 11 academies across the UAE, Qatar and Cyprus, serving more than 700 children and adults.
