Saudi Arabia’s Tibbiyah buys local firm; UAE’s Taaleem moves ahead with IPO
Saudi Arabian medical equipment provider Arabian International Healthcare Holding Company, or Tibbiyah, has acquired a 51% stake in the Innovative Care Company, for SAR213.5 million ($56.8 million).
The acquisition will be financed by a cash component of SAR109.5 million while the remaining SAR104 million will be linked to an “earn-out” structure over a three-year period.
The controlling stake will help the Saudi stock exchange-listed Tibbiyah as it will add iPharma as well as medical and beauty centre New You to its product portfolio. These brands are currently owned by the Riyadh-headquartered Innovative Care and generate an annual revenue of SAR120 million with EBITDA margins well in excess of 30%.
“New You has a strong balance sheet with high cash generation and no debt, allowing for further expansion in new business lines, as well as geographical locations in the kingdom,” the company said.
UAE’s Stake
The UAE-based proptech company Stake has secured $8 million in a pre-Series A funding round, backed by Middle East Venture Partners and BY Ventures.
Returning investors Vivium Holding and Combined Growth Real Estate chipped in, too.
Founded in 2020 by Rami Tabbara, Manar Mahmassani, and Ricardo Brizido, Stake is a digital real estate investment platform providing options for income-generating properties in Dubai. The startup claims to have 42,000 users from over 80 countries.
Stake plans to invest this new capital to advance its product and technology and expand its operations within the region. The startup, which currently employs a little over 30 people, is now looking to double its employee count.
This round follows a $4 million seed round in June 2021, bringing the total raised funds to $12 million.
Taaleem
Dubai-based school operator Taaleem has secured shareholder approval for an initial public offering.
The company will be converted from a private joint stock company to a public entity before it is listed on the Dubai Financial Market (DFM).
The DFM has seen several big-ticket listings during the year including state utility company DEWA, retailer Union Coop and real estate firm Tecom.
The Dubai government has said that it will list 10 state-run entities.
Taaleem has said in the past that it will open charter-style private-sector-run government schools this term, alongside Bloom Education, opening six new schools between the two companies.
