Najm Capital

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

K. Al Rashidi · Director

Najm/Portfolio

Portfolio

USD 3B invested across 25 positions · Najm Fund I + Co-Invest · Q1 2026

Try

Top performersPositive mark moves · Q1 2026

Above entry

CareemSuper-App & Mobility

REALIZED EXIT · Uber subsidiary · secondary stake sold Q3 2023 at 2.5x · $145% IRR · position fully exited · thesis on MENA super-app consolidation validated

2.50xUSD 68,000,000

FoodicsRestaurant Tech & Payments

KSA restaurant POS + payments platform · 1.84x mark · 35K+ merchant locations across MENA · embedded finance margin expanding · path to IPO 2027

1.84xUSD 46,000,000

MasdarRenewable Energy

Abu Dhabi clean energy · 1.71x mark · 30GW operating portfolio · COP28 mandate accelerating project pipeline · ADNOC + Mubadala + ADQ tripartite support

1.71xUSD 234,000,000

G42AI & Cloud Infrastructure

Abu Dhabi AI conglomerate · 1.62x mark · cloud + AI compute buildout anchored by Cerebras + Microsoft partnership · regional AI champion thesis intact

1.62xUSD 174,000,000

Alcazar EnergyRenewable IPP

MENA renewable IPP · 1.55x mark · Jordan + Egypt + Saudi portfolio · long-term PPA-contracted assets · COP28 tailwind accelerating pipeline conversion

1.55xUSD 44,000,000

Needs attentionDrift · churn · macro risk

Action required

Silkor

churn

MENA medical aesthetics chain · 0.55x mark · laser hair removal and skin treatment clinics · competitive intensification from MedSpa roll-ups and Dubai premium clinics compressing margins

NASDAQ:ANGH down from $0.35B entry · current mark $0.21B · 0.61x · Spotify Middle East entry compressed subscriber growth and ad revenue

0.61x

below cost

Pure Harvest Smart Farms

drift

UAE controlled-environment agriculture · 0.74x mark · capex overruns and energy costs higher than underwritten · food security mandate provides political support but unit economics under pressure

UAE neobank · 0.82x mark · user growth slower than plan · Wio Bank and Liv competing for digital-native customer segment · monetisation below thesis

UAE private hospital network take-private post-restructuring · 0.88x mark · revenue recovery slower than underwritten · debt overhang from prior fraud episode limiting growth capex

0.88x

below cost

By thesisUSD 3B · 25 positions

Positions25 / 25

REALIZED EXIT · Uber subsidiary · secondary stake sold Q3 2023 at 2.5x · $145% IRR · position fully exited · thesis on MENA super-app consolidation validated

Foodics

Restaurant Tech & Payments

1.84x+38% IRR

FinServ

Revenue148$M

KSA restaurant POS + payments platform · 1.84x mark · 35K+ merchant locations across MENA · embedded finance margin expanding · path to IPO 2027

Operating capacity30GW

Abu Dhabi clean energy · 1.71x mark · 30GW operating portfolio · COP28 mandate accelerating project pipeline · ADNOC + Mubadala + ADQ tripartite support

G42

AI & Cloud Infrastructure

1.62x+14% IRR

AI & Data

Revenue2.1$B

Abu Dhabi AI conglomerate · 1.62x mark · cloud + AI compute buildout anchored by Cerebras + Microsoft partnership · regional AI champion thesis intact

Operating capacity650MW

MENA renewable IPP · 1.55x mark · Jordan + Egypt + Saudi portfolio · long-term PPA-contracted assets · COP28 tailwind accelerating pipeline conversion

Gulf sports and outdoor retail · 1.48x mark · Nike + Under Armour exclusive distributor UAE/GCC · GCC active lifestyle mega-trend and Saudi sports infrastructure driving growth

Gulf Marine Services

Offshore Energy Services

1.44x+15% IRR

Take-Private

Revenue195$M

Offshore support vessel operator · 1.44x mark · ADNOC and Aramco long-term contracts · day rates recovering with oil capex cycle

Installed capacity1.5M RT

UAE national district cooling utility · 1.42x mark · ADX:TABREED · 100% contracted cooling capacity · regulated utility economics with growth optionality

Tabby

BNPL & Consumer Fintech

1.42x+28% IRR

FinServ

GMV7.5$B

MENA BNPL leader · 1.42x mark · 14M+ shoppers across UAE/KSA/Egypt · profitable Q4 2025 · banking license pursuit underway

Kitopi

Cloud Kitchens & Food Tech

1.41x+12% IRR

AI & Data

GMV620$M

Dubai cloud-kitchen unicorn · 1.41x mark · $1.4B current · international expansion driving GMV · tech platform differentiation intact

UAE AI-driven edtech · 1.38x mark · government school contracts expanding · adaptive learning platform adopted across 300+ UAE public schools

Total deposits4.2AED B

Abu Dhabi digital bank · 1.38x mark · platform banking license unlocking B2B embedded finance · deposits and lending growing ahead of plan

LuLu Group

Retail & Hypermarkets

1.35x+9% IRR

Specialty

Revenue9.2$B

UAE hypermarket chain · 1.35x mark · 240+ stores · South Asia diaspora + GCC family retail · omnichannel transformation and private-label margin expansion on track

Americana Restaurants

MENA QSR franchise group · 1.31x mark · KFC, Pizza Hut, Hardee's master franchisee · operating leverage from digital ordering and delivery channel

Payment volume28AED B

MENA digital payments platform · FAB + ADNOC JV · 1.29x mark · merchant acquiring volumes expanding · B2B payments digitalisation driving growth

UAE private hospital network · 1.28x mark · medical education + hospital JV model · UAE + GCC expansion · medical tourism recovery accelerating

Multiply GroupMULTIPLY

Digital Media & AdTech

1.22x+7% IRR

Take-Private

Revenue185$M

Abu Dhabi digital holding · 1.22x mark · programmatic advertising + digital media JV portfolio · ADX-listed with strong institutional support

Freight volume6.8MT/yr

UAE national freight railway · 1.18x mark · Stage 2 delays pushed project completion to 2027 · sovereign guarantee provides capital protection but IRR impact from timeline slippage

Network InternationalNI

Payment Processing

1.05x+2% IRR

FinServ

Transaction volume42$B

MENA payments processor · 1.05x mark · Brookfield take-private thesis intact but GCC macro softness and oil-price sensitivity slowing merchant spend recovery

Pure HealthADX:PUREHEALTH

UAE healthcare conglomerate · 0.94x mark · ADX-listed · post-IPO settling below entry as integration of acquired networks slower than VCP plan

UAE private hospital network take-private post-restructuring · 0.88x mark · revenue recovery slower than underwritten · debt overhang from prior fraud episode limiting growth capex

UAE neobank · 0.82x mark · user growth slower than plan · Wio Bank and Liv competing for digital-native customer segment · monetisation below thesis

Pure Harvest Smart Farms

UAE controlled-environment agriculture · 0.74x mark · capex overruns and energy costs higher than underwritten · food security mandate provides political support but unit economics under pressure

NASDAQ:ANGH down from $0.35B entry · current mark $0.21B · 0.61x · Spotify Middle East entry compressed subscriber growth and ad revenue

MENA medical aesthetics chain · 0.55x mark · laser hair removal and skin treatment clinics · competitive intensification from MedSpa roll-ups and Dubai premium clinics compressing margins

Fund + Co-Invest performance (anchor metrics)

Najm Fund I: 1.61x gross · 19.4% IRR · USD 3B invested·Co-Invest: 1.44x gross · 88.2% IRR · USD 550,000,000 invested