Author
Harsh Batra
Harsh Batra
Welcome to this fortnight’s Teaser Middle East. This edition is a clean read on what’s actually moving: cash generation, platform building, and selective risk-taking across energy and credit.
Between December 2-16, we identified 15 announced M&A deals in the region, a mix of capital recycling and strategic repositioning that says a lot about where Gulf balance sheets want to lean next.
This week’s highlights are:
- After the two PIF sales we covered last edition (Masar and Alexandria Container), Saudi Arabia’s Public Investment Fund returned to cash generation again, selling a significant stake in FMTech to JLL, bringing a global real-estate heavyweight into the business while the fund remains in control.
- In Energy, renewables stayed busy: EDF acquired a stake in a 1.1GW project in Egypt, while ACWA Power expanded its Gulf footprint through generation and desalination assets in Kuwait and Bahrain. In Oil & Gas, Kistos bought interests in Omani assets valued at USD 148m.
- The Gulf’s strongest signal, though, came in private credit. In a platform deal, Alpha Dhabi and Mubadala acquired Apollo’s European direct-lending portfolio, taking the JV to USD 1.6bn AUM across 39 borrowers with Apollo continuing as investment manager.
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Deals Tracker
The rumour mill
- Azerbaijan | Azerbaijan has signed an agreement to develop a 600MW offshore wind project, adding fresh momentum to the Caspian’s emerging renewables pipeline.
- Azerbaijan | INTEC has won an EPC contract to build a 288-MWp solar project in Azerbaijan, reinforcing the country’s rapid push to scale utility renewables.
- Egypt | Egypt signed a contract with Qatar’s Al Mana Holding for a first-phase investment of $200 million to produce sustainable aviation fuel
- Hong Kong | HSBC’s proposed $13.6bn buyout of Hang Seng Bank gains support from the board’s independent committee, which is urging minority shareholders to back the deal.
- Kuwait | Abu Dhabi Ports has signed an agreement to develop and operate Kuwait’s Shuaiba container terminal, deepening its regional footprint in ports and logistics.
- Qatar | QatarEnergy signs a long-term SPA with local firm Buzwair to supply helium from Ras Laffan for up to 15 years.
- Saudi Arabia | ACWA Power and Bahrain’s Bapco Energies plan a 2.8GW solar project in Saudi Arabia’s Eastern Province to supply Bahrain, a cross-border play in clean power.
- Saudi Arabia | Enaya warns its planned merger with Salama is key to reducing regulatory risk, urging shareholders to cooperate ahead of the vote.
- Saudi Arabia | Enaya will host a shareholders’ forum on 28 December to walk investors through its merger proposal with Salama before the formal vote.
- Saudi Arabia | Goldman Sachs has opened its Middle East headquarters in Saudi Arabia, another sign of Riyadh’s success in pulling global finance closer.
- Saudi Arabia | Gulf sovereign funds are reported to be backing Paramount’s bid for Warner Bros Discovery, highlighting the region’s growing appetite for big-ticket entertainment assets.
- Saudi Arabia | Makkah developer Umm Al Qura inks an MoU with Indonesia’s Danantara to explore investment opportunities in the holy city, as Masar Destination seeks fresh international capital.
- Saudi Arabia | Non-institutional foreign ownership of Saudi stocks (excluding Aramco) rose to 10.9% last week, hinting at broader international risk-on sentiment.
- Saudi Arabia | PIF is said to be in advanced talks to invest in Leonardo’s aircraft structures unit, potentially creating a new global aerostructures player.
- Saudi Arabia | Prince Alwaleed bin Talal is reportedly closing in on acquiring Al Hilal, a move that could reshape ownership dynamics at one of the Kingdom’s top clubs.
- Saudi Arabia | SARCO says it has completed the incorporation of its new subsidiary, Clean Energy, as it pushes further into renewables and sustainability-linked projects.
- Saudi Arabia | TAM’s board has proposed a 10,000-share buyback, signalling confidence and adding another Tadawul name to the repurchase trend.
- UAE | Abu Dhabi-focused Solmate signs a term sheet to acquire RockawayX, aiming to build a scaled institutional crypto platform with over $2bn in combined AUM.
- UAE | Emirates NBD has reportedly lodged an expression of interest for a major stake in India’s IDBI Bank, signalling renewed Gulf appetite for overseas banking deals.
- UAE | Masdar withdraws from the consortium bidding to take Nasdaq‑listed ReNew Energy Global private, a group that also includes an Abu Dhabi Investment Authority subsidiary.
M&A news
- Bahrain | Investcorp Capital buys a portfolio of income-generating US industrial properties, leaning harder into cash-yielding assets as the Bahrain-linked group expands its recurring-revenue base.
- Egypt | Norfund and EDF Power Solutions take stakes in Scatec’s Obelisk project 1.1GW solar plus 100MW/200MWh storage
- Oman | Dhofar Investments, OIFC and Khedmah sign a merger agreement to accelerate financial-services innovation through the Khedmah platform, underscoring consolidation pressures across Oman’s investment ecosystem.
- Oman | In a deal advised by Dentons, Kistos Energy acquired a 5% working interest in Block 9 and Mitsui E&P Middle East’s 20% working interest in Blocks 3 and 4.
- Saudi Arabia | Al Hammadi Holding agrees to invest SAR113m for a 40% stake in Wareed Medical, pairing the deal with a shareholders’ agreement to govern the next growth phase.
- Saudi Arabia | Engie sold it’s power generation and desalination assets in Kuwait and Bahrain to ACWA Power, adding operational scale across two Gulf markets; deal value wasn’t disclosed.
- Saudi Arabia | Fakeeh Care acquires Diagnostics Elite at a reported 40–45% discount to fair value, bolting on lab capacity as Saudi providers race to build end-to-end healthcare platforms.
- Saudi Arabia | First Mills completes the SAR48m acquisition of 60% of Kenan Arabian Trading, expanding into feed distribution as the Tadawul-listed group broadens its downstream trading arm.
- Saudi Arabia | PIF sells a “significant” stake in facilities manager FMTECH to JLL, bringing a global real-estate heavyweight into the business while the sovereign wealth fund stays in control.
- Saudi Arabia | Watts Water Technologies completes its acquisition of Saudi Cast, giving the US group deeper manufacturing capacity in the Kingdom’s valves and drainage market; terms were not disclosed.
- UAE | Abu Dhabi Investment Authority joins investors buying a 4.5% stake sold by Prudential in its Indian asset‑management joint venture, nudging Gulf capital further into India’s savings boom.
- UAE | Alpha Dhabi and Mubadala’s joint venture acquires European lending assets from Apollo, which will continue to manage and grow the portfolio after the transaction.
- UAE | Dubai-based AIR buys German hookah brand NameLess, adding a European consumer label to its portfolio as it hunts global growth; financial details and advisers were not revealed.
- UAE | IHC pays about AED420m ($114m) for an additional 17% in Invictus Investment, tightening its grip on the Abu Dhabi trader’s food, commodities and logistics strategy.
- UAE | Orascom Construction and OCI Global advance a merger into an Abu Dhabi-based platform, consolidating engineering and industrial assets under one roof as the groups streamline governance.
Job moves
- Oman | Bank Nizwa appoints Tariq bin Atiq as Deputy CEO and COO, tapping a 25‑year banking veteran to steer operations and digital transformation at the Islamic lender.
- Saudi Arabia | Al Naqool reappoints Majed Al-Naqool as Chairman, Mohammed Al-Mutairi as Vice
- Saudi Arabia | Batic shareholders elect a new eight‑member board for the 2026–30 term, starting 3 April 2026, as the Riyadh-based logistics investor refreshes governance.
- Saudi Arabia | Sipchem names Khalid A. Al Zamil as board chairman and appoints Fahad S. Al Rajhi vice chairman for the 2025–29 session starting 9 December. (Mubasher Info)
- Saudi Arabia | Tabuk Cement calls shareholders to elect a new board at an OGM on 5 January 2026, with the four‑year term due to start 26 January.
- Saudi Arabia | The board of First Mills proposed amending bylaws to expand the board from seven to eight seats, pitching the change to shareholders at a forthcoming general assembly.
- Qatar | Qatar Airways appoints Hamad Ali Al-Khater as Group Chief Executive Officer
IPOs
- Saudi Arabia | Alramz’s Tadawul retail tranche drew 36% demand for 2.57m shares at SAR70. SNB Capital said all retail subscriptions were fully allocated, with no surplus shares.
- Saudi Arabia | Alwazn Almithaly’s Nomu float collapsed: the 451,500-share offer priced at SAR75–78 was voided, with Tadawul ordering refunds to subscribers within two working days.
- Saudi Arabia | Delivery startup MrMandoob says it’s targeting a Saudi-market IPO in H1 2026 after topping SAR800m valuation, with CEO Obaid Alenazi citing SAR85m raised since launch.
- Saudi Arabia | IPO fever cools: proceeds halved to under $6bn in 2025, first‑day pops faded, and EFSIM shelved an up-to-$89m Tadawul float as US and Asia listings roar back.
- Saudi Arabia | Noon reportedly raises $500m from backers including PIF, with founder Mohammed Alabbar joining, as the e-commerce group readies a potential IPO; latest valuation was near $10bn.
Fundraising
- Oman | ITHCA launches an accelerator and venture fund to deepen Oman–Saudi tech ties, backing founders to scale regionally and enter the Saudi market with capital, mentorship and market access.
- Qatar | Doha Bank lists a $150m floating-rate digital bond on LSE’s ISM, settling T+0 via Euroclear D-FMI. Standard Chartered arranged; Citi acts issuing and paying agent.
- Saudi Arabia | 500 Global and Sanabil unveil Batch 10 of their Riyadh accelerator: nine startups pitch at Demo Day on 17 December 2025, chasing regional scale and follow-on funding.
- Saudi Arabia | AZM Communications secures a new Al Rajhi Bank credit facility worth up to $19.8m, expanding borrowing capacity versus its prior SAR35m line to back growth plans.
- Saudi Arabia | EFSIM shelves its Tadawul IPO after consulting adviser EFG Hermes, saying it will keep pursuing expansion via alternative funding routes and reconsider a listing in future.
Compliance/regulatory update
- Egypt | Cairo plans joint mechanisms with Doha to double Qatar’s investment in Egypt, the investment minister says, as both sides push faster approvals and a larger pipeline of projects.
- UAE | UAE and EU formally launch free-trade negotiations, with President Sheikh Mohamed and Commission chief von der Leyen signalling a strategic partnership to deepen investment and regulatory cooperation.
