Tadawul-listed conglomerate Amwaj International bought an 18% stake in Dubai luxury developer Cledor for an undisclosed sum, according to a joint statement. The investment — which marks Amwaj’s first venture into the Emirati market — values Cledor at USD 100 mn. Cledor will manage Amwaj’s upcoming projects in the UAE as part of the agreement.

The rationale: The acquisition gives Amwaj operational exposure in Dubai and a vehicle to deploy capital in a high-growth segment. For Cledor, the investment provides a runway to cover operating costs, access to Amwaj’s procurement and talent network, and institutional backing.

Tags: