Kitopi secures USD 50 mn in a growth round

UAE-based cloud kitchen Kitopi has secured USD 50 mn in growth capital, with Singapore-based private credit platform EvolutionX leading the round, according to a press release. Funds will be used to expand Kitopi’s portfolio of local brands across its five GCC markets. Currently it operates over 200 locations, and is pushing ahead with regional and international franchising plans.

BACKGROUND- Kitopi has raised more than USD 800 mn across multiple rounds. It reached unicorn status in 2021 after closing a USD 415 mn Series C round, followed by a USD 300 mn Series C extension in 2022.

NMDC expands its fleet + secures a new contract in Abu Dhabi

Abu Dhabi’s NMDC just signed an AED 618 mn agreement for an advanced self-propelled dredger, to add to its current 170-strong fleet, according to a press release (pdf). The new dredger should be ready by 1Q 2027.

A full plate: The move aims to help with the EPC and marine dredging group’s growing backlog of projects, which reached AED 62.3 bn as of last September. This backlog is only getting larger, after it secured another contract from Abu Dhabi’s Department of Municipalities and Transport for dredging and reclamation work in Rabdan, according to a separate disclosure (pdf). The new contract is worth AED 157 mn, and NMDC expects to complete it in 4Q 2026.

DAE leases more aircraft to Morocco

Dubai Aerospace Enterprise (DAE) will lease 13 new Boeing 737-8 aircraft to Moroccan national carrier Royal Air Maroc (RAM), according to a press release. Delivery is slated for 2027, and comes as RAM aims to roll out nine new international destinations from Casablanca starting early April.

Aircraft are hot commodities currently, with Airbus and Boeing’s total backlog standing at more than 11 years. Currently, DAE owns, manages, and has orders for a total of 237 Boeing planes, with a wider total of 750 aircraft valued at USD 22 bn.

The lease follows a previous agreement in June by DAE leasing two Boeing 737-8 MAX aircraft to the Moroccan airline. Elsewhere, back in December, DAE also leased 10 new Boeing 737-8 jets to Turkey’s flagship airline Turkish Airlines and budget carrier AJet.

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