Najm Capital

Najm Fund I + Co-InvestGCC growth equity, infrastructure, and strategic buyouts · Q1 2026 reporting

K. Al Rashidi · Director

Najm/Pipeline/BEEAH Group

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BEEAH Group

Private

Waste Management & Clean Energy·Growth Equity·$100M check·@ $1.2B

Matches thesisEnergy Transition & Infrastructure·Partner owner: Tariq Al Suwaidi

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Fatima Al KaabiDirector, Infrastructure & Energy · First Abu Dhabi Bank (FAB) Investment Banking

[email protected]

Mar 5, 20269:00 AM

Subject: BEEAH Group — Minority Stake Opportunity · Sustainability Infrastructure

Omar — BEEAH Group is offering a minority growth equity stake ahead of a potential dual listing in 2027. The Sharjah government (majority owner) is seeking a strategic financial investor with infrastructure credentials. BEEAH is the UAE's largest integrated environment management company, with waste-to-energy plants, recycling facilities, and digital platforms. AED 2.1B in revenue, 22% EBITDA margin. FAB is placement agent. Happy to arrange a management presentation.

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Executive summary

BEEAH Group is the UAE's largest integrated environment and sustainability company, headquartered in Sharjah. The company operates waste-to-energy plants, material recovery facilities, digital waste management platforms, and a clean transportation fleet. Majority-owned by the Sharjah government with DEG and CDC as development-finance co-investors. BEEAH is uniquely positioned to benefit from UAE Net Zero 2050 mandates and growing GCC municipal waste management privatisation. The $100M growth equity stake at $1.2B entry represents 5.7x FY2025 EBITDA — attractive for a government-linked infrastructure platform with contracted revenue. Key risk is the Sharjah government's control and potential limits on strategic decision-making.

Company snapshot

Business model: Government-contracted waste management services (gate fees + tipping fees) supplemented by waste-to-energy electricity offtake agreements; growing technology division (BEEAH Digital) provides environmental management SaaS.
Products: Waste collection · Materials Recovery Facility (MRF) · Waste-to-Energy plants · Environmental consultancy · BEEAH Digital (environmental management SaaS) · Clean transport fleet
Geography + scale: Sharjah (primary) · Abu Dhabi · Dubai · Saudi Arabia (JV) · Egypt (JV)
People: Khaled Al Huraimel (CEO & Group Chairman, founder) · Dr. Ibrahim Al Zu'bi (Chief Sustainability Officer) · Heba Fatani (CFO, ex-Deloitte MENA)

Market

TAM + growth: GCC waste management market $10B by 2030 · UAE waste-to-energy market $2.5B by 2028 · MENA environmental services growing 15% CAGR
Competitive set: UAE: Emirates Environmental Group (smaller, Abu Dhabi-focused) · Averda (pan-Africa/MENA, private) · Global: Veolia, Suez (in JVs). BEEAH's government ownership and Sharjah-UAE exclusivity creates a competitive insulation.
Tailwinds: UAE Net Zero 2050 target · Sharjah zero-waste-to-landfill mandate (2030) · Saudi circular economy vision · COP28 UAE legacy commitments

Financial profile

Revenue: FY2025A revenue AED 2.1B (~$572M) · backlog AED 4.8B in long-term contracts
Growth: 28% YoY revenue · WtE capacity expanding 40% with Phase 3 plant commissioning Q3 2026
Profitability: EBITDA AED 462M (22% margin) · FCF AED 180M after capex · net debt AED 1.1B
Unit economics: Average government contract duration 15 years · WtE electricity offtake at AED 0.32/kWh · MRF gate fee AED 85/tonne

Deal structure

Round size: Minority stake $200M total · $100M Najm allocation (~8.3% stake)
Valuation: $1.2B enterprise value · 5.7x FY2025 EBITDA · discount to global peer Veolia at 8.5x
Security: Ordinary minority shares with board observer rights
Co-investors: Sharjah government (majority retaining 65%) · DEG · CDC Group

Thesis fit · Energy Transition & Infrastructure

Contracted infrastructure revenueStrong

AED 4.8B backlog with 15-year average contract duration — revenue visibility superior to most growth equity opportunities.

UAE policy mandate alignmentStrong

UAE Net Zero 2050 and Sharjah zero-waste-to-landfill 2030 mandate are structural demand drivers, not discretionary.

Financial returnsPartial

5.7x EBITDA entry is fair but not exceptional — infrastructure multiples in MENA are rising. Board observer rights limit Najm influence.

Governance and exitPartial

Government majority ownership limits exit optionality — IPO timing at Sharjah government discretion. DEG and CDC have DFI-typical long-hold mandates.

Growth equity characteristicsWeak

BEEAH is more infrastructure / yield than growth equity — 28% revenue growth is strong but primarily driven by government contract expansion, not commercial scaling.

Risks + mitigants

Sharjah government control could delay or block an IPO if geopolitical or fiscal pressures ariseMitigant: DEG and CDC have contractual rights to a 2028 liquidity event; Najm should seek similar terms

WtE technology risk — Phase 3 plant uses new European gasification technology; commissioning delays possibleMitigant: EPC contractor (Hitachi Zosen Inova) has delivered 8 prior GCC plants; penalty clauses in EPC contract

Net debt AED 1.1B creates refinancing risk if interest rates remain elevatedMitigant: Long-term government contracts provide stable FCF for debt service; debt is largely government-guaranteed

Similar deals in playbook

Averda (MENA waste management)2023Passed

Passed on Averda at $800M — government contract concentration in Lebanon/Jordan was too politically exposed. BEEAH's UAE/Sharjah base is structurally safer but governance concerns are similar.

Renewi (European WtE)2024Watchlisted

Renewi trades at 6.5x EBITDA in Europe with lower growth. BEEAH at 5.7x with 28% growth and GCC policy tailwinds is modestly cheap on a cross-market basis.

Preliminary diligence items

1.Review all government offtake and WtE electricity agreements — confirm take-or-pay terms

2.Phase 3 WtE plant EPC contract review with technical advisor (Mott MacDonald recommended)

3.Debt structure review — confirm government guarantee scope and refinancing timeline

4.DEG and CDC shareholder agreement — understand DFI liquidity rights and any Najm alignment

5.BEEAH Digital revenue breakdown — understand SaaS vs one-off project revenue split

6.Board observer rights negotiation — seek at minimum 1 board seat given $100M investment

Deal progressionStage 2 of 6

InboundCIM received · initial parse

Quick LookMemo drafted · thesis matchWith: Omar Al Zaabi

Diligence scopingWorkstreams + owners defined

Diligence activeData room · expert calls · model

IC memoDrafted → IC review

DecisionPursue · pass · watch

Co-investor set

Sharjah government (majority)

DEG (German Development Finance)

CDC Group