Harsh Batra
The rumour mill has been chugging along this week, with two interesting stories tapping into a common theme.
Saudi Aramco has hired Evercore, alongside BCG, to advise on carving out a standalone gas division. The restructuring, dubbed Project Gamma, could open the unit to outside investment or even a future listing valuing it above $100 billion.
The move lands the same week ADNOC’s investment arm, XRG, was reported to be in talks to buy a stake in LNG Canada, underscoring how the region’s two largest national oil companies are both reshaping their gas businesses, albeit in opposite directions – Aramco looking to bring outside capital in, ADNOC’s XRG looking to deploy Abu Dhabi’s own capital abroad.
Elsewhere, Gulf capital continued its push into assets far from home:
- ADIA backed Indian spirits maker Allied Blenders
- Qatar Investment Authority trimmed its stake in Canadian AI software firm Coveo
- Qatar’s Lesha Bank acquired a 33-aircraft portfolio from Ireland’s Avolon.
The flow runs both ways – EQT became the latest global PE firm to open a dedicated Middle East platform, in Abu Dhabi, chasing the same sovereign capital.
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Deals summary | September 15-30, 2026
This fortnight’s Deals Tracker logged 21 confirmed transactions across the region. Financial services was the busiest corner of the market with five deals spanning fintech, lending and banking, including the National Bank of Egypt stepping in to buy Banque Misr’s UAE operations after a sanctions threat forced a rapid sale.
Materials and mining followed close behind with four deals, from a new Saudi-Jordanian mining joint venture to Peako’s acquisition of a high-grade Saudi gold portfolio, while Saudi developer Umm Al Qura signed a string of land sales within its flagship Masar Destination project.
Cross-border activity ran in both directions. Gulf investors pushed outward as Dubai’s Huspy entered Italy via its acquisition of Integra Finance, ADIA backed Indian spirits maker Allied Blenders, and Qatar’s Lesha Bank picked up a 33-aircraft portfolio from Ireland’s Avolon.
At the same time, foreign capital kept flowing in: Italy’s Investindustrial took its Nexture platform into Dubai with the acquisition of La Crema, and Qatar’s Laffan Pipe Factory bought a stake in its Saudi counterpart.
Elsewhere, ADES closed its SAR 1.07 billion purchase of Saipem’s Saudi drilling rig fleet and Ajyal Holding took a 25% stake in Dubai-based advisory firm Sterling Ark to expand across the GCC.
Jobs Highlights
Rumour mill
- Saudi Arabia | Saudi Aramco is working with Evercore on gas unit plans
- India/United Arab Emirates | Lenskart Block Deal: ADIA Arm To Sell Rs 2,047-Crore Stake At 3.5% Discount, Say Sources
- Saudi Arabia | Safqah Capital eyes listing on Saudi market
- Saudi Arabia | SIDC appoints financial advisor on Advanced Energy buyout
- Egypt | BPE Investments decides to acquire 53.5% of BIG for Investment
- Saudi Arabia | Saudi Industrial Development Company “SIDC” annnounces latest developments about acquisition of the Industrial Production Services Company
- Saudi Arabia | Germany’s Knauf doubles down on Saudi Arabia: $78m bid to acquire United Mining Industries
- Oman | AIH and Oman Investment Authority Expand Cooperation on Potential Investment in Azer Turk Bank
Regulatory
- Egypt | FRA approves capital increase of Rubex International to EGP 278.8 million
- Saudi Arabia | Knauf gets go-ahead to publish offer document for United Mining takeover
- Egypt | FRA grants Africa a new deadline to submit takeover bid for Egytrans
- Saudi Arabia | CMA Announces the Approval of Public Offering of ALAWWAL Promising Growth Fund.
Job moves
- Qatar | BSL Appoints Jane Seddon as New Chief Executive Officer
- Iran | Omid Shakeri appointed CEO of National Petrochemical Company
- Saudi Arabia | Almujtama Alraida Medical Co. Announces the appointment of a member to fill the vacant seat on the Board of Directors.
- Egypt | GIG Insurance – Egypt announces Dr. Sherif Kamel as Chairman of the Board of Directors
- Saudi Arabia | Arab Sea appoints Al-Hawas as Chairman
- Saudi Arabia | ACWA POWER Co. (Acwa) Announces Resignation of a Board Member Mr. Esmail Alsallom
- Saudi Arabia | Marble Design board recommends company name change
- Saudi Arabia | Riyadh Steel Co. Announces Resignation of a Board Member
- Saudi Arabia | Saudi Fisheries Chairman Abdulaziz Al-Humaid resigns
- Saudi Arabia | SAIB CEO resigns, Al-Fagham takes helm
- Saudi Arabia | Nahdi shareholders elect board members for next term
- Qatar | KPMG in Qatar appoints new Country Senior Partner
- Qatar | TotalEnergies appoints Sameh Kokash as Vice President Refining & Chemicals Qatar and Business Development & AOBO Gas in Qatar
Fundraising
- Kuwait | Burgan Bank completes KD 50 million rights issue, oversubscribed 1.34x
- Saudi Arabia | CMA approves ACIG capital hike via share offer, preemptive rights waiver
- Egypt/United Arab Emirates | Paymob raises $35M in pre-Series C funding
- Egypt | EGP 883M new securitization for Souhoola with CI Capital and Al Ahly Pharos
- Saudi Arabia | Alandalus obtains SAR 35M facilities from SNB
- United Arab Emirates/Saudi Arabia | OCTA raises $3.5M seed led by MEVP as it expands into AI agents for accounting firms
- United Arab Emirates/Qatar | AI infrastructure provider Crusoe valued at $30.9 billion in latest funding round
- Saudi Arabia | Saudi proptech Rize secures $50 million facility from Jadwa Investment
- Saudi Arabia | barq closes $329.5 million Series A funding round
