KKR-backed firm buys fertility business from Gulf Capital

A firm backed by global investment giant KKR has bought a stake in one of the Gulf’s most reputable fertility clinics.

IVI RMA Global, the world’s biggest provider of infertility treatments, which was bought by KKR three years ago, is re-acquiring ART Fertility Clinics’ Middle East operations from Abu Dhabi-based Gulf Capital, which had acquired the business for $100 million from IVI RMA Global in a carve-out of its Middle Eastern clinics five years ago.

Financial details were not disclosed, but Gulf Capital said the deal was one of its most successful exits to date, Bloomberg reports.

The sale comes amid rising demand for fertility services in the region, as legal systems adapt to changing demographics and social norms.

In the UAE, IVF laws were recently updated to allow unmarried non-Muslim couples to use IVF and to store embryos. Single women are also now allowed to freeze their eggs for future use.

The sale covers four clinics in the UAE and Saudi Arabia, while Gulf Capital will continue to own operations in India.

The Daily Circuit: G42 chief at GITEX + PIF’s China trade zone

Today in the Daily Circuit, we’re looking at Citi’s scenario for a surge in oil prices, the Saudi Public Investment Fund’s planned Special Economic Zone to boost trade with Chinese companies, Mubadala’s buyout of four businesses from Global One Healthcare, and the $178 million raised by ADIA-backed Indian cosmetics firm Purplle. But first, G42’s Peng Xiao says AI cooperation with the U.S. is yielding big results.

Robots ambled through the vast exhibition halls of the Dubai World Trade Centre today, capturing the attention of thousands of participants during Day 2 of GITEX Global 2024, The Circuit’s Omnia Al Desoukie reports from the conference floor.

Racing through the international crowd were late arrivals for panel discussions featuring some of the top luminaries in AI research, many delayed by bumper-to-bumper traffic on Dubai’s downtown streets that annually accompanies the Middle East’s biggest tech conference.

Those who squeezed into today’s showcase session heard Peng Xiao, CEO of the UAE’s G42 artificial intelligence company, back from a trip to the U.S. after recently completing deals with Nvidia, Microsoft and Open AI.

“What I can tell you right now is that the relationship bilaterally, between the U.S. and the UAE cannot be stronger,” Xiao said. “Everything from defense to technology collaboration – we reached a new height.”

Calling attention to a new Climate Technology Center that he announced earlier with Nvidia CEO Jensen Huang, the G42 chief said the two companies are using advanced hardware and software capabilities “to unlock the mystery of weather forecasting and the prevention and handling of extreme weather,” adding, “We are right now working with the best and brightest.”

Among those visiting the conference during its opening day on Monday was Sheikh Mohammed bin Rashid, Ruler of Dubai and the UAE’s Vice President and Prime Minister, who pointed to a 40% increase in international participation at the event as an indication of Dubai’s global importance in AI. Among the pavilions at which he stopped were those of G41, Microsoft, IBM, Oracle, Etisalat, Huawei and H3C.

“We have a clear vision to advance the UAE’s leadership in the global digital and technology landscape, making it the world’s most future-ready nation,” Sheikh Mohammed said.

Editor’s note: You can let us know your thoughts and feedback by replying to this newsletter or emailing us at [email protected].

DOHA DEALMAKING

Qatar’s Cityscape conference is hatching real estate deals this week in Doha. Qetaifan Projects unveiled two flagship projects on Monday: the SLS Doha and The Groove Residence. It also announced that BBD International will operate the Qetaifan Island North school, while hosting a fireside chat titled “Education in Real Estate Development: Shaping Master Communities.” Qatari Diar, meanwhile, announced a strategic partnership with ST Engineering to develop and operate a smart city platform in Lusail City, utilizing AI and data analytics.

💲 Sovereign Circuit

Public Investment Fund: PIF-backed EWPartners plans to develop a special economic zone near Riyadh’s new King Salman International Airport to boost Chinese trade with the kingdom, Bloomberg reports.

Mubadala: The Abu Dhabi sovereign wealth fund is expanding its pharmaceutical interests through the buyout of four businesses from Global One Healthcare:  Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma.

Abu Dhabi Investment Authority: Purplle, an Indian online beauty products retailer, raised $178 million in a Series F financing round led by ADIA.

↪↩ Closing Circuit

🌍 Trade Boost: Saudi Arabia’s Export-Import Bank signed a $25 million credit agreement with South Africa’s Standard Bank Group to help increase trade between the two countries.

🏦 Debt Finance: Jordan Ahli Bank will issue $120 million of five-year dollar-denominated bonds at an 8.5% fixed rate, with public subscription open from Oct. 23 to Nov. 5, before the securities are listed on the Amman Stock Exchange.

🚰 Drought Relief: Algeria plans to spend $5.4 billion to build five desalination plants and provide some relief to the drought-stricken nation, Bloomberg reports.

🚚 Logistical Expansion: Agility, a Kuwaiti logistics company, is expanding its Riyadh warehousing facilities through a subsidiary at a cost of $67 million.

⏰ Temp Management: Ubeya, an Israeli startup that developed a platform for hiring temporary employees, raised $10 million in a round led by U.S.-based EGP.

↪↩ Circuit Chatter

🛫 Aviation Innovation: Riyadh Air, Saudi Arabia’s soon-to-be-launched national airline, is teaming up with the FII Institute, which runs the annual “Davos in the Desert” conference, to promote innovation and meet coming challenges in aviation.

✨ Luxury Living: Ohana Development plans to launch a luxury residence in Abu Dhabi, in partnership with a leading global brand that will be revealed in the first quarter of 2025.

🚄 Hydrogen Train: Saudi Railway Co. conducted a successful test run of its new hydrogen-powered train, CEO Bashar Al-Malik said on Monday at the Global Logistics Forum in Riyadh.

👤 Upskilled Employees: Microsoft launched the AI National Skills Initiative at GITEX Global 2024, partnering with UAE government entities to help 100,000 employees build their skills at institutions in Abu Dhabi, Dubai and Sharjah.

🌍 Power Circuit

Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi and Chairman of ADIA, led the sovereign wealth fund’s board meeting on Monday in a session joined by Sheikh Mansour bin Zayed, Vice President, Deputy Prime Minister and Chairman of the Presidential Court, and Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council. 

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, toured the capital’s Saadiyat Cultural District and reviewed the progress of the final stages of construction for the Zayed National Museum, the Natural History Museum Abu Dhabi, and teamLab Phenomena Abu Dhabi, all set to be completed by the end of 2025.

➿ On the Circuit

Prince Abdulaziz bin Salman, the Saudi Energy Minister, and Philippines Energy Secretary Raphael Lotillasigned a draft agreement in Riyadh on Monday to establish a broad framework for collaboration between the country across a variety of energy sectors.

Sheikh Ahmed bin Saeed, President of the Dubai Civil Aviation Authority, Chairman of Dubai Airports and Chairman and Chief Executive of Emirates Airline,  launched the first phase of the “Dubai Sky Map,” a platform aimed at streamlining civil aviation supervision by consolidating maps and tracking air transport vehicles.

🎶 Culture Circuit

🎾 Net Play: Rafael Nadal and Novak Djokovic lead the ranks of top tennis stars who will compete this week in Saudi Arabia’s Six Kings Slam. The new exhibition event, which runs Oct. 16-19, will feature Nadal playing in one of the final tournaments before his planned retirement after the Davis Cup finals in Malaga, Spain, at the end of November.

📷 Photo of the Day

🗓️ Ahead on The Circuit

Oct. 14-18, Dubai, UAE: GITEX Global. One of tech’s biggest events, the UAE conference brings companies from around the world to showcase their latest innovations. Dubai World Trade Center.

Oct. 15-17, Dubai: Aviation Future Week. Conference brings together UAE ministers, senior government officials and leaders from the aviation, aerospace, air freight and other related industries. Museum of the Future.

Oct. 16- 19, Riyadh, Saudi Arabia: Six Kings Slam. Six of the top players on the ATP players will be playing during the Riyadh Season. The Venue.

Oct.22-24, Dubai: Dubai Helishow. Conference features innovations in hybrid and electric helicopters, AI integration, UAV combat operations, and civil aviation. Skydive Dubai.

Oct. 29-31, Riyadh: Future Investment Initiative Conference, 8th Edition. More than 6,000 global participants registered, including world leaders, policymakers CEOs and investors. King Abdul Aziz International Conference Center.

Oct. 31, Abu Dhabi, UAE: Transition Investment Workshop. NYU Abu Dhabi’s Transition Investment Lab holds a day of discussions on aligning investment decisions with social values. NYU Abu Dhabi, East Forum.

Nov. 4-7, Abu Dhabi: ADIPEC. The event is the biggest gathering for energy leaders, policy makers, and key industry players. It is often attended by heads of multilateral organizations. ADNEC. 

Nov. 5-7, Dubai: EMEA Stakeholder Conference, This invitation-only event brings together over 700 of the most influential leaders from across the hotel and real estate industry in Europe, the Middle East and Africa to discuss the latest trends shaping the hotel industry. Lapita Dubai Parks and Resorts Autograph Collection

Nov. 12-13, Abu Dhabi: CyberQ: Security in the Quantum Era. Conference brings together international experts, policymakers and industry players to discuss challenges of the quantum age of cybersecurity. ADNEC.