Author
Harsh Batra
Harsh Batra
Over the past fortnight, we’ve seen a continuation of the outbound trend from the Gulf’s capital that we flagged in earlier editions of Teaser Middle East. This issue captures 15 outbound deals, with disclosed values totalling around USD 13bn.
Saudi Arabia takes centre stage this edition. Beyond dominating our deals tracker, the market has been particularly active across other stages of the funnel. Listings are one of them, with the Kingdom sharing the spotlight with Egypt in the hunt for liquidity. On the M&A side, the past two weeks also have seen Saudi capital accelerate the vertical integration of the halal supply chain, with moves from SALIC, joint ventures alongside Brazilian players, and IPOs lined up across protein, food retail and QSR.
This week’s highlights:
- Saudi Arabia’s SALIC raised its stake in Olam Agri to 80.01%, investing up to USD 1.88bn taking majority control of the Singapore-headquartered food and agri-commodities platform and deepening Riyadh’s grip on global supply chains tied to its food security agenda.
- PIF-backed Halal Products Development Company and MBRF closed the formation of Sadia Halal, a halal protein platform valued at around USD 2.07bn that brings together Saudi and Emirati capital under a single brand targeting the global halal market.
- Saudi Real Estate Refinance Company, another PIF-backed entity, agreed to acquire a SAR 3bn residential mortgage portfolio from Al Rajhi Bank, in a transaction that channels liquidity back into the Kingdom’s housing finance ecosystem.
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Deals Tracker
Outbound M&A
- Bermuda | Mubadala committed USD 300m alongside Stonepeak to back Textainer’s acquisition of Seaco. The combined platform will run more than 8m CEU across major global trade routes.
- Brazil | M42’s renal care unit Diaverum picked up four São Paulo dialysis clinics from Lund Group for an undisclosed amount. The deal takes its Brazilian network to 18 clinics and three vascular access centres.
- India | India’s markets regulator signed off on the change of control at RBL Bank tied to Emirates NBD’s USD 3bn purchase of a 60% stake. The deal still needs further approvals.
- Ireland | Australia’s competition watchdog cleared Dubai Aerospace Enterprise’s bid to acquire 100% of Macquarie AirFinance. The all-cash deal carries an enterprise value of about USD 7bn.
- Italy | 2PointZero closed the acquisition of 60.8% of ISEM Packaging Group for AED 704m. Peninsula Capital and minority investors keep the remaining 39.2%.
- Italy | Emirates Global Aluminium will acquire 80% of aluminium recycling company Eco Green to expand its European recycling footprint. The deal still needs regulatory approvals.
- Kenya | Al Salam Bank sold its 20.94% stake in Gulf African Bank, Kenya’s largest Islamic bank, as part of a group-wide push to refocus on core markets.
- Singapore | PIF-owned SALIC raised its stake in Olam Agri to 80.01% through a SAR 7bn transaction, deepening its exposure to a global agri platform that operates across more than 30 countries.
- Spain | Masdar is reportedly set to buy a 49% stake in Repsol’s 706 MW Minerva renewables portfolio. Cinco Días values the wind and solar assets at around EUR 850m.
- Türkiye | Tamatem acquired Playable Factory, adding playable ad technology to its mobile gaming platform. The Jordanian publisher has shipped more than 70 localised games and over 300m downloads.
- UK | Asyad Group acquired Ligentia, adding a tech-enabled 4PL platform. The combined logistics network now spans 24 countries and 76 cities.
- US | Abu Dhabi-listed Investcorp Capital picked up a USD 200m US residential portfolio, spanning senior living assets in California and New York plus a multifamily community in New Jersey.
- US | ACES US Holding, the US subsidiary of ACES Group, completed the acquisition of Florida-based Meskel & Associates Engineering, expanding its geotechnical, testing and inspection capabilities in the US Southeast.
- US | e& capital joined the second tranche of MagicCube’s USD 10m round, backing the California payments security firm as it scales its software-based platform for payments, digital identity and AI-driven services.
- US | IHC subsidiary Judan Financial acquired 50.1% of Alpha Wave in its first strategic investment, backing the Miami firm’s asset-management platform and planned AI-native life insurance business.
The rumour mill
- Bahrain | National Bank of Bahrain and Bank of Bahrain and Kuwait will sit down to hammer out key terms of a potential merger, including valuation, governance and structure.
- Egypt | AJE Group plans to invest USDm 150 in Egypt by 2030, expanding its manufacturing and distribution footprint.
- Egypt | Catalyst Partners Middle East’s board greenlit talks to acquire a controlling stake in EIH Consulting, with the structure to be set after due diligence.
- Saudi Arabia | LIV Golf set up an independent board after PIF said it would only fund the league through the current season. The new board will weigh strategic alternatives and new investors.
- Saudi Arabia | PIF became an anchor investor in State Street Investment Management’s new Saudi equity UCITS ETF, designed to widen international access to listed Saudi equities.
- Saudi Arabia | PIF is sticking with its US investment commitments while reviewing sports and entertainment assets including LIV Golf, Saudi Pro League clubs and deals tied to Warner Bros and EA.
- Saudi Arabia | Shaker’s MoU with LG Electronics and the Ministry of Investment to localise air-conditioner compressor manufacturing expired without renewal. The company said there is no financial impact.
- UAE | Dubai-based AIR, owner of Al Fakher, is targeting a May Nasdaq listing through a SPAC merger with Cantor Equity Partners III. The deal could value the combined company at USD 1.75bn.
Job moves
- Egypt | Omar Mohamed Sadiq Radwan was named EGX chairman, replacing Islam Azzam as Egypt’s exchange prepares further listing and market-development initiatives.
- Egypt | PM Mostafa Madbouly named Mohamed Awad as GAFI executive chairman for a one-year term, with Iman Mansour as deputy.
- Qatar | Estithmar Holding appointed Basel Shaddad as CEO with immediate effect.
- Qatar | Qatar Financial Centre welcomed new board members. Sheikh Faisal bin Thani Al Thani, Minister of Commerce and Industry, stays on as chair.
- Qatar | Qatar Rail’s new board appointed Jassim Al-Ansari as CEO, succeeding Abdulla Al-Subaie after his tenure leading the country’s flagship rail and transport projects.
- Qatar | QatarEnergy hosted a farewell reception for Khalid Mohammed Laram, former CEO of Qatar Aluminium, following his departure from Qatalum.
- Saudi Arabia | Bank Albilad appointed Bashaar Yahya Al Qunaibit as CEO effective 1 June. Outgoing CEO Abdulaziz Mohammed Al Onaizan moves to non-executive chairman.
- Saudi Arabia | Cruise Saudi promoted CFO Taha Nazer to Acting CEO, succeeding Lars Clasen.
- Saudi Arabia | Keir International’s CEO has stepped down, marking a leadership change at the Nomu-listed contracting and telecom infrastructure company.
- Saudi Arabia | Tawuniya reappointed Abdulaziz Alnowaiser as chairman, extending his leadership of the Saudi-listed insurer’s board.
- UAE | Aramex appointed Amadou Diallo as Group CEO, effective 1 May.
- UAE | IMI appointed Nakhle Elhage as Chief Transformation Officer. The former MBC and Al Arabiya executive brings more than three decades of regional media experience.
- UAE | Shamis Al Dhaheri and Mohamed Alqadi were sworn in as new members of the Abu Dhabi Executive Council before President Sheikh Mohamed.
- UAE | Watania International Holding tapped Anuj Agarwal as CEO effective 20 April 2026. Agarwal brings over 30 years of international insurance experience.
IPOs
- Egypt | EGX chairman Omar Radwan said temporary listings are set to climb as the exchange readies a phased rollout of derivatives products.
- Egypt | Egypt added six state-backed firms to its EGX temporary listing programme, including Sinai Manganese, Springs and Transport, El Abd Contracting, El Nasr Housing, NCAM and NORCO.
- Egypt | The Sovereign Fund of Egypt mandated EFG Hermes to manage Misr Life’s planned IPO, with up to 20% of the insurer expected to be offered in H2 2026.
- Saudi Arabia | Dar AlBalad set its TASI IPO price range at SAR 9.25-9.75 per share for the offering of 21m shares (30% of share capital).
- Saudi Arabia | Edarat tapped Al Rajhi Capital as its new financial adviser for the planned move from Nomu to TASI. The transition still needs Tadawul approval.
- Saudi Arabia | Qomel published its board report ahead of the planned Nomu-to-TASI transition, advancing a required step toward the main market.
- Saudi Arabia | Saudi CMA approved Berain Company’s IPO on Tadawul, allowing the bottled water producer to float 66m shares (30% of its share capital).
- Saudi Arabia | Ziorak, a Mayar Holding subsidiary, will seek CMA approval to offer 30% of its share capital on Nomu, with MEFIC Capital as financial adviser.
Fundraising
- Bahrain | Lola, a Bahrain-based platform, successfully raised $3 million in a seed funding round led by Vision Ventures with participation from Aljazira Capital, Seedra Ventures, Plus VC, and other investors
- Egypt | CI Capital Private Equity will launch three new funds in 2026, adding fresh investment vehicles under the asset management arm of listed CI Capital Holding.
- Egypt | Egypt is preparing a USDm 500 Samurai bond in Japan, expected later this month or in early June, to help roll over USDm 420 due next fiscal year.
- Egypt | Korra Energi is preparing an 11% EGX listing, with Prime Capital mandated to manage the offering.
- Kuwait | Mabanee signed a 12-month KWD 25.2m (USDm 82) credit facility with a local bank, split between KWD 20.2m in cash financing and KWD 5m in non-cash facilities.
- MENA | Speedinvest launched its first Middle East and Africa fund, backed by Mubadala, Qatar Investment Authority and EIB Global, to invest in early and growth-stage startups across MENAPT and sub-Saharan Africa.
- Oman | Fascano closed a USDm 10 third investment round backed by Sayyid Dr Kamel bin Fahd Al Said, Cyfr Capital and Future Fund Oman under the Oman Investment Authority.
- Saudi Arabia | Alinma Bank will issue SAR-denominated additional Tier 1 sukuk under its SAR 5bn AT1 capital sukuk programme.
- Saudi Arabia | Alramz is launching a SAR 650m real estate fund with SNB Capital and will act as the fund’s main owner.
- Saudi Arabia | An Al Naqool subsidiary signed a SAR 10m credit facility with Al Rajhi Bank to support its logistics transport expansion.
- Saudi Arabia | Hamad Mohammed Bin Saedan Real Estate secured a four-year SAR 48m Sharia-compliant Murabaha facility from Alinma Bank to fund expansion and development plans.
- Saudi Arabia | Promedex renewed and increased its Banque Saudi Fransi credit facility to SAR 108m, extending bank financing for the medical equipment distributor.
- Saudi Arabia | Signit raised USDm 15 in a Series A led by Raed Ventures to scale its AI-driven contract management platform. STV, Seedra Ventures, Takamol Ventures and Suhail Ventures joined the round.
- UAE | A wholly owned ADIA subsidiary joined TeraHop’s capital raise, backing the Singapore- and Thailand-based supplier of high-speed optical transceivers for data centres. Deal size was not disclosed.
- UAE | Comfi raised USDm 65 in a pre-Series A combining equity and debt to scale SME financing across MENA. The round was led by Iliad Partners with Yango Ventures, Raw Ventures, Partners for Growth and Shorooq joining.
- UAE | Dubai-based Udora, formerly Flowwow, raised USDm 10 in a private round ahead of its Saudi Arabia launch in Q3 2026.
- UAE | ZIWO secured a strategic growth credit investment from Ajeej Capital’s Amplify Growth Fund for GCC expansion and AI-powered contact-centre automation. Value was not disclosed.
