YUJ Middle East Curtain Wall

1. Executive Summary

Driven by Gulf Vision 2030 and Saudi's Giga-Project wave, the Middle East façade & fit-out market is entering a ten-year super-cycle. The next three years will define the next fifteen. We propose to turn YUJ's existing 1.75 M m² UAE curtain-wall track record — irreplaceable within three years by any Chinese peer — into a three-country (UAE · KSA · Egypt) overseas platform anchored by:

• YUJ — 18 UAE landmark projects, 1.75 M m², Tier-1 developer portfolio.
• Co. A — A-share listed company, China's premium hardware leader, providing capital, procurement scale and brand credit.
• DN — a digital partner adding BIM / ERP / Smart-Lock SaaS as a high-margin long-tail plus tech-stock valuation multiplier.

Asymmetric bet: ≈ 73% probability of ≥ 2× MOIC, ≤ 4% probability of principal loss (see Sensitivity Analysis).

2. Market Opportunity

The combined Gulf + Egypt façade TAM is USD 270 B p.a., with a < 0.5% share capturing the Base 2.06 B RMB 2029 revenue target (or < 1% for the 4.13 B Stretch target). Three anchor markets:

3. Track Record · 1.75 M m²

The full 18-project portfolio is documented in the Projects Gallery (EN). Key evidence of qualification moat:

3.5 Recent 6-Month Live Pipeline · AED 328 M / ≈ RMB 437 M

YUJ is not just a historical brand. Over the last six months the company has been actively converting repeat Abu Dhabi clients and expanding into Dubai, with 6 projects / 10 sub-packages / AED 328.83 M in active pipeline stages.

Basis: amounts in AED (UAE Dirham); RMB conversion at document-wide rate 1 AED ≈ 1.33 RMB · Coverage: Abu Dhabi × 5 / Dubai × 1

Three signals: (1) Awarded + TBC = AED 131 M (≈ RMB 174 M) already on YUJ's desk — Balghaiylam & Baniyas West are both repeat clients, proving Abu Dhabi customer stickiness; (2) Quotation stage AED 134.7 M (≈ RMB 179 M) includes the Dubai PASSO twin-tower package (AED 87.7 M single package) — YUJ is scaling from Abu Dhabi to Dubai, directionally aligned with the KSA overseas path; (3) 10 sub-packages span W&D / Balustrade / ACP / Alum&Glazing / FINS, validating the "comprehensive envelope sub-contractor" positioning rather than a single-product shop.

4. Core Team

Middle East business runs on a lean "5-person core + 4 on-call project teams" structure.

Strategic logic: Irish builds trust with UK/US clients · Egyptian unlocks the Arabic world · Malaysian bridges Chinese GCs · Chinese tender guards margin — a multi-language × multi-culture × multi-client Middle East commercial loop.

4.1 Overseas Track Record (75+ years combined)

Verification: CVs, LinkedIn, former-employer references, client thank-you letters and overseas work visa records available at due diligence. Core team signs 5-year employment + non-compete agreements as a CP for this round.

4.2 Core Methodology · The Three-Gate Due-Diligence Funnel

In the Middle East, over 60% of overseas EPC losses are not delivery failures — they are commercial failures (wrong client, opaque funding, no top-cover when disputes arise). Our team runs every opportunity through a three-gate filter before we even decide to price. Gate 3 is a one-strike veto.

4.3 Activated Platform Relationships (call-ready, not broker-relayed)

4.4 Six Red-Flag Signals (immediate No-Go)

• Opaque SPV with no visible UBO → 70% of ME bad-debt cases start here.
• Payment dependent on off-plan sales only (no sovereign / bank backstop).
• Captive conflict between client, main-contractor, and consultant (same shareholder group).
• Our 3-degree Sponsor Map cannot reach the UBO.
• Main contractor is a new-set entity with no comparable delivery history.
• Contract governing law outside DIFC / ADGM / ICC / common jurisdictions.

4.5 Four Delivery Teams (deployable on-demand)

• Curtain Wall Team A — PM + Tech + Shop-drawing + Procurement + QA/QC + HSE + Programme + Logistics (full-stack).
• Curtain Wall Team B — available for UAE Phase 2 or KSA first-job parallel tracks.
• Fit-out Team A — for facade + interior turnkey contracts; integrates DN smart locks.
• Fit-out Team B — standby for KSA Roshn volume residential + Egypt NAC hotels.

5. Strategy · T0 → T4

6. Product & Differentiation

7. Financial Forecast (2026–2029)

Detailed sensitivity & Monte Carlo analysis: → Sensitivity Dashboard.

8. Funding Ask

Raising RMB 3.5 B Series A equity + 2.3 B convertible bond (total RMB 5.8 B capital stack) against ~ RMB 9.8 B cumulative 4-year investment and Base 20.6 B / Stretch 41.3 B RMB 2029 revenue. Additional B-round (up to RMB 3 B) triggered only on Stretch delivery, earmarked for Jeddah plant Phase-2 (+20 k m²) expansion.

Draft Term Sheet (pre-money RMB 22.67 B, 1× non-participating preference, Board 7 seats, 5-year redemption): → Term Sheet.

9. Milestones & Risks

9.1 Key Milestones

• 2026 Q1 — YUJ 1.96 B AED MOU signed.
• 2026 Q3 — Series A closing; first Egyptian BD relocation to Riyadh.
• 2027 Q2 — KSA SAGIA / MISA licensing; Roshn / Diriyah first bid.
• 2028 Q1 — Riyadh plant commissioning; IKTVA ≥ 40%.
• 2029 Q4 — Three-country steady state; IPO or A-share injection decision.

9.2 Top Risks & Mitigations

10. Closing

This window opens once. Between 2026 and 2029, three years will decide the next fifteen in Gulf high-end envelope. Three numbers, three nodes, three actions:

• Four numbers: 1.75 M m² historical track record · AED 328 M live pipeline in the last 6 months · 1.96 B AED first order · 2.06 B RMB Base / 4.13 B Stretch annual revenue.
• Three nodes: 2026 Q1 MOU · 2028 Q1 KSA plant · 2029 Q4 steady state.
• Three actions: 3.5 B RMB equity + 2.3 B CB funding now · 4 delivery teams deployed · three-country SOP standardised.

YUJ's 1.75 M m² UAE evidence is the ticket; Co. A is the engine; DN is the multiplier. The five-person core + four delivery teams are the chassis. 2026 is the year we stop talking and start shipping.

→ Projects Gallery (EN) · Financial Dashboard · Term Sheet · Sensitivity · Table of Contents