{"id":103364,"date":"2025-05-06T00:00:00","date_gmt":"2025-05-06T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/egypts-elsewedy-electric-acquires-majority-of-dubai-based-thomassen-service-new-real-estate-tokenization-platform\/"},"modified":"2025-05-06T00:00:00","modified_gmt":"2025-05-06T00:00:00","slug":"egypts-elsewedy-electric-acquires-majority-of-dubai-based-thomassen-service-new-real-estate-tokenization-platform","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2025\/05\/06\/egypts-elsewedy-electric-acquires-majority-of-dubai-based-thomassen-service-new-real-estate-tokenization-platform\/","title":{"rendered":"Egypt\u2019s Elsewedy Electric acquires majority of Dubai-based Thomassen Service + New real estate tokenization platform"},"content":{"rendered":"<p class=\"tag-border-left\">M&A- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>#1- Egyptian electrical company Elsewedy Electric acquired a 60% stake in Dubai-based Thomassen Service<\/strong> as the company expands its global footprint and diversifies its capabilities in the energy sector, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2025\/5\/314.pdf\" style=\"\" rel=\"noopener\">statement (pdf)<\/a>. The acquisition consists of Thomassen\u2019s Middle East and Africa business unit, filters manufacturing, and its African business affiliate and marks Elsewedy\u2019s expansion into the oil and gas industry.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What they said:<\/strong> \u201cThis acquisition is a strategic step toward delivering fully integrated, end-to-end solutions in the energy business. We are reinforcing our position as a comprehensive energy partner capable of executing projects from inception to long-term operation with unmatched efficiency and reliability,\u201d said Elsewedy Electric Senior Vice President Wael Hamdy.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#2-<\/strong><strong> UAE-based <\/strong><strong>logistics platform Canater has secured USD 1 mn from regional<\/strong> <strong>investment firm <\/strong><strong>Foras <\/strong><strong>in exchange for a 10% equity stake<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2025\/05\/foras-acquires-10-stake-canater-1-million-deal\" style=\"\" rel=\"noopener\">press release<\/a>. The funding will be used to scale its digital infrastructure, expand across different sectors, and strengthen collaboration with regulators to streamline export processes. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Canater? <\/strong>Founded in 2024 by Khamis Soliman (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/kash-khamis-soliman-08703350\/?originalSubdomain=uk\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Canater provides AI-powered supply chain and cross-border trade tools for manufacturers in the MENA region. Its platform offers digital contracts, financing, warehousing, logistics, and real-time shipment tracking, with an initial focus on consumer-packaged goods which has a global market value of USD 11 tn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>#3-<\/strong><strong> Tadaw<\/strong><strong>ul-listed ins. firm Walaa Cooperative Ins. is closing in on its SAR 68 mn <\/strong><strong>acquisition <\/strong><strong>of Dubai\u2019s <\/strong><strong><a target=\"_blank\" href=\"https:\/\/aspireuw.com\/\" style=\"\" rel=\"noopener\">Aspire Underwriting Agency<\/a><\/strong>, having lined up final clearances from the Dubai Financial Services Authority (DFSA), it said in <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=86922&anCat=1&cs=8060&locale=en\" style=\"\" rel=\"noopener\">a filing<\/a> to the Saudi bourse. The transaction, which had been <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/a8469ecb-d63b-479d-8b8c-8d50e58fc399\/uae,-egypt-to-cooperate-on-space-projects\" style=\"\" rel=\"noopener\">pending DFSA approval<\/a>, grants Walaa an 88% stake in the DIFC-based ins. company, as part of its strategy to expand its inbound reins. Footprint.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">E-COMMERCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>LuLu, FinMin partner on digital procurement:<\/strong> Lulu Group is connecting its corporate e-commerce platform, LuLuOn, with the federal government\u2019s digital procurement system, according to a <a target=\"_blank\" href=\"https:\/\/www.luluretail.com\/media\/news\/ministry-of-finance-integrates-lulu-retail-with-federal-digital-procurement-platform-through-new-punch-out-feature\/\" style=\"\" rel=\"noopener\">press release<\/a>. The two sides signed a strategic agreement to allow federal entities to purchase directly from LuLu\u2019s catalog through the federal e-procurement platform. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The integration aims to reduce procurement cycles from 60 days to minutes<\/strong> as well as improve cost control. Federal agencies will access LuLu\u2019s products, including food, groceries, and operational supplies at corporate pricing.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">STARTUPS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Dubai <\/strong><strong>SME\u2019s market accelerator iAccel GBI has partnered with Dubai International Financial Center\u2019s start-up focused platform <\/strong><strong>Ignyte to enhance support for high-potential startups in the UAE and GCC<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/iaccel-gbi-and-ignyte-launch-strategic-collaboration-to-enhance-global-startup-ecosystem-kccechov\" style=\"\" rel=\"noopener\">press release<\/a>. The partnership will provide integrated access to cross-border networks, investor visibility, and mentorship. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The structure: <\/strong>Startups in iAccel GBI\u2019s portfolio will gain access to Ignyte\u2019s network of investors, corporate partners, and marketplace offers. Ignyte\u2019s startups will leverage iAccel GBI\u2019s market-entry expertise for Middle East expansion. Phased onboarding of iAccel GBI startups onto Ignyte\u2019s platform is currently underway.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">REAL ESTATE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Global <\/strong><strong>real estate tokenization platform ForteXchain launches:<\/strong> <a target=\"_blank\" href=\"https:\/\/capitalinvestmenthg.com\/\" style=\"\" rel=\"noopener\">Capital Investment Holding<\/a>, digital asset platform <a target=\"_blank\" href=\"https:\/\/fasset.com\/\" style=\"\" rel=\"noopener\">Fasset<\/a>, and Emirati digital bank <a target=\"_blank\" href=\"https:\/\/www.zand.ae\/en\/news\" style=\"\" rel=\"noopener\">Zand Bank<\/a> have launched ForteXchain, a blockchain-powered platform that allows investors to buy tokenized shares in real estate projects, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/dubai-tokenization-platform-launches-real-estate-tokenized-investment-for-both-retail-and-institutional-investors-msqzg6mp\" style=\"\" rel=\"noopener\">press release<\/a>. The platform targets both retail and institutional investors with a minimum investment threshold of USD 1.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The assets: <\/strong>An inaugural issuance round is expected to present assets in the UAE\u2019s Centurion developments, as well as in Indonesia, Spain, and Malaysia. Additional projects are set to be announced in the coming weeks, and expansion to Bahrain, Turkey, and South America is planned in later phases.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>ICYMI- <\/strong>Zand Bank <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/27085ffb-e81c-4248-8e14-22442fe019d1\/more-asset-managers-eye-adgm\" style=\"\" rel=\"noopener\">received approval<\/a> from Dubai\u2019s VARA last December to launch institutional-grade digital asset custody services. Earlier this year, it <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/c2814c64-5025-4ca7-9c5b-41cf993e160e\/iraq-taps-crescent-petroleum-for-gas\" style=\"\" rel=\"noopener\">partnered with Web3 platform Klickl<\/a> to streamline financial management, and also <a target=\"_blank\" href=\"https:\/\/enterprise.news\/uae\/en\/news\/story\/72cf02a1-753f-4c05-9273-a075e08195cb\/mantra-to-tokenize-usd-1-bn-damac-group-assets-in-the-middle-east\" style=\"\" rel=\"noopener\">signed an MoU<\/a> with blockchain firm Mantra to support the tokenization of USD 500 mn in real estate assets.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> FINANCE- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The<\/strong> <strong>Maldives\u2019s government plans to build a USD 8.8 bn financial center with the support<\/strong><strong> of Dubai-based Qatari family office MBS Global Investments<\/strong>, according to a <a target=\"_blank\" href=\"https:\/\/www.newswire.ca\/news-releases\/the-government-of-the-maldives-and-mbs-global-investments-pledge-8-8-billion-to-create-the-maldives-international-financial-centre-854668044.html\" style=\"\" rel=\"noopener\">press release<\/a>. The Maldives International Finance Center (MIFC), set to be completed by 2030, will be located in the capital Male and offer no corporate tax and tax-free inheritance. The center aims to address the country\u2019s debt crisis. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">BUSINESS- <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Ajman <\/strong><strong>Bank taps Yubi to digitize SME trade finance:<\/strong> Ajman Bank has partnered with <a target=\"_blank\" href=\"https:\/\/www.go-yubi.com\/\" style=\"\" rel=\"noopener\">Yubi<\/a> MENA to enhance SME access to trade working capital and supply chain finance through a fully digital platform, according to a <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/ajman-bank-partners-with-yubi-mena-to-support-business-banking-customers-eeqzdp6l\" style=\"\" rel=\"noopener\">press release<\/a>. The collaboration will activate Yubi\u2019s Enterprise Credit Market platform, enabling Ajman Bank clients to secure corporate loans and financing digitally via its platform.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>About Yubi: <\/strong>Founded in 2020 by CEO Gaurav Kumar (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/gaurav-kumar-2a465114\/?originalSubdomain=in\" style=\"\" rel=\"noopener\">LinkedIn<\/a>), Yubi is valued at USD 1.5 bn and operates a full-stack, interoperable debt platform serving over 17k enterprises and 6.2k investors and lenders. Backed by investors like Peak XV and Insight Partners, it has facilitated USD 16 bn in debt volumes to date. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Canater has secured USD 1 mn from regional investment firm Foras in exchange for a 10% equity stake<\/p>\n","protected":false},"author":1,"featured_media":103365,"comment_status":"","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1552],"tags":[44,47,128,1629,1132,659,7,503,161,1342,99,641,1344,1875,98,1390,320,147,1334,1012],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-103364","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-also-on-our-radar","tag-ajman-bank","tag-also-on-our-radar","tag-blockchain","tag-dhl","tag-digitization","tag-e-commerce","tag-enterpriseam-uae","tag-family-offices","tag-infrastructure","tag-investment","tag-logistics","tag-lulu-group","tag-ma","tag-maldives","tag-real-estate","tag-sharjah","tag-smes","tag-startups","tag-trade","tag-virtual-assets-regulatory-authority","wpautop","entry"],"acf":{"mongo_id":"91696c39-1d53-4cea-ab09-fb88d5f78469","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/7\/679.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt\u2019s Elsewedy Electric acquires majority of Dubai-based Thomassen Service + New real estate tokenization platform","related_issue":[103344],"teaser":"Plus: Canater has secured USD 1 mn from regional investment firm Foras in exchange for a 10% equity stake","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2025\/5\/.fac000ab-2af2-4512-8a3c-78afc097f991.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Egypt\u2019s Elsewedy Electric acquires majority of Dubai-based Thomassen Service + New real estate tokenization platform - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/05\/06\/egypts-elsewedy-electric-acquires-majority-of-dubai-based-thomassen-service-new-real-estate-tokenization-platform\/\" 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