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- Mubadala Backs Breadfast; Sunset Acquires Solutions; Clara Acquired by Ascentium
Mubadala Backs Breadfast; Sunset Acquires Solutions; Clara Acquired by Ascentium
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Tuesday, February 17, 2026
Happy Tuesday everyone!
Egyptian e-commerce player Breadfast has closed a $50 million round from UAE sovereign wealth fund Mubadala and Saudi Arabia's billionaire Olayan family. Meanwhile, consolidation accelerates across the Middle East's hospitality and corporate services sectors as Sunset Hospitality Group absorbed Solutions Group's 15-venue portfolio in Dubai, while Singapore's Ascentium acquired UAE legaltech pioneer Clara to expand its regulated services footprint.
Markets
EGX 30 | 51,857.71 | 0.86% |
DFMGI | 6702.03 | 0.417% |
ADX | 10,623.48 | 0.122% |
Tadawul | 11,171.11 | 0.52% |
Egyptian Startup Breadfast Raises $50 Million From Mubadala And Saudi Billionaire Family
What Is It About?
Egyptian e-commerce company Breadfast has closed a $50 million pre-Series C funding round backed by UAE's Mubadala Investment Co., Saudi Arabia's Olayan family, Y Combinator, SBI Investment Co., and the World Bank's IFC. Founded nine years ago delivering fresh bread, Cairo-based Breadfast has expanded into groceries, meals, pharmaceuticals, and payments. CEO Mostafa Amin says the company, valued at nearly $400 million in August, plans a larger Series C round in early 2026.
Why It Matters?
Breadfast's vertical integration model - owning production, delivery, and even coffee shops - positions it to capture Egypt's young, tech-savvy population while protecting margins from currency volatility. With private-label products accounting for 40% of grocery sales, the company targets 3% of Egypt's $100 billion grocery market within three years. The investment from heavyweight institutions signals confidence in Breadfast's playbook translating across Africa's increasingly urban, digitally-connected populations seeking mobile-first convenience.
What’s Next?
Breadfast will use proceeds to expand infrastructure and explore operations in north and west African countries. Amin says early conversations with growth investors for Series C are underway, with ambitions for a global IPO in coming years. The company aims to become a multibillion-dollar African asset comparable to Latin America's Mercado Libre or Kazakhstan's Kaspi, scaling its integrated model across markets with similar demographics and digital adoption patterns.
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Smashi Business Goes Live with Foodics Founder Ahmad AlZaini at Step Dubai
The Smashi Business Show went LIVE from the Step Conference centre stage in Dubai this week, recording a special episode with Ahmad AlZaini, Saudi-based founder and CEO of Foodics.
From scaling one of the region’s largest F&B tech platforms to building in Saudi under Vision 2030, AlZaini shared insights on government backing, choosing the right consultancies, and delivering the perfect founder pitch.
If you’re building in the region, this one’s worth your time.
Clara Acquired By Singapore's Ascentium In Strategic Middle East Expansion Play
What Is It About?
Clara, the largest licensed corporate service provider in Abu Dhabi Global Market, has been acquired by Singapore-based Ascentium. Founded in 2018 by lawyers Patrick Rogers, Lee McMahon, and Ahmed Arif, Clara evolved from a legaltech startup into a regulated platform managing 2,000 companies across ADGM and DIFC. The acquisition marks Ascentium founder Lennard Yong's latest move in building a corporate services empire across 23 markets.
Why It Matters?
Clara's journey from boutique startup law firm to the region's leading corporate service provider represents a blueprint for legaltech evolution in regulated markets. The deal gives Clara access to Ascentium's global infrastructure spanning 45 cities and 60,000 client entities, while strengthening Ascentium's foothold in two of the world's fastest-growing financial centers. It reflects broader consolidation as founder-led regional specialists join institutional-backed platforms seeking multi-jurisdictional reach.
What’s Next?
Clara will leverage Ascentium's scale to expand beyond the UAE while maintaining its technology-first approach and regulatory expertise. Managing Director Kathryn Burke will continue leading operations, combining Clara's digital platform with Ascentium's cross-border capabilities. The integration positions Clara to serve increasingly global clients navigating complex regulatory environments across multiple jurisdictions, accelerating its growth trajectory beyond regional boundaries.
Dalio: “Stocks Only Look Strong in Dollar Terms.” Here’s a Globally Priced Alternative for Diversification.
Ray Dalio recently reported that much of the S&P 500’s 2025 gains came not from real growth, but from the dollar quietly losing value. Reportedly down 10% last year!
He’s not alone. Several BlackRock, Fidelity, and Bloomberg analysts say to expect further dollar decline in 2026.
So, even when your U.S. assets look “up,” your purchasing power may actually be down.
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Sunset Hospitality Group Acquires Solutions Group In Major Dubai Hospitality Consolidation
What Is It About?
Sunset Hospitality Group has acquired a majority stake in Solutions Group, bringing 15 established venues including Asia Asia and Lock, Stock & Barrel under its portfolio. The deal unites two Dubai-based hospitality companies with parallel founder stories: Antonio Gonzalez and Ahmad Hafez built Sunset from a single Spanish restaurant in 2011, while Paul Evans and Freek Teusink launched Solutions over a handshake in Hurghada in 2001.
Why It Matters?
The acquisition strengthens Sunset's position as a regional hospitality powerhouse, expanding its portfolio to over 110 venues across 26 countries. With Goldman Sachs backing and previous acquisitions including Hong Kong's Maximal Concepts, Sunset is building what observers call "the Ennismore of the Middle East." The deal exemplifies how regional operators are scaling aggressively to compete with established Western brands in the maturing Middle East hospitality market.
What’s Next?
Solutions Group's management team remains in place to ensure operational continuity while leveraging Sunset's international infrastructure for expansion. The combined entity will focus on accelerating global growth, particularly through Sunset's investment-led strategy and established presence in 26 countries. Industry watchers expect further consolidation as Middle East hospitality brands pursue international scale.
🦄 World of Startups
Mersal Media Capital secures $1.3 million in first funding round
Dubai-based Antoine Kanaan’s Haqq AI, a legal-tech platform, raised $3M.
Notion Expands into Middle East with Launch of Arabic Support
Wio Bank Partners with Pine Labs to Revolutionise UAE Payment Processing
Vennre Secures $9.6M to Democratise Wealth-Building in Saudi Arabia
Jeel and Ripple Join Forces to Revolutionise Saudi Payments with Blockchain
👨💻From Smashi Business’ Desk
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Emmy-winning Palestinian journalist Bisan Owda says TikTok has permanently banned her account.
Dubai-born Noon smartly turns the viral penguin into a delivery hero
🔍In other news…
Saudi Oil Sales to China Up After Price Cut to Five-Year Low
ByteDance in talks to sell gaming unit Moonton for more than $7.5 billion, Reuters says
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Adnoc’s listed companies post combined $9.7bn in net profit
Rising rents and staff costs weigh on Lulu’s 2025 profit
🗓️ Plan Your Events (March-April 2026)
UAE
31 March - 2 April (Tuesday-Thursday): Arab Media Summit, Dubai.
26-28 March (Thursday-Saturday): Social Capital Conference, Dubai.
7-9 April (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.
13-15 April (Monday-Wednesday): AIM Congress, Dubai World Trade Center.
14-16 April: (Tuesday-Thursday): the International Property Show, Dubai World Trade Center.
Saudi Arabia
13-16 April (Monday-Thursday): Leap Tech Conference, Riyadh Exhibition & Convention Center - Malham.
20-22 April (Monday-Wednesday): Sports Investment Forum (SIF), Riyadh
Egypt
30 March – 1 April (Monday-Wednesday): Egypt International Energy Conference and Exhibition (EGYPES).
