IPOs, SPACs, and public market listings
Phoenix Venture Partners backed COFE Tech in an undisclosed deal completed earlier in 2026. The firm says it bought existing shares. A $178 million valuation belongs to a later pre-IPO round, not to this purchase.
MNT-Halan plans to sell 20 percent of its Egyptian arm on the EGX in October, 320 million shares, price still unset. Turkey, Pakistan and the UAE stay private. The sale is secondary. A June group valuation of $1.4 billion is not the offer price.
CMA chairman Mazen Al-Sudairi said reforms for declining stocks, IPO quality and retail participation should land within 90 days. He said the retail slice of offerings should rise toward 30 percent. The 4 October comments are an interview, not a published rule.
Saudi AI startup IDRAJ has closed a 2.25 million riyal pre-seed round led by ASAP Legal Tech. It uses AI to simplify the corporate IPO and listing process, assessing readiness and organising documentation for companies going public on the Saudi Exchange.
Chinese humanoid robot maker LimX Dynamics has confidentially filed for a Hong Kong IPO to raise up to 300 million dollars, joining a wave of Chinese robotics listings. Its global backers include Abu Dhabi's Stone Venture, tying Gulf capital to the deal.
Derayah Financial, Saudi Arabia's leading digital investment platform, lifted first-half 2026 revenue to about 468.6 million riyals, up 5.5 percent. The rise is modest but creditable, achieved in a cooling market for trading & it reflects a growing shift toward more stable asset-management income.
Dar Al Majed Real Estate, known as Al Majdiah, saw profit and revenue fall in the first half of 2026, with revenue down 28 percent. But the drop reflects the absence of last year's one-off land sales, and underneath it the core business is booming.
Dar Al Majed Real Estate reported first-half 2026 revenue of about 496 million riyals, down 28 percent. But the drop reflects the absence of last year's one-off land sales, and underneath it the core business is booming, with unit sales up 33 percent and rental revenue up 159 percent.
Al Ramz Real Estate, a Riyadh developer, posted record revenue yet falling profit in 2026. The puzzle is common among Saudi developers, where big one-off land sales inflate past profits, and it raises a real question about how durable and cash-backed the earnings truly are.
Saudi Azm has signed a non-binding MoU to fully acquire AZM FinTech, a licensed payments firm it is already linked to through shared owners and directors. That makes it a related-party deal, and the governance scaffolding around it, an independent advisor and a shareholder vote, is doing real work.