Author
Harsh Batra
Harsh Batra
Hello,
Some of you may already know me from my role as Region Head at Ideals or from other publications like Teaser India. I’m Harsh Batra, and today we kick off our journey into the dynamic Middle East M&A ecosystem.
Every two weeks, we’ll explore the latest deals, rumors, and fundraises shaping the region, and the influence Middle Eastern players are having across global markets.
This week’s highlights are:
- ADES fires up its global footprint with the takeover of Shelf Drilling, creating a more powerful offshore drilling champion with scale, fleet depth and reach across key Middle Eastern and international markets.
- TAQA and DUBAL Holding ignite a USD 1.9bn JV with EGA, securing the Al Taweelah power and water assets and accelerating the shift toward cleaner, lower-carbon aluminium production in Abu Dhabi.
- Arada makes a bold entry into London, taking an 80% stake in the Thameside West and signalling its ambition to play on the UK’s prime mixed-use development stage.
Want to stay up to date with Middle East M&A? Connect with me on LinkedIn and join my network.
The rumour mill
- Kuwait | Kuwait Investment Authority joins Brookfield and Nvidia in the Brookfield AI Infrastructure initiative, backing a planned US$100 billion global push to acquire AI power, land, data centres and compute assets.
- Qatar | Aamal signs a joint‑venture MoU with Germany’s Niedax to build a state‑of‑the‑art plant in Qatar making GRP and steel cable management systems, boosting local industry, jobs and regional exports.
- Saudi Arabia | Al Taiseer Group’s TALCO signs a preliminary nine‑month MoU to explore acquiring Eastern Aluminum Extrusion Factory, with feasibility studies and due diligence to shape final terms and any future deal value.
- Saudi Arabia | Aqaseem Factory for Chemicals and Plastics signs a six‑month, non‑binding MoU to acquire 40% of Leader Express for Car Services, launching valuation work and detailed financial and legal due diligence.
- Saudi Arabia | Aramco CEO Amin Nasser tells the Saudi–US Investment Forum that LNG will drive the company’s US growth, with about $30 billion in energy MoUs to be signed with American partners.
- Saudi Arabia | Dallah Healthcare has extended its memorandum of understanding to acquire Maharah’s stake in Care Shield until 12 December, giving more time to finalise terms for the healthcare transaction.
- Saudi Arabia | Elon Musk’s xAI teams up with PIF‑backed HUMAIN and Nvidia to build a 500‑megawatt AI data centre in the Kingdom, adding huge compute capacity and positioning Saudi Arabia as a regional AI hub.
- Saudi Arabia | First Projects signs an agreement with Hilton at Cityscape Global to open DoubleTree by Hilton Riyadh Al Narjis, anchoring a mixed‑use destination with homes, retail, co‑working and meeting facilities.
- Saudi Arabia | Inmar signs an MoU with Minor Hotels to jointly develop and operate an Anantara resort in Riyadh’s Al Amariyah, supporting its strategy to expand in upscale leisure and wellness destinations.
- Saudi Arabia | Maaden signs a binding term sheet with US‑based MP Materials to form a joint venture and build a rare‑earth refining and separation facility in the Kingdom, advancing its critical minerals strategy.
- Saudi Arabia | Matarat appoints Mott MacDonald to prepare airport masterplans for 25 Saudi airports, guiding capacity upgrades, investment and passenger‑experience improvements under the Kingdom’s Vision 2030 aviation strategy.
- Saudi Arabia | Riyadh’s Royal Commission reports 145 companies have expressed interest in the PPP‑structured Qiddiya High‑Speed Rail, planned to link King Salman International Airport, KAFD and Qiddiya City at speeds up to 250 km/h.
- Saudi Arabia | The Saudi National Bank completes the repurchase of 16 million shares at an average SAR 36.40, spending SAR 582.3 million to fund its employee stock ownership plan approved earlier this year.
- Saudi Arabia | Seera approves the sale of the Kayanat Central business park, expecting exit proceeds of about SAR 590 million, with funds planned to support a new share buyback programme once required approvals are obtained.
- Saudi Arabia | Taiba signs a non‑binding MoU with GOSI subsidiary Osoul Integrated to redevelop and operate three central Madinah hotels, adding about 1,500 keys and upgrading accommodation for pilgrims and visitors.
- Saudi Arabia | The US–Saudi Investment Forum closes with around $270 billion in deals and MoUs across energy, technology and infrastructure, deepening economic ties and reinforcing Saudi Arabia’s investment footprint in the United States.
- Syria | A consortium led by Qatar’s UCC secures a long‑term concession to manage and expand Damascus International Airport, including a new terminal and upgraded services, backed by Qatari investment in Syrian infrastructure.
- UAE | ADNOC’s international investment arm XRG secures final German approval for its €14.7 billion takeover of Covestro, one of Europe’s leading polymer producers, marking the Gulf energy major’s largest acquisition so far.
- UAE | ENOC and Emirates sign an MoU at Dubai Airshow to explore sustainable aviation fuel supply at Dubai International, including local production, infrastructure and commercial viability studies to support UAE SAF targets.
Salaries and bonuses
- Qatar | QIB’s recruitment open day with the Ministry of Labour drew strong interest from Qatari candidates, supporting Qatarisation with clear career paths, training and long‑term roles for nationals in Islamic banking.
- UAE | A new report shows women now hold 15.8% of board seats at UAE‑listed financial firms, highlighting steady progress on gender diversity but underlining how much room remains for more balanced leadership.
M&A news
- Saudi Arabia | ADES completed the acquisition of the offshore driller Shelf Drilling, valued at around SAR 1.42 billion, through a cash merger.
- Saudi Arabia | Al Rashid Industrial has purchased a factory site in Qassim for SAR 1.9 million, securing land for potential expansion of its industrial operations in central Saudi Arabia.
- Saudi Arabia | GAS Arabian Services plans to acquire 12.9% of engineering firm EBKSA and 40% of TCR Arabia, expanding its industrial services and rental equipment offering to oil and gas clients in the Kingdom.
- Saudi Arabia | Healthcare firm Tibbiyah signs a conditional share purchase agreement to buy 49% of NephroCare Health, strengthening its dialysis and renal‑care services portfolio in Saudi Arabia, subject to regulatory approvals.
- Saudi Arabia | Mecca developer Masar has sold three land plots in its flagship Makkah project for about $184 million, recycling capital while keeping a strong pipeline of hospitality and mixed‑use developments near the Grand Mosque.
- Saudi Arabia | Naqi Water has agreed to buy assets linked to a poultry project for SAR 908,500, aiming to diversify its portfolio and extract value from non‑core assets without material impact on its financials.
- Saudi Arabia | Obeikan Glass is acquiring an 81% stake in Obeikan AGC for about $6.1 million, becoming sole owner of the glass‑processing business and consolidating its position in the Kingdom’s flat glass market.
- Saudi Arabia | The Helicopter Company is buying a 76% stake in Africa’s Heliconia, extending its rotary‑wing footprint into Africa and supporting cross‑continent tourism, offshore and medical transport services.
- Saudi Arabia | PIF’s rapid overnight sale of a 3.3% stake in Masar raised about $253 million, with strong investor demand underscoring confidence in the large mixed‑use development in central Makkah.
- Saudi Arabia | Raoom Trading signs an agreement worth SAR 5.2 million to acquire a factory in Jeddah, aiming to boost production capacity and support future growth in its building‑materials business.
- Saudi Arabia | Riyadh Cables has completed the first payment to acquire 51% of Kazakhstan‑based Artikul Aziya Kabel, expanding its footprint in Central Asia and strengthening supply of power and telecom cables in the region.
- Saudi Arabia | SAIB’s sale of its 44.4% stake in a Riyadh land plot has generated SAR 801.1 million in net proceeds, yielding a sizeable gain that will positively impact fourth‑quarter earnings.
- Saudi Arabia | Saudi AI firm HUMAIN signs an MoU with AMD and Cisco to form a joint venture delivering high‑performance AI infrastructure, supporting large‑scale data centres and national plans to build an advanced AI ecosystem.
- Saudi Arabia | SEE Holding and King Abdullah Economic City sign an MoU to bring “The Sustainable City” community model to KAEC, exploring low‑carbon, resource‑efficient urban development aligned with Vision 2030.
- Saudi Arabia | SEIC, a PIF’s subsidiary, has sold a stake in Alexandria Container & Cargo Handling Company (Egypt) for EGP 13.2 billion.
- Saudi Arabia | Water utility Miahona confirms Vision Invest has sold a 10% stake in the company to a group of investors, broadening its shareholder base while Vision Invest remains a major strategic partner.
- Turkey | Çalık Enerji and its Swiss subsidiary have secured a PLN 1.166 billion SERV‑backed guarantee facility from Commerzbank’s Zurich branch to support construction of a 1,336 MW combined‑cycle power plant in Kozienice, Poland.
- UAE | Aldar is acquiring two Grade A industrial and logistics assets in KEZAD from an AD Ports Group unit for AED 570 million, adding long‑lease, income‑producing properties to its investment portfolio.
- UAE | Abu Dhabi sovereign fund ADIA plans to sell half its remaining stake in Qatari telecom group Ooredoo in a block trade worth about $572 million, offering shares at up to QAR 13 each.
- UAE | AD Ports also sold its 9.77% NMDC Group stake to Alpha Dhabi for about $435.7 million, supporting portfolio optimisation while keeping strategic ties to the marine construction specialist.
- UAE | Arada confirms the acquisition of an 80% stake in London’s Thameside West regeneration, marking its first UK project and advancing plans to grow as a global mixed‑use developer.
- UAE | Emaar founder Mohamed Alabbar has purchased an historic castle estate in Italy, adding a European trophy asset to the Dubai developer’s personal investment portfolio, according to Bloomberg.
- UAE | GFH Partners, part of Bahrain’s GFH Financial, is buying a majority stake in Dubai brokerage Devmark to grow its real‑estate services platform and capture more value across the UAE property cycle.
- UAE | Gulf Navigation has acquired key storage and terminal assets from Brooge Energy, doubling its capital base and transforming into an integrated energy logistics and infrastructure provider across the UAE and wider region.
- UAE | Mitsubishi Electric has acquired all shares in Dubai‑based AG MELCO Elevator from Al Ghurair’s Rawafed Almustaqbal Group, making the regional elevator company a wholly owned subsidiary to bolster its Middle East building‑solutions business.
- UAE | TAQA and DUBAL Holding will acquire EGA’s Al Taweelah power and water plant for $1.9 billion under a long‑term power and water purchase agreement, supporting lower‑carbon aluminium production in Abu Dhabi.
Job moves
- Saudi Arabia | Al Jouf Cement’s chairman has stepped down, with Eisa Ba‑Eisa appointed to lead the board, signalling a refreshed governance set‑up as the company prepares for its next phase of growth.
- Saudi Arabia | Insurer Arabian Shield has reaffirmed continuity by reappointing Naif Alkabeer as Chairman and Sameer Alwazzan as Vice Chairman, maintaining strategic direction as the company executes its growth plans.
- UAE | HDI Global has named John Morrell as Head of Energy and Power Underwriting for the Middle East, based in Dubai, to deepen support for regional energy clients and complex industrial risks.
- UAE | Law firm BCLP has refreshed its leadership, appointing new office managing partners in San Francisco and Paris and naming Charles Lilley as Country Managing Partner for the UAE, overseeing Dubai and Abu Dhabi.
- UAE | Rixos Bab Al Bahr on Al Marjan Island has appointed hospitality leader Ozgur Cireli as General Manager, to elevate guest experience and performance at the Ras Al Khaimah beachfront resort.
- United States | Seagate Technology has promoted Sameer Bhatia to Senior Regional Director for India, Middle East, Turkey and Africa, tasking him with driving growth and channel partnerships across the fast‑scaling IMETA storage market.
IPOs
- Saudi Arabia | Alwazn Almithaly has filed its prospectus for a 451,500‑share IPO on the Nomu‑Parallel Market, further widening the pipeline of smaller company listings in Saudi Arabia.
- Saudi Arabia | EFSIM Facilities Management has published its prospectus for a 16.8 million‑share IPO on the Tadawul main market, offering 30% of post‑offering capital to support expansion and modernisation plans.
- Saudi Arabia | Financial services firm Alramz has announced an indicative IPO price range of SAR 67–70 per share for its planned Tadawul listing, kicking off book‑building with institutional and retail investors.
- Saudi Arabia | Industrial company CGS has priced its Tadawul IPO at SAR 10 per share after institutional orders were 61.6 times covered, signalling strong investor demand for new Saudi listings.
- Saudi Arabia | KDL Logistics has set the price for its Nomu‑Parallel Market offering at SAR 23 per share, with 20% of the company’s capital to be floated for qualified investors.
- Turkey | Broadcaster TV8 has filed IPO documents for a Borsa Istanbul listing, betting that strong audiences for “Survivor” and rising digital reach will outweigh tougher post‑2023 Turkish listing rules.
- UAE | EY reports that the MENA IPO pipeline remains robust, with a healthy line‑up of offerings expected across the region into 2026 despite a more selective global capital‑markets backdrop.
Fundraising
- Kuwait | Kuwait Petroleum Corporation has obtained a KD 1.5 billion ($4.87 billion) syndicated facility from Kuwait Finance House to help fund the state oil company’s multi‑year capital expenditure programme.
- Qatar | Lighthouse Canton has secured $40 million in strategic funding from investors including Qatar Insurance Company, supporting the Singapore manager’s push to scale its global wealth platform and multi‑asset capabilities.
- Qatar | Qatar Investment Authority has joined the oversubscribed $275 million Series C round for US AI chip start‑up d‑Matrix, backing its $2 billion valuation and global expansion in data‑centre inference hardware.
- Saudi Arabia | Dallah launched a new investment fund and signed a SAR 741 million development agreement, aligning fresh capital and partners to advance large‑scale projects under Saudi Arabia’s growth agenda.
- Saudi Arabia | Derayah Financial has obtained a SAR 500 million ($133 million) Shariah‑compliant credit facility from Saudi National Bank to expand margin lending and core brokerage services.
- Saudi Arabia | Fakeeh Care has secured SAR 825 million in credit facilities from Arab National Bank, boosting its funding capacity for hospital expansion and new medical projects.
- Saudi Arabia | Mall operator Cenomi Centers has completed a SAR 2.05 billion sukuk issue, raising long‑term Shariah‑compliant funding to refinance debt and support its retail real‑estate development pipeline.
- Saudi Arabia | National Medical Care Co. has signed a SAR 228.5 million Murabaha facility with Saudi Awwal Bank, enhancing funding for hospital upgrades and new healthcare investments in Riyadh.
- Saudi Arabia | Pan Gulf has signed a SAR 25 million financing facility with Al Rajhi Bank, giving the services group additional liquidity to support ongoing operations and future projects in the Kingdom.
- UAE | AI retail‑media platform GoWit has raised a strategic round led by Dubai‑based Nuwa Capital to scale its technology and expand across EMEA as brands seek more data‑driven retail advertising.
- UAE | Aditum Investment Management plans to raise $50 million to expand Wizz Financial’s gold‑backed lending programme in India, deepening Gulf investor exposure to the country’s vast retail gold market.
- UAE | Invictus Investment has agreed a strategic financing package with Mauritius Commercial Bank, combining acquisition finance and revolving credit to support African expansion and strengthen working capital.
- UAE | Emirates Development Bank is extending about $72 million in financing to Aster DM Healthcare, backing new facilities and innovation as the group deepens its presence in Dubai.
- UAE | Sheikh Mohammed has unveiled a $10 billion fund aimed at lifting annual foreign direct investment into the UAE above $65 billion by 2031, targeting priority sectors from advanced industry to tourism.
Compliance/regulatory update
- Qatar | Financial Markets Authority’s chairman has issued updated rules on offerings, listings, mergers and acquisitions to streamline capital‑raising, bolster investor protection and further align local markets with global standards.
- Qatar | Qatar has signalled its readiness to diversify investment ventures with Azerbaijan, exploring new partnerships across sectors such as energy, logistics and industry as both countries deepen strategic and economic ties.
- Qatar | The chambers of commerce of Qatar and Turkmenistan have discussed activating their joint business council, aiming to translate political goodwill into concrete trade, investment and private‑sector partnerships.
