{
  "metadata": {
    "title": "ALFA New Ventures Master Data Lock",
    "version": "1.0",
    "data_cutoff": "2026-08-31",
    "prepared_on": "2026-09-01",
    "currency_default": "AED unless otherwise stated",
    "purpose": "Controlling register for the eight venture pitch decks, website and consolidated documents.",
    "governance_rule": "No figure may be promoted to the website or a pitch deck unless Approved for public use is Yes or Qualified. Modelled assumptions must retain their qualifier."
  },
  "evidence_legend": [
    {"label": "GOVERNMENT / PRIMARY-SOURCE DATA", "meaning": "Published directly by a government authority or primary regulatory source."},
    {"label": "VERIFIED PUBLIC DATA", "meaning": "Published fact recoverable from the completed research and its source register."},
    {"label": "COMPANY-REPORTED DATA", "meaning": "Published by the company or operator concerned; not independently audited for this project."},
    {"label": "INDUSTRY ESTIMATE", "meaning": "Third-party market estimate; definition and methodology may differ between publishers."},
    {"label": "CALCULATED FROM PUBLISHED DATA", "meaning": "Arithmetic performed using cited public inputs."},
    {"label": "MODELLED ASSUMPTION", "meaning": "Investment-case or management-plan input, not an observed result."},
    {"label": "REQUIRES SUPPLIER QUOTE", "meaning": "Current commercial quotation is required before capital approval."},
    {"label": "NOT PUBLICLY VERIFIED", "meaning": "The completed research did not identify adequate public evidence."},
    {"label": "CONFLICTING SOURCE DATA", "meaning": "Two or more source figures disagree or the arithmetic does not reconcile."}
  ],
  "ventures": [
    {
      "id": "V01",
      "venture": "B2B Warehousing",
      "category": "Logistics real estate",
      "geography": "UAE",
      "verdict": "CONDITIONAL GO",
      "risk_level": "Medium; medical module High",
      "preferred_model": "Acquire or pre-lease institutional dry/industrial space; develop modular cold storage only against demand; add medical/pharma as a separately licensed, pre-committed module with a licensed operator.",
      "decision_gate": "Tenant or anchor demand, site power, entry yield, complete installed cost and regulatory route must be confirmed before property commitment.",
      "public_summary": "Four warehouse formats, each underwritten separately. Medical/pharma capacity is anchor-led and regulated.",
      "source_status": "Industrial, cold-storage and medical/pharmaceutical research available; consolidated platform report pending."
    },
    {
      "id": "V02",
      "venture": "Alfa Home",
      "category": "Branded real estate and furniture",
      "geography": "UAE",
      "verdict": "CONDITIONAL GO",
      "risk_level": "Medium-High",
      "preferred_model": "Operate three separable engines: existing branded rental properties, villa acquisition/renovation/resale, and internal furniture production with selective external sales.",
      "decision_gate": "Approve only property-by-property after acquisition, renovation, holding, rental or exit economics are fully underwritten.",
      "public_summary": "Three independent engines under one Alfa Home brand; returns remain property-specific.",
      "source_status": "Villa value-add research, Alfa Home proposition and catalogues available; master business plan and portfolio register pending."
    },
    {
      "id": "V03",
      "venture": "Business Bay Offices",
      "category": "Managed commercial real estate",
      "geography": "Business Bay, Dubai",
      "verdict": "CONDITIONAL GO; NO-GO at ordinary market acquisition pricing",
      "risk_level": "High",
      "preferred_model": "Owner JV or management structure first; otherwise acquire a 10,000-12,000 sq ft floor only at a deeply discounted basis or with substantial existing fit-out.",
      "decision_gate": "Purchase basis, permitted use, suite plan, fit-out BOQ, written suite pricing and occupancy evidence must meet the return hurdle.",
      "public_summary": "The operating concept works; a normal-priced acquisition does not.",
      "source_status": "Standalone research completed; formal consolidated document pending."
    },
    {
      "id": "V04",
      "venture": "KLIGO",
      "category": "Construction technology marketplace",
      "geography": "Israel first",
      "verdict": "CONDITIONAL GO - validation first",
      "risk_level": "High",
      "preferred_model": "Launch a narrow, concierge-supported marketplace pilot in Gush Dan and the Central District before scaling software or geography.",
      "decision_gate": "Provider density, response time, two-quote coverage, conversion and repeat usage must clear the 90-day pilot gates.",
      "public_summary": "Israel-first B2B construction marketplace; prove liquidity before scale.",
      "source_status": "Market research, product roadmap and brand guide available; formal consolidated research PDF/DOCX pending."
    },
    {
      "id": "V05",
      "venture": "Asphalt + Concrete",
      "category": "Construction materials",
      "geography": "UAE",
      "verdict": "CONDITIONAL GO - feasibility only",
      "risk_level": "High",
      "preferred_model": "Keep asphalt/RAP and asset-light concrete delivery as separate operating divisions with separate models and shared sponsor capabilities.",
      "decision_gate": "No capital approval until plant/fleet quotations, land/utilities, raw materials, customer offtake, working capital and the concrete arithmetic are reconciled.",
      "public_summary": "Two divisions with separate economics; concrete figures remain conflicted.",
      "source_status": "Asphalt/RAP research, ready-mix comparative research and Gray Rock proposal available; combined report and reconciled model pending."
    },
    {
      "id": "V06",
      "venture": "Worker Accommodation",
      "category": "B2B living infrastructure",
      "geography": "UAE",
      "verdict": "CONDITIONAL GO - demand first",
      "risk_level": "Medium-High",
      "preferred_model": "Validate operations through a contracted master-lease pilot, then acquire properly priced compliant stock; develop only with a pre-lease.",
      "decision_gate": "At least 75% signed take-or-pay commitment before a head lease; employer credit, compliance and customer concentration must pass diligence.",
      "public_summary": "Contract employer demand before committing to beds or buildings.",
      "source_status": "Standalone deep research completed; formal consolidated document pending."
    },
    {
      "id": "V07",
      "venture": "Aluminium + Facades",
      "category": "Building envelope",
      "geography": "UAE",
      "verdict": "CONDITIONAL GO - asset-light or JV-led; NO-GO full greenfield at entry",
      "risk_level": "High",
      "preferred_model": "Control sales, design coordination, procurement, QA and project management while using approved UAE fabrication and installation partners.",
      "decision_gate": "Approved systems, warranty chain, qualified AED20m+ pipeline, operator capability and working-capital controls are required before launch.",
      "public_summary": "Start as a qualified facade integrator, not a factory.",
      "source_status": "Standalone deep research completed; formal consolidated document and supplier/certification pack pending."
    },
    {
      "id": "V08",
      "venture": "Industrial Bakery",
      "category": "B2B food production",
      "geography": "UAE; Sharjah base case",
      "verdict": "CONDITIONAL GO",
      "risk_level": "High",
      "preferred_model": "Commission a staged wholesale bakery only after product trials and buyer commitments validate price, volume, shelf life and route economics.",
      "decision_gate": "Buyer LOIs, equipment/facility quotes, working-capital headroom and a reconciled monthly financial model are required.",
      "public_summary": "A wholesale production platform; buyer volume and route economics come before equipment.",
      "source_status": "Standalone deep research completed; formal consolidated document pending."
    }
  ],
  "claims": [
    {"claim_id":"V01-C01","venture":"B2B Warehousing","topic":"Platform","metric":"Storage formats","value":4,"unit":"formats","geography":"UAE","period":"2026 plan","evidence":"MODELLED ASSUMPTION","source_id":"S01/S02/S03","source_file":"Industrial-Warehouses-Deep-Research.pdf; Cold-Storage-Deep-Research.pdf; Pasted markdown(8).md","source_url":"","public_use":"Yes","approved_wording":"Four separately underwritten formats: dry, industrial, cold and medical/pharmaceutical.","notes":"Do not apply one financial model across all formats."},
    {"claim_id":"V01-C02","venture":"B2B Warehousing","topic":"Industrial model","metric":"Optimal total capital","value":"AED 46-73M","unit":"AED","geography":"UAE","period":"2026 planning case","evidence":"MODELLED ASSUMPTION","source_id":"S01","source_file":"Industrial-Warehouses-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"AED 46-73M industrial-warehouse IC planning range.","notes":"Not a platform-wide or medical-warehouse capital range."},
    {"claim_id":"V01-C03","venture":"B2B Warehousing","topic":"Industrial model","metric":"Stabilised rent","value":"AED 4.5-7.5M","unit":"AED/year","geography":"UAE","period":"2026 planning case","evidence":"MODELLED ASSUMPTION","source_id":"S01","source_file":"Industrial-Warehouses-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"AED 4.5-7.5M stabilised annual rent in the industrial IC case.","notes":"Requires a specific tenant and asset schedule."},
    {"claim_id":"V01-C04","venture":"B2B Warehousing","topic":"Industrial model","metric":"Five-year equity IRR","value":"12-15%","unit":"%","geography":"UAE","period":"Five-year hold","evidence":"MODELLED ASSUMPTION","source_id":"S01","source_file":"Industrial-Warehouses-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"12-15% modelled five-year equity IRR for the industrial property case.","notes":"Not verified return and not applicable to cold or medical formats."},
    {"claim_id":"V01-C05","venture":"B2B Warehousing","topic":"Industrial model","metric":"Five-year equity multiple","value":"1.8-2.1x","unit":"x","geography":"UAE","period":"Five-year hold","evidence":"MODELLED ASSUMPTION","source_id":"S01","source_file":"Industrial-Warehouses-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"1.8-2.1x modelled five-year equity multiple for the industrial case.","notes":"Transaction underwriting required."},
    {"claim_id":"V01-C06","venture":"B2B Warehousing","topic":"Cold storage","metric":"UAE cold-chain market","value":"USD 1.83B","unit":"USD","geography":"UAE","period":"2026","evidence":"INDUSTRY ESTIMATE","source_id":"S02","source_file":"Cold-Storage-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Industry research estimates the UAE cold-chain market at approximately USD1.83B in 2026.","notes":"Market definition may include services beyond warehouse rent."},
    {"claim_id":"V01-C07","venture":"B2B Warehousing","topic":"Cold storage","metric":"Stabilised yield-on-cost hurdle","value":"6-8%","unit":"%","geography":"UAE","period":"2026 recommendation","evidence":"MODELLED ASSUMPTION","source_id":"S02","source_file":"Cold-Storage-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Minimum 6-8% stabilised yield-on-cost target for cold storage.","notes":"Investment hurdle, not observed market yield."},
    {"claim_id":"V01-C08","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Broad healthcare 3PL ceiling","value":"AED 6.99B","unit":"AED","geography":"UAE","period":"2025","evidence":"INDUSTRY ESTIMATE","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.grandviewresearch.com/horizon/outlook/healthcare-third-party-logistics-market/uae","public_use":"Qualified","approved_wording":"The broad UAE healthcare 3PL market was estimated at approximately AED6.99B in 2025.","notes":"Not pharmaceutical-storage TAM; includes wider logistics services."},
    {"claim_id":"V01-C09","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Healthcare 3PL CAGR","value":"8.0%","unit":"% CAGR","geography":"UAE","period":"2026-2033","evidence":"INDUSTRY ESTIMATE","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.grandviewresearch.com/horizon/outlook/healthcare-third-party-logistics-market/uae","public_use":"Qualified","approved_wording":"Industry forecast: 8.0% CAGR for the UAE healthcare 3PL market, 2026-2033.","notes":"Broad 3PL forecast."},
    {"claim_id":"V01-C10","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Healthcare facilities","value":5700,"unit":"facilities, more than","geography":"UAE","period":"2026 report; spend 2024","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.wam.ae/en/article/by2pvhw-strategic-vision-mohammed-bin-rashid-propels-uae","public_use":"Yes","approved_wording":"More than 5,700 healthcare facilities in the UAE.","notes":"Official WAM review."},
    {"claim_id":"V01-C11","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Annual healthcare spending","value":"AED 100B","unit":"AED/year","geography":"UAE","period":"2024","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.wam.ae/en/article/by2pvhw-strategic-vision-mohammed-bin-rashid-propels-uae","public_use":"Yes","approved_wording":"UAE annual healthcare spending was approximately AED100B in 2024.","notes":"Demand context, not warehouse revenue."},
    {"claim_id":"V01-C12","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Medical-warehouse inspections","value":568,"unit":"inspections, more than","geography":"UAE","period":"Since start of 2026; reported March 2026","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.ede.gov.ae/en/home","public_use":"Yes","approved_wording":"EDE reported more than 568 medical-warehouse inspections since the start of 2026.","notes":"Demonstrates active regulatory supervision."},
    {"claim_id":"V01-C13","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Direct EDE fees - standard warehouse","value":9600,"unit":"AED","geography":"UAE","period":"Current Aug 2026","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.ede.gov.ae/en/w/licensing-of-a-medical-warehouse","public_use":"Yes","approved_wording":"AED9,600 direct EDE application, inspection and licence fees for a standard medical warehouse.","notes":"Excludes all other licensing, staffing, fit-out and compliance costs."},
    {"claim_id":"V01-C14","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Direct EDE fees - re-export warehouse","value":12100,"unit":"AED","geography":"UAE","period":"Current Aug 2026","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.ede.gov.ae/en/w/licensing-of-a-medical-warehouse","public_use":"Yes","approved_wording":"AED12,100 direct EDE application, inspection and licence fees for a re-export warehouse.","notes":"Excludes other project costs."},
    {"claim_id":"V01-C15","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Phase-one temperature bands","value":"15-25C plus expandable 2-8C","unit":"degrees Celsius","geography":"UAE","period":"2026 recommendation","evidence":"MODELLED ASSUMPTION","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"https://www.aramex.com/ae/en/services-solutions/healthcare-solutions","public_use":"Qualified","approved_wording":"Recommended phase one: controlled ambient 15-25C plus a smaller expandable 2-8C zone.","notes":"Recommendation, not regulatory requirement."},
    {"claim_id":"V01-C16","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Dedicated storage TAM/SAM/SOM","value":"Not publicly verified","unit":"n/a","geography":"UAE","period":"2026 research","evidence":"NOT PUBLICLY VERIFIED","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"","public_use":"Yes","approved_wording":"Dedicated pharmaceutical-storage TAM, SAM and first-facility SOM are not publicly verified.","notes":"Must be built from customer pallet/m3 requirements and tariffs."},
    {"claim_id":"V01-C17","venture":"B2B Warehousing","topic":"Medical/pharma","metric":"Project CAPEX and IRR","value":"Requires quotes and contracts","unit":"n/a","geography":"UAE","period":"2026 research","evidence":"REQUIRES SUPPLIER QUOTE","source_id":"S03","source_file":"Pasted markdown(8).md","source_url":"","public_use":"No","approved_wording":"Do not publish a medical-warehouse project CAPEX or IRR until the site, specification, operator and tariffs are quoted.","notes":"Core data-lock exclusion."},

    {"claim_id":"V02-C01","venture":"Alfa Home","topic":"Platform","metric":"Business engines","value":3,"unit":"engines","geography":"UAE","period":"2026 strategy","evidence":"COMPANY-REPORTED DATA","source_id":"S04/S05","source_file":"Alfa-Home-Proposition.pdf; Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Yes","approved_wording":"Three engines: existing branded rentals, villa value-add and furniture production.","notes":"Each engine can be included or excluded independently."},
    {"claim_id":"V02-C02","venture":"Alfa Home","topic":"Villa value-add","metric":"Preferred acquisition range","value":"AED 20-50M","unit":"AED/property","geography":"Dubai","period":"2026 research recommendation","evidence":"MODELLED ASSUMPTION","source_id":"S05","source_file":"Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Preferred villa acquisition band: AED20-50M.","notes":"Research recommendation, not a transaction commitment."},
    {"claim_id":"V02-C03","venture":"Alfa Home","topic":"Villa value-add","metric":"Target cycle","value":"12-15 months","unit":"months","geography":"Dubai","period":"2026 research recommendation","evidence":"MODELLED ASSUMPTION","source_id":"S05","source_file":"Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Target acquisition-to-market cycle: 12-15 months; beyond 18 months materially weakens returns.","notes":"Property-specific schedule required."},
    {"claim_id":"V02-C04","venture":"Alfa Home","topic":"Market","metric":"Dubai transactions above USD10M","value":435,"unit":"transactions","geography":"Dubai","period":"2024","evidence":"INDUSTRY ESTIMATE","source_id":"S05","source_file":"Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Dubai recorded 435 transactions above USD10M in 2024.","notes":"Industry/DLD-derived evidence as preserved in research."},
    {"claim_id":"V02-C05","venture":"Alfa Home","topic":"Market","metric":"Value of USD10M+ transactions","value":"AED 36.7B","unit":"AED","geography":"Dubai","period":"2024","evidence":"INDUSTRY ESTIMATE","source_id":"S05","source_file":"Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"The 435 Dubai transactions above USD10M represented AED36.7B in 2024.","notes":"Industry/DLD-derived evidence."},
    {"claim_id":"V02-C06","venture":"Alfa Home","topic":"Returns","metric":"Portfolio-wide return","value":"Not established","unit":"n/a","geography":"UAE","period":"2026","evidence":"NOT PUBLICLY VERIFIED","source_id":"S04/S05","source_file":"Alfa-Home-Proposition.pdf; Luxury-Villa-Value-Add-Deep-Research.pdf","source_url":"","public_use":"Yes","approved_wording":"No portfolio-wide Alfa Home return is approved; returns are property-specific.","notes":"Do not use the illustrative property ROIs as portfolio forecasts."},

    {"claim_id":"V03-C01","venture":"Business Bay Offices","topic":"Market","metric":"Dubai flex/private-office TAM proxy","value":"AED 0.76-1.07B","unit":"AED/year","geography":"Dubai","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"https://www.cbre.ae/insights/figures/uae-real-estate-market-review-q2-2026","public_use":"Qualified","approved_wording":"Modelled Dubai flex/private-office revenue TAM proxy: AED0.76-1.07B annually.","notes":"No reliable published monetary serviced-office market size was found."},
    {"claim_id":"V03-C02","venture":"Business Bay Offices","topic":"Market","metric":"SAM proxy","value":"AED 267-480M","unit":"AED/year","geography":"Dubai","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Modelled serviceable revenue proxy: AED267-480M annually.","notes":"Model-derived range."},
    {"claim_id":"V03-C03","venture":"Business Bay Offices","topic":"Base model","metric":"Floorplate","value":10000,"unit":"sq ft","geography":"Business Bay","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Preferred base model uses a 10,000 sq ft floorplate; target range 10,000-12,000 sq ft.","notes":"Requires legal and technical suitability."},
    {"claim_id":"V03-C04","venture":"Business Bay Offices","topic":"Base model","metric":"Private suites","value":38,"unit":"suites","geography":"Business Bay","period":"Stabilised model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Base layout: 38 private suites.","notes":"Dependent on final floorplan and approval."},
    {"claim_id":"V03-C05","venture":"Business Bay Offices","topic":"Base model","metric":"Stabilised occupancy","value":"85%","unit":"%","geography":"Business Bay","period":"Stabilised model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Base occupancy assumption: 85%.","notes":"Not achieved occupancy."},
    {"claim_id":"V03-C06","venture":"Business Bay Offices","topic":"Base model","metric":"Stabilised revenue","value":"AED 3.16M","unit":"AED/year","geography":"Business Bay","period":"Stabilised model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Base model stabilised revenue: AED3.16M annually.","notes":"Derived from modelled suite pricing, occupancy and meeting-room revenue."},
    {"claim_id":"V03-C07","venture":"Business Bay Offices","topic":"Base model","metric":"EBITDA","value":"AED 1.79M","unit":"AED/year","geography":"Business Bay","period":"Stabilised model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Base model stabilised EBITDA: approximately AED1.79M.","notes":"Modelled, not operating history."},
    {"claim_id":"V03-C08","venture":"Business Bay Offices","topic":"Base model","metric":"Total investment","value":"AED 27.37M","unit":"AED","geography":"Business Bay","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Base 10,000 sq ft model total investment: AED27.37M.","notes":"Assumes AED2,050/sq ft acquisition and modelled fit-out/fees."},
    {"claim_id":"V03-C09","venture":"Business Bay Offices","topic":"Returns","metric":"Five-year equity IRR - downside/base/upside","value":"-12.3% / 6.7% / 21.9%","unit":"%","geography":"Business Bay","period":"Five-year hold","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Modelled five-year equity IRR: -12.3% downside, 6.7% base and 21.9% upside.","notes":"Scenario assumptions must accompany the figures."},
    {"claim_id":"V03-C10","venture":"Business Bay Offices","topic":"Returns","metric":"Cash break-even occupancy","value":"64.5%","unit":"%","geography":"Business Bay","period":"Base financing model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"","public_use":"Qualified","approved_wording":"Modelled cash break-even occupancy after debt: approximately 64.5%.","notes":"Operating break-even before finance is lower."},
    {"claim_id":"V03-C11","venture":"Business Bay Offices","topic":"Acquisition gate","metric":"Purchase ceiling for 15% IRR - 10,000 sq ft","value":"AED 1,510/sq ft","unit":"AED/sq ft","geography":"Business Bay","period":"2026 model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"https://dubailand.gov.ae/en/open-data/real-estate-data/","public_use":"Qualified","approved_wording":"Approximately AED1,510/sq ft maximum purchase basis for a modelled 15% five-year IRR on the 10,000 sq ft case.","notes":"Assumes the research base operating model and 50% LTV."},
    {"claim_id":"V03-C12","venture":"Business Bay Offices","topic":"Acquisition gate","metric":"Discount to ready-office medians","value":"26-28%","unit":"%","geography":"Business Bay","period":"2026","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S06","source_file":"Pasted text (3).txt","source_url":"https://dubailand.gov.ae/en/open-data/real-estate-data/","public_use":"Qualified","approved_wording":"The 15% IRR purchase ceiling is approximately 26-28% below the cited ready-office medians.","notes":"Use only with the AED1,510/sq ft ceiling and median context."},

    {"claim_id":"V04-C01","venture":"KLIGO","topic":"Market","metric":"Active construction businesses","value":70436,"unit":"businesses","geography":"Israel","period":"2020 structural baseline","evidence":"VERIFIED PUBLIC DATA","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis; Startup-Guide.docx","source_url":"","public_use":"Qualified","approved_wording":"70,436 active construction businesses in the research baseline.","notes":"2020 structural baseline, not current registered total."},
    {"claim_id":"V04-C02","venture":"KLIGO","topic":"Market","metric":"Base TAM GMV","value":"NIS 10.1B","unit":"NIS/year GMV","geography":"Israel","period":"Year 3-5 planning","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Base model TAM: NIS10.1B annual GMV.","notes":"Planning model; range NIS5.2-17.6B."},
    {"claim_id":"V04-C03","venture":"KLIGO","topic":"Market","metric":"Base SAM GMV","value":"NIS 1.5B","unit":"NIS/year GMV","geography":"Israel launch scope","period":"Year 3-5 planning","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Base model launch SAM: NIS1.5B annual GMV.","notes":"Range NIS1.0-1.8B."},
    {"claim_id":"V04-C04","venture":"KLIGO","topic":"Market","metric":"SOM GMV","value":"NIS 75-120M","unit":"NIS/year GMV","geography":"Israel","period":"Year 3-5 planning","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Modelled Year 3-5 obtainable GMV: NIS75-120M annually.","notes":"Not observed transaction value."},
    {"claim_id":"V04-C05","venture":"KLIGO","topic":"Revenue","metric":"Base annual revenue","value":"NIS 6.62M","unit":"NIS/year","geography":"Israel","period":"Year 3-5 planning","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Base Year 3-5 annual revenue model: NIS6.62M.","notes":"Subscription, promotion, transaction and media/data assumptions."},
    {"claim_id":"V04-C06","venture":"KLIGO","topic":"Pilot","metric":"Verified providers","value":"75-100","unit":"providers","geography":"Gush Dan and Central District","period":"90-day pilot","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Pilot target: 75-100 verified providers.","notes":"Validation gate."},
    {"claim_id":"V04-C07","venture":"KLIGO","topic":"Pilot","metric":"RFQ-to-booking conversion","value":"at least 20%","unit":"%","geography":"Gush Dan and Central District","period":"90-day pilot","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Pilot conversion gate: at least 20% RFQ-to-booking.","notes":"Validation target, not actual result."},
    {"claim_id":"V04-C08","venture":"KLIGO","topic":"Pilot","metric":"60-day buyer repeat","value":"at least 25%","unit":"%","geography":"Gush Dan and Central District","period":"90-day pilot","evidence":"MODELLED ASSUMPTION","source_id":"S07","source_file":"KLIGO Market and Ideal Customer Analysis","source_url":"","public_use":"Qualified","approved_wording":"Pilot repeat-use gate: at least 25% within 60 days.","notes":"Validation target."},

    {"claim_id":"V05-C01","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Plant-platform benchmark CAPEX","value":"approximately AED 47M","unit":"AED","geography":"UAE","period":"2026 research model","evidence":"MODELLED ASSUMPTION","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Approximately AED47M benchmark asphalt platform CAPEX.","notes":"Not all-in: land, finance, working capital and other items remain incomplete."},
    {"claim_id":"V05-C02","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Working volume","value":25000,"unit":"tonnes/month","geography":"UAE","period":"Base model","evidence":"MODELLED ASSUMPTION","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Base asphalt model volume: 25,000 tonnes/month.","notes":"No anchor offtake yet."},
    {"claim_id":"V05-C03","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Ex-factory selling price","value":235,"unit":"AED/tonne","geography":"UAE","period":"Base model","evidence":"MODELLED ASSUMPTION","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"Base model selling price: AED235/tonne.","notes":"Requires live market quotes."},
    {"claim_id":"V05-C04","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Target net figure","value":45,"unit":"AED/tonne","geography":"UAE","period":"Base model","evidence":"CONFLICTING SOURCE DATA","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"No","approved_wording":"Do not present as reconciled net margin.","notes":"AED192 cost plus AED45 equals AED237, above AED235 selling price."},
    {"claim_id":"V05-C05","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Annualised sales","value":"AED 70.5M","unit":"AED/year","geography":"UAE","period":"Base model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"Qualified","approved_wording":"AED70.5M annualised sales in the 25,000 t/month at AED235/t model.","notes":"No ramp-up, downtime or volume risk included."},
    {"claim_id":"V05-C06","venture":"Asphalt + Concrete","topic":"Asphalt","metric":"Simple payback","value":"approximately 3.5 years","unit":"years","geography":"UAE","period":"Base model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S08","source_file":"Asphalt-RAP-Deep-Research.pdf","source_url":"","public_use":"No","approved_wording":"Do not use as an approved return metric until the margin and all-in capital are reconciled.","notes":"Before financing, ramp-up, land and working capital."},
    {"claim_id":"V05-C07","venture":"Asphalt + Concrete","topic":"Concrete","metric":"Draft investment","value":"AED 5.188M","unit":"AED","geography":"UAE","period":"Internal proposal","evidence":"COMPANY-REPORTED DATA","source_id":"S09","source_file":"Gray-Rock-Concrete-Business-Plan.pdf","source_url":"","public_use":"Qualified","approved_wording":"Gray Rock draft concrete investment: AED5.188M.","notes":"Internal proposal; not independently validated."},
    {"claim_id":"V05-C08","venture":"Asphalt + Concrete","topic":"Concrete","metric":"Starting fleet","value":"10 mixers + 2 pumps + 1 pickup","unit":"vehicles/equipment","geography":"UAE","period":"Internal proposal","evidence":"COMPANY-REPORTED DATA","source_id":"S09","source_file":"Gray-Rock-Concrete-Business-Plan.pdf","source_url":"","public_use":"Qualified","approved_wording":"Draft fleet: ten mixer trucks, two pumps and one service pickup.","notes":"Supplier quotations required."},
    {"claim_id":"V05-C09","venture":"Asphalt + Concrete","topic":"Concrete","metric":"Capacity/price/margin/staffing","value":"Conflicting","unit":"n/a","geography":"UAE","period":"Internal proposal","evidence":"CONFLICTING SOURCE DATA","source_id":"S09","source_file":"Gray-Rock-Concrete-Business-Plan.pdf","source_url":"","public_use":"Yes","approved_wording":"Concrete volume, price, margin and staffing figures remain unresolved.","notes":"10,400/13,000/14,300 m3; AED400/420; AED23.50/43; 32/33 staff."},

    {"claim_id":"V06-C01","venture":"Worker Accommodation","topic":"Market","metric":"Registered-beneficiary physical TAM","value":"approximately 1.9M","unit":"workers/beds","geography":"UAE","period":"2026 research","evidence":"GOVERNMENT / PRIMARY-SOURCE DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"https://www.wam.ae/en/article/bzz6p76-uae-marks-international-workers%E2%80%99-day","public_use":"Qualified","approved_wording":"Approximately 1.9M registered beneficiaries form a physical accommodation-demand reference.","notes":"Physical bed universe, not verified revenue TAM."},
    {"claim_id":"V06-C02","venture":"Worker Accommodation","topic":"Market","metric":"Sdeira leased beds","value":135898,"unit":"beds","geography":"Abu Dhabi","period":"Q2 2026","evidence":"COMPANY-REPORTED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"https://apigateway.adx.ae/adx/cdn/1.0/content/download/5266632","public_use":"Yes","approved_wording":"Sdeira reported 135,898 leased beds in Q2 2026.","notes":"Company-reported benchmark."},
    {"claim_id":"V06-C03","venture":"Worker Accommodation","topic":"Market","metric":"Sdeira occupancy","value":"98%","unit":"%","geography":"Abu Dhabi","period":"Q2 2026","evidence":"COMPANY-REPORTED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"https://apigateway.adx.ae/adx/cdn/1.0/content/download/5266632","public_use":"Yes","approved_wording":"Sdeira reported 98% occupancy in Q2 2026.","notes":"Company-reported operating benchmark, not a UAE market average."},
    {"claim_id":"V06-C04","venture":"Worker Accommodation","topic":"Master lease","metric":"Initial capital","value":"AED 5.76M","unit":"AED","geography":"Dubai model","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Modelled 1,200-bed master-lease initial capital: AED5.76M.","notes":"Assumes required wholesale head rent and recoverable deposit/working capital."},
    {"claim_id":"V06-C05","venture":"Worker Accommodation","topic":"Master lease","metric":"Minimum signed pre-commitment","value":"75%","unit":"% of beds","geography":"Dubai model","period":"Before head lease","evidence":"MODELLED ASSUMPTION","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Require at least 75% signed take-or-pay commitment before the head lease.","notes":"Modelled committee condition."},
    {"claim_id":"V06-C06","venture":"Worker Accommodation","topic":"Master lease","metric":"Operating break-even occupancy","value":"67.3%","unit":"%","geography":"Dubai model","period":"2026 model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Modelled master-lease operating break-even: approximately 67.3% occupancy.","notes":"Explains 75% minimum pre-commitment."},
    {"claim_id":"V06-C07","venture":"Worker Accommodation","topic":"Master lease","metric":"Five-year IRR - downside/base/upside","value":"-15.8% / 26.6% / 55.4%","unit":"%","geography":"Dubai model","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Master-lease model IRR: -15.8% downside, 26.6% base and 55.4% upside.","notes":"High return compensates for fixed-rent and occupancy risk."},
    {"claim_id":"V06-C08","venture":"Worker Accommodation","topic":"Acquisition","metric":"All-in capital","value":"AED 57.65M","unit":"AED","geography":"Jebel Ali model","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"https://palmyraproperties.ae/en/real-estate/freehold-labor-camp-for-sale-in-dubai/","public_use":"Qualified","approved_wording":"Modelled all-in capital for the 1,200-bed acquisition case: AED57.65M.","notes":"Anchored to an asking listing, not a completed transaction."},
    {"claim_id":"V06-C09","venture":"Worker Accommodation","topic":"Acquisition","metric":"Year-one revenue","value":"AED 9.072M","unit":"AED/year","geography":"Jebel Ali model","period":"Base case","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Base 1,200-bed acquisition model revenue: AED9.072M in Year 1.","notes":"90% occupancy at AED700/bed/month; modelled assumption."},
    {"claim_id":"V06-C10","venture":"Worker Accommodation","topic":"Acquisition","metric":"Five-year unlevered IRR - downside/base/upside","value":"3.9% / 13.7% / 21.6%","unit":"%","geography":"Jebel Ali model","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Acquisition model five-year unlevered IRR: 3.9% downside, 13.7% base and 21.6% upside.","notes":"Sensitive to occupancy and terminal yield."},
    {"claim_id":"V06-C11","venture":"Worker Accommodation","topic":"Development","metric":"All-in capital","value":"AED 56.0M","unit":"AED","geography":"Dubai model","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Modelled 1,200-bed development cost: AED56.0M.","notes":"Contractor and plot quotations required."},
    {"claim_id":"V06-C12","venture":"Worker Accommodation","topic":"Development","metric":"Five-year IRR - downside/base/upside","value":"approximately 0% / 14.5% / 23.6%","unit":"%","geography":"Dubai model","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S10","source_file":"Pasted markdown(7).md","source_url":"","public_use":"Qualified","approved_wording":"Development model five-year IRR: approximately 0% downside, 14.5% base and 23.6% upside.","notes":"Downside combines 15% CAPEX overrun and delay."},

    {"claim_id":"V07-C01","venture":"Aluminium + Facades","topic":"Market","metric":"Broad UAE facade TAM","value":"AED 7.82B","unit":"AED","geography":"UAE","period":"2026","evidence":"INDUSTRY ESTIMATE","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"https://www.mordorintelligence.com/industry-reports/uae-facade-market","public_use":"Qualified","approved_wording":"Broad UAE facade market estimate: approximately AED7.82B in 2026.","notes":"Definition risk; broader than curtain wall."},
    {"claim_id":"V07-C02","venture":"Aluminium + Facades","topic":"Market","metric":"Curtain-wall SAM proxy","value":"AED 1.63-2.63B","unit":"AED","geography":"UAE","period":"2026","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"https://www.techsciresearch.com/report/uae-aluminum-curtain-wall-market/27902.html","public_use":"Qualified","approved_wording":"Curtain-wall-related SAM proxy: AED1.63-2.63B.","notes":"Triangulated from two industry estimates."},
    {"claim_id":"V07-C03","venture":"Aluminium + Facades","topic":"Market","metric":"SOM revenue target","value":"AED 40-70M","unit":"AED/year","geography":"UAE","period":"Years 3-5","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Modelled Years 3-5 annual revenue target: AED40-70M.","notes":"Approximately 1.5-4.3% of the conservative SAM range."},
    {"claim_id":"V07-C04","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Opening investment","value":"AED 7.0M","unit":"AED","geography":"UAE","period":"Base case","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Base asset-light opening investment: AED7.0M; indicative range AED5.5-10.5M.","notes":"Supplier, staffing, insurance and guarantee quotations required."},
    {"claim_id":"V07-C05","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Revenue trajectory","value":"AED 20M / 30M / 42M / 55M / 68M","unit":"AED/year","geography":"UAE","period":"Years 1-5","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Base asset-light revenue model: AED20M, 30M, 42M, 55M and 68M in Years 1-5.","notes":"Underwriting case, not forecast."},
    {"claim_id":"V07-C06","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Year-five gross margin","value":"17%","unit":"%","geography":"UAE","period":"Year 5 base case","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Base Year-5 gross margin assumption: 17%.","notes":"Requires contract-level pricing and procurement validation."},
    {"claim_id":"V07-C07","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Year-five EBITDA margin","value":"10%","unit":"%","geography":"UAE","period":"Year 5 base case","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Base Year-5 EBITDA margin assumption: 10%.","notes":"Not achieved margin."},
    {"claim_id":"V07-C08","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Five-year IRR - downside/base/upside","value":"-6.5% / 40.6% / 69.0%","unit":"%","geography":"UAE","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Asset-light five-year model IRR: -6.5% downside, 40.6% base and 69.0% upside.","notes":"Base includes a 4x Year-5 EBITDA terminal value."},
    {"claim_id":"V07-C09","venture":"Aluminium + Facades","topic":"Asset-light entry","metric":"Base equity multiple","value":"5.08x","unit":"x","geography":"UAE","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Base model equity multiple: 5.08x including terminal value.","notes":"Not a guaranteed outcome."},
    {"claim_id":"V07-C10","venture":"Aluminium + Facades","topic":"Working capital","metric":"Cash required for 60 extra receivable days","value":"AED 6.9M","unit":"AED","geography":"UAE","period":"Year-3 base revenue","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"Sixty additional receivable days at Year-3 base revenue consume approximately AED6.9M.","notes":"Primary financial risk."},
    {"claim_id":"V07-C11","venture":"Aluminium + Facades","topic":"Greenfield factory","metric":"Indicative capital","value":"AED 60-100M+","unit":"AED","geography":"UAE","period":"2026 model","evidence":"MODELLED ASSUMPTION","source_id":"S11","source_file":"Pasted text (4).txt","source_url":"","public_use":"Qualified","approved_wording":"A fully integrated greenfield platform is modelled at AED60-100M+ and is no-go as the initial entry.","notes":"Requires supplier quotations; not approved route."},

    {"claim_id":"V08-C01","venture":"Industrial Bakery","topic":"Market","metric":"Retail-linked SAM","value":"AED 344-447M","unit":"AED/year","geography":"UAE","period":"2026 research model","evidence":"MODELLED ASSUMPTION","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"https://agriculture.canada.ca/en/international-trade/reports-and-guides/sector-trend-analysis-bread-and-bakery-products-united-arab-emirates","public_use":"Qualified","approved_wording":"Conservative retail-linked manufacturer-revenue SAM: approximately AED344-447M.","notes":"Excludes foodservice and is not factory revenue already captured."},
    {"claim_id":"V08-C02","venture":"Industrial Bakery","topic":"Capital","metric":"Initial deployment","value":"AED 3.5M","unit":"AED","geography":"Sharjah base case","period":"Internal plan","evidence":"MODELLED ASSUMPTION","source_id":"S12/S13","source_file":"Pasted markdown (2).md; Industrial-Bakery-Proposal.pdf","source_url":"","public_use":"Qualified","approved_wording":"The supplied plan deploys approximately AED3.5M initially.","notes":"Possible but tight."},
    {"claim_id":"V08-C03","venture":"Industrial Bakery","topic":"Capital","metric":"Recommended committed capital","value":"AED 4.0-4.5M","unit":"AED","geography":"Sharjah base case","period":"2026 recommendation","evidence":"MODELLED ASSUMPTION","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"","public_use":"Qualified","approved_wording":"Recommended committed funding envelope: AED4.0-4.5M.","notes":"Provides working-capital headroom while initial deployment may remain approximately AED3.5M."},
    {"claim_id":"V08-C04","venture":"Industrial Bakery","topic":"Operations","metric":"Base facility","value":12000,"unit":"sq ft","geography":"Sharjah","period":"Internal plan","evidence":"MODELLED ASSUMPTION","source_id":"S12/S13","source_file":"Pasted markdown (2).md; Industrial-Bakery-Proposal.pdf","source_url":"","public_use":"Qualified","approved_wording":"Base facility assumption: 12,000 sq ft within a 10,000-15,000 sq ft range.","notes":"Live property quotation required."},
    {"claim_id":"V08-C05","venture":"Industrial Bakery","topic":"Operations","metric":"Initial operating team","value":19,"unit":"employees","geography":"Sharjah","period":"Internal plan","evidence":"MODELLED ASSUMPTION","source_id":"S12/S13","source_file":"Pasted markdown (2).md; Industrial-Bakery-Proposal.pdf","source_url":"","public_use":"Qualified","approved_wording":"Initial operating plan: 19 employees.","notes":"Employment quotations required."},
    {"claim_id":"V08-C06","venture":"Industrial Bakery","topic":"Revenue","metric":"Revenue Years 1-3","value":"AED 2.3M / 4.2M / 6.8M","unit":"AED/year","geography":"UAE","period":"Years 1-3","evidence":"MODELLED ASSUMPTION","source_id":"S12/S13","source_file":"Pasted markdown (2).md; Industrial-Bakery-Proposal.pdf","source_url":"","public_use":"Qualified","approved_wording":"Internal revenue plan: AED2.3M, AED4.2M and AED6.8M in Years 1-3.","notes":"Not commercial results."},
    {"claim_id":"V08-C07","venture":"Industrial Bakery","topic":"Break-even","metric":"Annual revenue threshold","value":"AED 3.1-3.5M","unit":"AED/year","geography":"UAE","period":"Mature base model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"","public_use":"Qualified","approved_wording":"Modelled operating break-even: approximately AED3.1-3.5M annual revenue.","notes":"Equivalent to approximately AED260k-290k monthly sales."},
    {"claim_id":"V08-C08","venture":"Industrial Bakery","topic":"Break-even","metric":"Month-14 target","value":"Plausible, not validated","unit":"timing","geography":"UAE","period":"Internal plan","evidence":"MODELLED ASSUMPTION","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"","public_use":"Qualified","approved_wording":"Month-14 break-even is plausible only if monthly sales have reached approximately AED270k+ and contribution is controlled.","notes":"Monthly phasing required."},
    {"claim_id":"V08-C09","venture":"Industrial Bakery","topic":"Returns","metric":"Five-year IRR - downside/base/upside","value":"approximately -4% / 20% / 34%","unit":"%","geography":"UAE","period":"Five-year model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"","public_use":"Qualified","approved_wording":"Modelled five-year IRR: approximately -4% downside, 20% base and 34% upside.","notes":"Includes a 3.0x Year-5 EBITDA terminal value."},
    {"claim_id":"V08-C10","venture":"Industrial Bakery","topic":"Returns","metric":"Operating cash payback","value":"More than five years","unit":"years","geography":"UAE","period":"Base model","evidence":"CALCULATED FROM PUBLISHED DATA","source_id":"S12","source_file":"Pasted markdown (2).md","source_url":"","public_use":"Qualified","approved_wording":"The base case does not repay the investment from operating free cash flow alone within five years.","notes":"The approximately 20% IRR depends on terminal value."}
  ],
  "conflicts": [
    {"conflict_id":"CF01","venture":"B2B Warehousing","topic":"Platform economics","earlier_value":"AED46-73M capital and 12-15% IRR presented as platform-wide","controlling_value":"Industrial warehouse IC case only","resolution":"Restrict figures to industrial warehouse; underwrite cold and medical separately.","status":"Resolved for publication"},
    {"conflict_id":"CF02","venture":"B2B Warehousing","topic":"Cold-storage NOI","earlier_value":"AED6.4M described as NOI","controlling_value":"AED6.375M occupied gross rent before OPEX","resolution":"Do not call the value NOI or use it to calculate return.","status":"Excluded"},
    {"conflict_id":"CF03","venture":"B2B Warehousing","topic":"Medical market size","earlier_value":"Broad healthcare 3PL market treated as warehouse TAM","controlling_value":"AED6.99B broad 3PL ceiling; dedicated storage TAM/SAM/SOM not verified","resolution":"Retain broad context with explicit limitation.","status":"Resolved for publication"},
    {"conflict_id":"CF04","venture":"Alfa Home","topic":"Illustrative ROI","earlier_value":"AED15M case stated approximately 10% ROI","controlling_value":"AED2M / AED23M = approximately 8.7%","resolution":"Do not publish a rounded portfolio return; retain examples only in conflict appendix.","status":"Excluded from headline"},
    {"conflict_id":"CF05","venture":"Alfa Home","topic":"Illustrative ROI","earlier_value":"AED25M case stated approximately 25% ROI","controlling_value":"AED7.5M / AED32.5M = approximately 23.1%","resolution":"Treat as illustrative property arithmetic, not a portfolio forecast.","status":"Qualified only"},
    {"conflict_id":"CF06","venture":"Alfa Home","topic":"Return terminology","earlier_value":"25-30% net profit on cost implying 15-20%+ ROI","controlling_value":"Profit on cost is itself an ROI measure","resolution":"Define one return convention property-by-property.","status":"Unresolved terminology"},
    {"conflict_id":"CF07","venture":"Business Bay Offices","topic":"Market sizing","earlier_value":"AED4.11B external UAE flex-office market estimate","controlling_value":"AED0.76-1.07B modelled Dubai flex/private-office TAM proxy","resolution":"Use the new bottom-up proxy and label it modelled; remove the old headline.","status":"Superseded"},
    {"conflict_id":"CF08","venture":"Business Bay Offices","topic":"Research status","earlier_value":"Standalone study pending","controlling_value":"Standalone research completed","resolution":"Update all website and document-map statuses.","status":"Resolved"},
    {"conflict_id":"CF09","venture":"KLIGO","topic":"Old revenue model","earlier_value":"NIS108M / 18M / 2.7M subscription structure","controlling_value":"NIS6.62M base Year3-5 annual revenue model","resolution":"Old figures remain removed.","status":"Superseded"},
    {"conflict_id":"CF10","venture":"Asphalt + Concrete","topic":"Asphalt cost stack","earlier_value":"AED192/t cost plus AED45/t net margin","controlling_value":"Sum equals AED237/t, above AED235/t selling price","resolution":"Do not publish margin or payback as reconciled; rebuild cost stack.","status":"Unresolved"},
    {"conflict_id":"CF11","venture":"Asphalt + Concrete","topic":"Concrete capacity","earlier_value":"10,400 / 13,000 / 14,300 m3 per month","controlling_value":"No controlling figure","resolution":"Reconcile with operating partner and fleet productivity schedule.","status":"Unresolved"},
    {"conflict_id":"CF12","venture":"Asphalt + Concrete","topic":"Concrete selling price","earlier_value":"AED400 and AED420/m3","controlling_value":"No controlling figure","resolution":"Obtain current customer quotations and define pumping inclusion.","status":"Unresolved"},
    {"conflict_id":"CF13","venture":"Asphalt + Concrete","topic":"Concrete unit profit","earlier_value":"AED23.50 and AED43/m3","controlling_value":"No controlling figure","resolution":"Reconcile price, purchase cost and total delivered cost.","status":"Unresolved"},
    {"conflict_id":"CF14","venture":"Asphalt + Concrete","topic":"Concrete staffing","earlier_value":"32 and 33 employees","controlling_value":"No controlling figure","resolution":"Rebuild staffing plan by shift and fleet.","status":"Unresolved"},
    {"conflict_id":"CF15","venture":"Worker Accommodation","topic":"Occupancy benchmark","earlier_value":"94% scheme occupancy","controlling_value":"98% Sdeira occupancy, Q2 2026","resolution":"Update card, website and deck with date and company-report qualifier.","status":"Superseded"},
    {"conflict_id":"CF16","venture":"Worker Accommodation","topic":"Capital and returns","earlier_value":"AED41-63M capital and 13-17% IRR generic case","controlling_value":"Master lease, acquisition and development have separate capital and IRR scenarios","resolution":"Replace the generic block with the three model structures.","status":"Superseded"},
    {"conflict_id":"CF17","venture":"Aluminium + Facades","topic":"Entry model","earlier_value":"AED28-40M capital and 12-17% IRR generic case","controlling_value":"AED7M base asset-light opening capital and 40.6% modelled base IRR including terminal value","resolution":"Rebuild deck around the asset-light integrator; keep terminal-value warning.","status":"Superseded"},
    {"conflict_id":"CF18","venture":"Aluminium + Facades","topic":"Greenfield factory","earlier_value":"Greenfield implied as a viable entry option","controlling_value":"NO-GO as initial entry; AED60-100M+ modelled capital","resolution":"Show only as a later-stage option after demand proof.","status":"Resolved"},
    {"conflict_id":"CF19","venture":"Industrial Bakery","topic":"Funding","earlier_value":"AED3.5M total funding treated as sufficient","controlling_value":"AED3.5M initial deployment; AED4.0-4.5M committed capital recommended","resolution":"Update deck and site with both figures and their distinct meanings.","status":"Superseded"},
    {"conflict_id":"CF20","venture":"Industrial Bakery","topic":"Break-even","earlier_value":"Month 14 presented as a firm target","controlling_value":"Plausible only at approximately AED270k+ monthly revenue with controlled contribution","resolution":"Qualify Month 14 and show the AED3.1-3.5M annual break-even threshold.","status":"Resolved for publication"}
  ],
  "documents": [
    {"venture":"B2B Warehousing","document":"Industrial Warehouses Deep Research","status":"Available","phase":"Source","action":"Retain"},
    {"venture":"B2B Warehousing","document":"Cold Storage Deep Research","status":"Available","phase":"Source","action":"Retain"},
    {"venture":"B2B Warehousing","document":"Medical and Pharmaceutical Warehousing Deep Research","status":"Research output available","phase":"Phase 2","action":"Create formal DOCX/PDF"},
    {"venture":"B2B Warehousing","document":"Multi-format Warehousing Master Report","status":"Pending","phase":"Phase 2","action":"Create"},
    {"venture":"Alfa Home","document":"Luxury Villa Value-Add Deep Research","status":"Available","phase":"Source","action":"Retain"},
    {"venture":"Alfa Home","document":"Alfa Home Proposition and Catalogues","status":"Available","phase":"Source","action":"Retain"},
    {"venture":"Alfa Home","document":"Alfa Home Master Business Plan","status":"Pending","phase":"Phase 2","action":"Create from existing sources"},
    {"venture":"Alfa Home","document":"Property Register and Rental Baseline","status":"Requires company data","phase":"Commercial evidence","action":"Obtain"},
    {"venture":"Alfa Home","document":"Furniture Capacity and Unit-Cost Model","status":"Requires company data","phase":"Commercial evidence","action":"Obtain"},
    {"venture":"Business Bay Offices","document":"Standalone Deep Research","status":"Research output available","phase":"Phase 2","action":"Create formal DOCX/PDF"},
    {"venture":"Business Bay Offices","document":"Target Asset Comparison and Suite Model","status":"Requires live assets","phase":"Commercial evidence","action":"Obtain/build"},
    {"venture":"KLIGO","document":"Market and Ideal Customer Research","status":"Available in project context","phase":"Source","action":"Formalise"},
    {"venture":"KLIGO","document":"Formal Consolidated Research Report","status":"Pending","phase":"Phase 2","action":"Create DOCX/PDF"},
    {"venture":"KLIGO","document":"90-Day Pilot Pack and KPI Tracker","status":"Pending execution","phase":"Commercial evidence","action":"Create template then populate"},
    {"venture":"Asphalt + Concrete","document":"Asphalt/RAP and Ready-Mix Research","status":"Available","phase":"Source","action":"Retain"},
    {"venture":"Asphalt + Concrete","document":"Combined Platform Report","status":"Pending","phase":"Phase 2","action":"Create"},
    {"venture":"Asphalt + Concrete","document":"Reconciled Concrete Financial Model","status":"Blocked by conflicting inputs","phase":"Commercial evidence","action":"Resolve with operator"},
    {"venture":"Worker Accommodation","document":"Standalone Deep Research","status":"Research output available","phase":"Phase 2","action":"Create formal DOCX/PDF"},
    {"venture":"Worker Accommodation","document":"Corporate Demand and Site Pack","status":"Requires LOIs and site evidence","phase":"Commercial evidence","action":"Obtain"},
    {"venture":"Aluminium + Facades","document":"Standalone Deep Research","status":"Research output available","phase":"Phase 2","action":"Create formal DOCX/PDF"},
    {"venture":"Aluminium + Facades","document":"Supplier, Certification and Warranty Pack","status":"Requires supplier/operator evidence","phase":"Commercial evidence","action":"Obtain"},
    {"venture":"Industrial Bakery","document":"Standalone Deep Research","status":"Research output available","phase":"Phase 2","action":"Create formal DOCX/PDF"},
    {"venture":"Industrial Bakery","document":"Buyer Trial, Quotation and Monthly Model Pack","status":"Requires commercial evidence","phase":"Commercial evidence","action":"Obtain/build"}
  ],
  "sources": [
    {"source_id":"S01","venture":"B2B Warehousing","title":"Industrial Warehouses Deep Research","type":"Consolidated research","date":"2026-08-24","file":"Industrial-Warehouses-Deep-Research.pdf","url":"","supports":"Industrial warehouse capital, rent and return screening ranges."},
    {"source_id":"S02","venture":"B2B Warehousing","title":"Cold Storage Deep Research","type":"Consolidated research","date":"2026-08-24","file":"Cold-Storage-Deep-Research.pdf","url":"","supports":"Cold-chain market estimate, format strategy, yield hurdle and data conflicts."},
    {"source_id":"S03","venture":"B2B Warehousing","title":"UAE Medical and Pharmaceutical Warehousing Investment Case","type":"Completed Deep Research","date":"2026-08-31","file":"Pasted markdown(8).md","url":"https://www.ede.gov.ae/en/w/licensing-of-a-medical-warehouse","supports":"Medical-warehouse regulation, market context, location ranking, operating model and exclusions."},
    {"source_id":"S04","venture":"Alfa Home","title":"Alfa Home Proposition and Catalogues","type":"Company documents","date":"2026","file":"Alfa-Home-Proposition.pdf; catalogues","url":"","supports":"Three-engine platform, furniture production and brand proposition."},
    {"source_id":"S05","venture":"Alfa Home","title":"Luxury Villa Value-Add Deep Research","type":"Consolidated research","date":"2026-08-24","file":"Luxury-Villa-Value-Add-Deep-Research.pdf","url":"","supports":"Villa market evidence, acquisition band, cycle and property-specific underwriting issues."},
    {"source_id":"S06","venture":"Business Bay Offices","title":"Business Bay Managed Office Investment - Dubai","type":"Completed Deep Research","date":"2026-08-31","file":"Pasted text (3).txt","url":"https://dubailand.gov.ae/en/open-data/real-estate-data/","supports":"Market proxies, suite model, acquisition ceilings, IRR and decision gates."},
    {"source_id":"S07","venture":"KLIGO","title":"KLIGO Market and Ideal Customer Analysis","type":"Completed Deep Research and source pack","date":"2026-08-31","file":"Project research; Startup-Guide.docx; Research-Rationale.docx","url":"","supports":"Israel market model, TAM/SAM/SOM GMV, revenue model and pilot gates."},
    {"source_id":"S08","venture":"Asphalt + Concrete","title":"Asphalt and RAP Deep Research","type":"Consolidated research","date":"2026-08-24","file":"Asphalt-RAP-Deep-Research.pdf","url":"","supports":"Asphalt platform CAPEX, production model, pricing assumptions, risks and conflicts."},
    {"source_id":"S09","venture":"Asphalt + Concrete","title":"Gray Rock Concrete Business Plan","type":"Company proposal","date":"2026","file":"Gray-Rock-Concrete-Business-Plan.pdf","url":"","supports":"Draft concrete capital, fleet, pricing, capacity, staffing and conflicting figures."},
    {"source_id":"S10","venture":"Worker Accommodation","title":"UAE B2B Worker Accommodation Platform","type":"Completed Deep Research","date":"2026-08-31","file":"Pasted markdown(7).md","url":"https://mohre.gov.ae/assets/download/5e60722/Ministerial%20Resolution%20No.%20122%20of%202026%20Regarding%20the%20Update%20of%20Labour%20Accommodation%20Requirements.pdf.aspx","supports":"Regulation, demand, pricing, master lease/acquisition/development models and sensitivities."},
    {"source_id":"S11","venture":"Aluminium + Facades","title":"UAE Aluminium, Glazing and Facade Business","type":"Completed Deep Research","date":"2026-08-31","file":"Pasted text (4).txt","url":"https://www.mordorintelligence.com/industry-reports/uae-facade-market","supports":"Market range, entry models, asset-light economics, working capital and no-go greenfield conclusion."},
    {"source_id":"S12","venture":"Industrial Bakery","title":"UAE B2B Industrial Bakery Investment Case","type":"Completed Deep Research","date":"2026-08-31","file":"Pasted markdown (2).md","url":"https://agriculture.canada.ca/en/international-trade/reports-and-guides/sector-trend-analysis-bread-and-bakery-products-united-arab-emirates","supports":"Market sizing, buyer strategy, capital, break-even, five-year scenarios and operating gates."},
    {"source_id":"S13","venture":"Industrial Bakery","title":"Industrial Bakery Proposal and Business Canvas","type":"Company proposal","date":"2026","file":"Industrial-Bakery-Proposal.pdf; Industrial-Bakery-Business-Canvas.pdf","url":"","supports":"Facility, staffing, fleet and Years 1-3 internal revenue plan."}
  ]
}