Author
Harsh Batra
Harsh Batra
Starting out February with good news.
One of Lumina’s latest reports paints a picture of a Middle East that moved further into consolidation over 2025. Total MENA deal value rose 87% over the period, propelled by sovereign-backed megadeals. The impact showed up on both sides of the border: inbound deal value tripled in 2025, while outbound deal value grew 92% versus 2024.
This is usually the point where I’d tell you to keep the momentum going, but this week’s highlights suggest you’re already doing exactly that:
- Sanctions have put Lukoil on the clock to divest its international assets by 28 February, sending the global buy-side moving fast as forced sellers re-enter the market.
- The regional impact is already visible: Iraq has moved to reassert control over West Qurna-2, while Lukoil’s stakes across Iraq, Egypt and the UAE are now in play — and a buyer shortlist featuring Chevron, Carlyle and Quantum Capital is taking shape.
- Across the rest of the deal tape, consolidation remains the dominant theme: Uber’s move on Getir in Turkey, NTT DATA’s acquisition of an AWS partner to scale Gulf cloud and AI capacity, and Safanad’s USD 1.6bn+ exit from UK care homes all point to capital concentrating around platform scale and resilient cashflows.
Follow me on LinkedIn for ongoing insight into Middle East M&A.
Deals Tracker
M&A Abroad
- Brazil | Shell sells a 20% stake in the offshore Orca project to Kuwait’s KUFPEC, keeping operatorship and 50% (closing expected by end‑2026).
- UK | Saudi Safanad sold UK care-home operator HC-One to a healthcare REIT, exiting a decade-long investment.
- Oman | Oman Investment Authority teams up with Brazil’s JBS on a $150m poultry and red meat processing venture, with plants planned in Thumrait and Ibri.
- Saudi Arabia | PIF-backed HUMAIN takes a controlling stake in London‑headquartered ai.io and launches HUMAIN Sport as a dedicated AI sports-technology vertical.
- Uzbekistan | UzOman and Türkiye’s Hektaş agree a ~$75m agro‑chemicals plant in the Tashkent region, with UzOman investing up to $25m as a minority partner.
- Azerbaijan | UAE’s XRG signs to acquire an equity stake in Southern Gas Corridor CJSC, subject to regulatory and antitrust approvals.
The rumour mill
- Egypt | EBank subsidiaries complete a stake-sale transaction, which is now moving into final ownership transfer, Zawya reports.
- Egypt | Mubasher Capital plans a new silver investment fund, adding to its existing product line, Zawya reports.
- Qatar | QIA plans to back five new VC funds under its expanded venture programme, with the managers set to open offices in Doha, Reuters reports.
- Saudi Arabia | Al Saedan Real Estate and partners launch a SAR 1.5bn platform targeting real estate, infrastructure and data‑centre development in the Kingdom.
- Saudi Arabia | Saudi Arabia pauses Mukaab construction plans as it reviews several Vision 2030 megaprojects, Arabian Business reports.
- Saudi Arabia | Theeb ends an MoU to invest in a smart-technology firm, according to Argaam.
- Saudi Arabia | Vertical Aerospace signs an MoU with AHQ Group and Saudi Arabia’s NIDC to explore accelerating advanced air mobility in the Kingdom.
- Syria | Saudi Arabia and Syria announce plans to launch a new airline and develop Aleppo International Airport, according to Economy Middle East.
- UAE | Dubai unveils a $27.2bn DIFC Zabeel District expansion as it scales up the financial hub footprint, Arabian Business reports.
- UAE | Solmate drops plans for a merger with RockawayX, shifting the relationship to a strategic partnership instead.
- UAE | OpenAI’s Sam Altman meets Middle East investors as talks continue around a reported $50bn fundraising round, Bloomberg reports.
Job moves
- Saudi Arabia | Saudi Cable names Faris Al‑Rajhi as managing director after Khalid Khashogji resigns from the MD role (remaining CEO and a board member).
- Saudi Arabia | Tabuk Cement reappoints Yazid Al‑Shathri as chairman and Tareq Alangari as vice-chairman as the board refreshes committee roles.
- UAE | Dubai-based shisha maker AIR (Al Fakher) agrees a Nasdaq listing via a merger with Cantor Equity Partners III.
- UAE | FTI Consulting hires two senior leaders to build a Middle East healthcare and life sciences offering across the UAE, Saudi Arabia and Qatar.
- UAE | Hogan Lovells adds King & Spalding partner Dounia Mansour in Dubai, with funds lawyer Virgil Violet also joining the investment funds team.
- UAE | Informa is preparing a Dubai IPO for inD, its JV with Dubai World Trade Centre, as part of a wider strategy shift.
- UAE | PwC Middle East appoints four new partners to its Deals practice, strengthening coverage across development and infrastructure work.
- UAE | UBP expands its Middle East team, naming new market heads and adding leadership hires, according to Private Banker International.
- UAE | Goldman Sachs assembles a senior leadership team to deepen ties with Middle East funds, Bloomberg reports.
IPOs
- Bahrain | Silah Gulf starts trading on Bahrain Bourse after a BHD 2.9m IPO (30% stake), with subscriptions running around 4x.
- Egypt | EFG Hermes says it advised on Gourmet Egypt’s IPO, citing strong demand and heavy oversubscription.
- Saudi Arabia | Saleh Abdulaziz AlRashed & Sons sets the final IPO offer price at SAR 45 after completing institutional bookbuilding.
Fundraising
- Egypt | Palm Hills raises $42.9m via a securitised bond issue split into four tranches, with proceeds aimed at accelerating projects.
- Oman | The 500 MW Ibri solar project reaches financial closure, Mercom reports.
- Saudi Arabia | Saudi start-up Strataphy raises $6m seed funding to develop geothermal cooling for AI and industrial infrastructure, Renewables Now reports.
- Saudi Arabia | Tasnee joint venture secures a SAR 1.7bn credit facility from Bank Albilad, Argaam reports.
- UAE | Dubai’s Magellan Capital launches a $975m flagship hedge fund and opens the strategy to third‑party capital, Arabian Business reports.
- UAE | EvolutionX Debt Capital makes its first GCC investment, providing growth capital to Kitopi as it pursues regional and international expansion.
- UAE | JPMorgan begins selling down part of the $20bn debt backing the Electronic Arts buyout, with Middle Eastern banks among the lenders, Bloomberg reports.
- UAE | NextSource Materials launches a C$25m LIFE offering to support development of a battery anode facility planned in the UAE.
