Author
Harsh Batra
Harsh Batra
Market signals over the past fortnight have been as fluid as the Strait of Hormuz itself.
Tentative improvements in shipping conditions and signs of progress in negotiations gave markets some room to breathe. For Gulf national oil companies, that meant attention could start turning back to growth plans, funding needs and capital markets.
According to Zawya, the UAE’s ADNOC is seen as the most likely major issuer to return to the market later this year, after joining several regional names that postponed transactions in 2026.
The backdrop is one of companies still willing to push ahead with investment programmes, but facing capex needs that may exceed what private funding sources and internal cashflows can comfortably absorb. Rawan Oueidat, director of corporate ratings at S&P Global, told Zawya that companies will likely need to supplement internal cashflows with public debt issuance.
The question is how long the window remains predictable enough for those investment plans to reach execution.
The opportunities are still there. One of the largest outbound moves of the week saw ADNOC itself agree to acquire Shell’s downstream fuels business in South Africa in a transaction with an implied enterprise value of around USD 1bn.
But regional capital deployment will continue to follow the risk premium, and for now that premium still seems trapped between ambition, funding needs and chokepoint uncertainty.
This week deal highlights:
- OCI’s board backed Nassef Sawiris’ all-cash buyout offer, putting one of the region’s major fertiliser and chemicals names on a path towards a potential take-private deal valued at around EUR 866.6m.
- Genel Energy agreed a USD 360m takeover of Capricorn Energy, using the deal to push deeper into Egypt’s upstream oil and gas market and reduce its reliance on Kurdistan-focused production.
- AD Ports increased its stake in Global Feeder Shipping to 81%, acquiring an additional 30% for USD 300m and tightening its control over a regional container feeder platform with an implied enterprise value of around USD 1bn.
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Deals Tracker
Outbound M&A
- UK | Investcorp acquires majority stake in UK facilities management specialist
- Italy | The heirs of late Italian Prime Minister Silvio Berlusconi have agreed to sell the Villa Certosa to a Constellation Hotels Holding for €350 million ($395 million), one of the largest private real estate transactions in Italian history
- UK | Lesha Bank has successfully completed the acquisition of 100% of Amedeo Air Four Plus Limited, an aircraft leasing company listed on the London Stock Exchange.
- US | The take-private transaction between Janus Henderson, Trian, General Catalyst, and QIA is completed. Now, Janus Henderson shares not already owned or controlled by Trian have been converted into a right to receive $52.00 per share in cash. Janus Henderson’s ordinary shares have been delisted from the New York Stock Exchange
- Ukraine | Singaporean Olam Agri has entered into agreement to fully integrate Continental Farmers Group, which is an indirect wholly-owned subsidiary of the Saudi Agricultural and Livestock Investment Company
- South Africa | ADNOC acquired 100% of the share capital of Shell Downstream South Africa from from Shell South Africa Holdings in a deal with an implied enterprise value of about $1 billion
Rumour mill
- UAE | ADNOC Distribution signed a definitive agreement to acquire 100% of Shell Downstream South Africa for an implied enterprise value of about USD 1bn. The deal is expected to close in 2027, subject to approvals.
- Saudi Arabia | Noon Academy acquired Almakhfi, a digital exam-preparation platform for Qudurat and Tahsili, to strengthen its AI-powered learning offering.
- Egypt | The government is working to lift EgyptAlum’s valuation by 3x-4x before deciding whether to sell a stake or transfer it to the Sovereign Fund of Egypt. Officials said one Gulf company and two European companies have shown serious interest.
- Egypt | The NCC–ESCOM consortium launched a voluntary tender offer for up to 13.42% of Spinalex at EGP 15/share, which would lift its stake to 33.0%, just below the mandatory offer threshold.
- Saudi Arabia | Anaam International Holding appointed Watheeq Capital as financial advisor for the potential acquisition of up to 51% of Masar Al-Ula Commercial Co.
- Kuwait | KPC asked some global funds bidding for a USD 7bn stake in its oil pipeline network to bring in other investors and consolidate consortium bids, sources said.
- UAE | BlueFive Capital agreed to acquire a 70% stake in Gulf Cobla from Advanced Dynamics Investments and Dutco Group; Dutco will retain 30%.
- Egypt | Genel Energy agreed to acquire Capricorn Energy for USD 360m, marking its entry into Egypt and creating a more balanced Egypt/Kurdistan portfolio.
- Jordan | Vivo Energy completed the acquisition of 100% of TotalEnergies Marketing Jordan, including around 180 service stations and commercial fuels and lubricants operations.
- Saudi Arabia | Rawasi Albina signed an MoU to acquire a 50% economic interest in Riyadh-based Al-Amlaq Al-Hadidiyah Trading Est. If the deal closes, the establishment will be converted into a company owned equally by both parties.
- Egypt | Africa Global Logistics submitted a non-binding offer to acquire up to 100% of EGX-listed Egytrans NOSCO, with a 75% minimum acceptance level, and plans to delist the company through a mandatory tender offer.
- Egypt | Misr Italia Properties fully acquired Misr Italia Holding for Financial Investments and its subsidiaries; it also plans to inject EGP 8bn in new investments in 2026.
- Saudi Arabia/UAE | BlueFive Capital and Al Murjan Group closed a link-up to create BlueFiveSidra. BlueFive acquired a substantial stake in Saudi-based Sidra Capital, while Al Murjan acquired a substantial stake in BlueFive786.
- Saudi Arabia | Naqi Water signed an MoU to acquire a 70% stake in Ahali Najd Car Rental Co. The MoU runs for 180 days and can be extended by written agreement.
- Egypt | Egypt earmarked about 380 sq km for private investment in renewable energy projects, enough for up to 2 GW of wind power or 20 GW of solar capacity.
- Saudi Arabia | Nofoth signed an MoU to acquire a 70% stake in Al Waal Al Bari Beverages Co. The company will complete due diligence and relevant reviews before deciding whether to proceed.
- Egypt | Misr Insurance Holding approved a 20% EGX float of Misr Life Insurance. EFG Hermes is sole global coordinator and bookrunner, and officials expect to disclose interested institutions for the private placement in the first half of July.
- UAE | Dubai Residential REIT acquired 220 Jebel Ali Village townhouses for AED 894m, adding rental income assets to its portfolio.
- Saudi Arabia | SEDCO Capital REIT’s board approved an MoU to acquire an office tower in Riyadh’s Al Yasmin district for about SAR 707m, subject to due diligence and regulatory/unitholder approvals.
- Saudi Arabia | Jabal Omar Development plans to sell 400 hotel residential units in Makkah this year and revise the final phase of Jabal Omar Destination after Saudi Arabia eased foreign ownership rules.
- UAE | Dubai Holding is reportedly considering an investment in Bain Capital-backed data-centre builder Hscale as it expands its European portfolio.
- UAE | AD Ports Group increased its stake in Global Feeder Shipping to 81% after buying an additional 30% for AED 1.1bn.
- Bahrain | Standard Chartered is exploring the sale of its wealth and retail banking business in Bahrain, while keeping its corporate and investment banking franchise in the country.
- Egypt | Hena Holdings launched a mandatory cash offer for the remaining shares of Integrated Diagnostics Holdings at USD 0.50/share after increasing its stake to 49.6%. It may delist IDH if ownership rises above 75%.
Regulatory
- Saudi Arabia | GAC approves Jamjoom Pharma’s acquisition of a Pfizer manufacturing facility
- UAE | The DFSA proposed the biggest update to its Collective Investment Fund framework since 2010, including a more flexible risk-based approach for fund rules and feedback on tokenised fund units.
- UAE | ADX will remove daily price limits for ETFs and futures from 3 August 2026 to support price discovery, liquidity and smoother trading.
- Qatar | QFMA said it received five acquisition and merger applications worth QR 1.322bn in 2025, including indirect acquisitions inside and outside Qatar.
- Egypt | The FRA approved the fee structure for clearing and settlement services for futures contracts traded on the EGX, supporting the rollout of the derivatives market.
- Saudi Arabia | The CMA approved Saudi Fransi Capital’s request to publicly offer units of BSF Small & Mid-Cap Saudi Equity Fund. The approval confirms regulatory compliance and is not an endorsement of the fund’s investment merits.
- Saudi Arabia | Al Hammadi Holding will receive SAR 79.76m in compensation from the Royal Commission for Riyadh City after part of its recently acquired Al Mounisiyah land was expropriated for public road projects.
- Saudi Arabia | State Street secured an expanded fund licence in Saudi Arabia, allowing it to provide fund administration in the kingdom.
- Saudi Arabia | A consortium including PIF sought EU foreign-subsidy approval for its USD 55bn acquisition of Electronic Arts; the European Commission set a 30 July deadline for its preliminary decision.
Job moves
- Saudi Arabia | HSBC made several capital markets leadership appointments in the kingdom, naming Andrew Pedder as head of leveraged and acquisition finance and appointing new ECM and M&A directors.
- UAE | Arada appointed Moustafa Fahour as CEO and Managing Director of Arada Capital, its new ADGM-based funds management platform.
- UAE | amana appointed Andrey Artamonov as Chief Technology and Information Officer.
- Saudi Arabia | Watani Steel named Abdulkarim Al-Rajhi as chairman and Abdullah Al-Obaid as vice chairman.
- UAE | Ducab named Matteo Bavaresco as Group CEO to lead its next phase of growth.
- Iraq | Region Trade Bank appointed a new board of directors, bringing in former senior officials from the US Treasury, FATF, Federal Reserve, FDIC and White House National Security Council.
- Saudi Arabia | PwC Middle East appointed Faisal Al Sarraj as Country Senior Partner for Saudi Arabia.
- Bahrain | Khaleeji Bank appointed Razi Almerbati as CEO, effective 17 August 2026.
- Saudi Arabia | Alwasail CEO Abdul Kader Almushekih resigned for personal reasons.
- Saudi Arabia | Al Yamamah Steel appointed Khalid Alshami as chairman and Raed Almudaiheem as vice chairman.
IPOs
- Egypt | Qalaa Holdings is targeting a 2027 IPO for Dina Farms, according to Hisham El-Khazindar.
- Oman | OMIFCO priced its IPO at the top of the range at 156 baiza per share, raising USD 678m in a rare Omani listing.
- Egypt | Ahram Security Group is in talks with three Egyptian investment banks to manage a planned EGX IPO of up to 30% of its shares in 2027.
- UAE | ADIA joined cornerstone investors in Luxshare’s planned USD 3.1bn Hong Kong IPO with a USD 45m commitment.
- Egypt | MNT-Halan is working with Citigroup and EFG Hermes on a potential IPO on the Egyptian Exchange.
Fundraising
- UAE | Dubizzle Group made a strategic investment in UAE proptech Takeem through Dubizzle Group Ventures; Bayut and dubizzle will be exclusive portals for Takeem’s Rental Guarantee solution.
- Kuwait | IPG renewed a USD 200m loan facility with a local bank to finance ongoing oil-related activities.
- UAE | Commercial Bank of Dubai mandated banks to arrange fixed-income investor meetings for a potential USD AT1 capital securities issuance.
- Oman | United Solar closed USD 1.6bn in funding for its polysilicon project in Oman.
- UAE | Plant & Equipment closed asset-backed financing to expand P&E Auctions, its heavy-equipment auction division serving the Middle East, Africa and beyond.
- UAE | Arada plans to launch Arada Capital, an ADGM-based fund management platform targeting USD 5bn in AUM within four years.
- UAE | DAE and Neuberger Specialty Finance launched Mustang Aerospace, a new aircraft leasing platform targeting USD 6bn in aircraft investments, backed by warehouse financing from global banks.
- Saudi Arabia | Saudi Real Estate Refinance Company mandated banks for a government-guaranteed dual-tranche USD sukuk offering.
- UAE | Ajman Bank mandated banks for a USD-denominated AT1 capital sukuk, its first capital securities transaction.
- Saudi Arabia | Knowledge Economic City secured up to SAR 152m in Shariah-compliant project financing from Saudi Investment Bank to complete its Educational Complex project.
- Oman | Tanmia and FIM Partners Muscat launched a USD 249m Omani real estate fund.
- UAE | Abu Dhabi’s BlueFive Capital co-led a near-USD 3bn funding round for Chinese video generator KlingAI.
- UAE | Whiteshield secured a USD 15m senior secured private credit facility from Ruya Partners to expand its sovereign intelligence platform.
- UAE | Maalexi raised USD 2.8m in an oversubscribed round led by Tawuniya, with participation from Global Ventures, ahead of a planned Series A.
- Kuwait | MENA Homes renewed a USD 286m loan facility.
- Saudi Arabia | Masar extended its MoU with BIM Capital and Ajbal Real Estate Development Co. to establish a real estate private fund.
- UAE | Al Ramz signed an agreement to establish a Shariah-compliant real estate investment fund managed by Oud Capital to finance its residential projects.
- Saudi Arabia | Axelerated Solutions renewed SAR 70m in Shariah-compliant banking facilities with Saudi Awwal Bank to finance new project contracts and letters of credit/guarantee.
- UAE | 1001 raised USD 30m in Series A funding from investors including Lux Capital and Sanabil, a PIF-owned investor.
- Saudi Arabia | Bidaya Finance renewed a SAR 300m five-year Shariah-compliant loan facility with Al Jazira Bank to support new originated loans.
- Saudi Arabia | Derayah Financial secured a USD 80m loan facility from Arab National Bank.
- Saudi Arabia | Fakeeh Care secured SAR 950m in Shariah-compliant facilities split between long- and short-term financing.
- UAE | Burjeel Holdings priced its debut USD 500m senior unsecured five-year sukuk at a 7.0% fixed coupon.
- Saudi Arabia | Revora raised a USD 2m seed round co-led by i2i Ventures and Oraseya Capital, with participation from Anchorless Bangladesh, Conjunction Capital, F6 Ventures, Hi2 Global, Orbit Startups and angel investors.
