Author
Harsh Batra
Harsh Batra
As the Houthis move to blockade Saudi vessels in the Red Sea, it feels as though ships are not the only things being prevented from moving forward.
A recent analysis by A&O Shearman captured the sentiment that has prevailed among dealmakers since February 2026: M&A activity and economic growth across the region remain heavily dependent on a lasting US-Iran peace agreement.
A&O’s data shows that Middle Eastern M&A activity totalled USD 45.4 billion across 516 transactions in H1, representing a slight decline in volume compared with the previous six-month period. This remains a resilient result, particularly when considering that the conflict’s impact on M&A extends beyond fewer transactions to include longer execution timelines.
This pent-up potential is also reflected in deal values, which remained broadly in line with H2 2025. Inbound investment proved particularly resilient, rising by more than 167% to USD 12.3 billion compared with the previous six-month period.
Adaptability remains critical in a market where companies are seeking to mitigate escalating regional risks by expanding and diversifying their operations abroad.
The data also revealed opportunities for advisors. Goldman Sachs ranked as the leading M&A financial advisor in MENA during H1 2026 by both value and volume. Its position by deal count improved from seventh place in H1 2025 to first place in H1 2026.
KPMG ranked second by value, advising on USD 7.5 billion worth of transactions, followed by JPMorgan with USD 6.7 billion, Morgan Stanley with USD 6.6 billion and Guggenheim Partners with USD 6.2 billion.
That resilience was also visible in this week’s dealflow. Although transaction volume weakened amid the tensions, several notable highlights stood out:
- ConocoPhillips agreed to acquire a 42% stake in BP Energy Company of Kirkuk Limited, gaining exposure to the redevelopment of five producing oil fields with more than 3bn boe of initial gross recoverable resources; completion is expected by year-end 2026.
- Bank Nizwa submitted a non-binding proposal to acquire 100% of Alizz Islamic Bank and merge it into the enlarged group, valuing Alizz at an indicative 1.2x book value and potentially giving Ominvest a stake of up to 20% in the combined bank.
- Elevate Capital and members of the Moharram family agreed to acquire Nile Scan and Labs for EGP 1bn, taking control of a diagnostics platform with more than 20 centres and plans to pursue a future EGX listing.
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Deals Tracker
Rumour mill
- Saudi Arabia | TAWAL Co. is in talks to acquire more than 10,000 tower sites from Etihad Etisalat Co. According to people familiar with the matter, the potential deal, which is still at an early stage, could carry a multibillion-dollar valuation and lay the groundwork for TAWAL’s IPO in 2027 or 2028.
- Oman | Asyad Group is considering selling a stake in Asyad Shipping Co. to increase the company’s free float, according to Bloomberg.
- Egypt | Egypt Education Platform is laying the groundwork for a potential float of up to 25% of its shares on the EGX. The company plans a 10-for-1 stock split, reducing the nominal share value from EGP 10 to EGP 1. EEP is pairing the split with an EGP 611.9 million capital increase funded entirely through retained earnings, taking issued capital to EGP 2.6 billion.
- UAE | After selling a $6 billion stake in Vodafone this month, e& is retreating further from non-core businesses and reviewing its portfolio. The companies under review include venture capital vehicle e& capital and peer-to-peer lending platform Beehive. Sources say the group intends to retain controlling stakes in European operator e& PPF Telecom Group and the telecom operators it owns in emerging markets.
- UAE/India | The IDBI Bank sale drama continues, with Emirates NBD making a new move. The UAE lender is competing with Canada’s Fairfax Financial for a stake in the Indian bank. Revised bids are being evaluated, and a senior panel of bureaucrats met on Monday to discuss the stake sale, according to a source. The Indian government owns 45.48% of IDBI Bank, while LIC holds 49.24%.
Regulatory
- Saudi Arabia/US/EU | A PIF-led investor group is set to secure EU approval for its $55 billion acquisition of Electronic Arts, according to Reuters. The European Commission is expected to clear the transaction under merger rules after its preliminary review ends on July 22 and under the Foreign Subsidies Regulation after a separate review ends on July 30.
- UAE | Symmetry Investments, the hedge fund co-founded by former Millennium portfolio manager Feng Guo, has secured authorisation from the Dubai Financial Services Authority to operate in Dubai. The firm focuses on macro and fixed-income strategies.
- UAE | Revolut has received in-principle approval from Dubai’s Virtual Assets Regulatory Authority for a VASP licence covering broker-dealer, management and investment, and exchange services. Subject to final approvals, the company plans to offer the services through its retail app and Revolut X.
- Saudi Arabia | SAMA has licensed Riyadh-based fintech DaftarPay to provide Buy Now, Pay Later services, bringing the number of finance companies licensed by the central bank to 76.
- UAE | ADX has listed six new single-stock futures covering ADNOC Gas, ADNOC Drilling, ADNOC Logistics & Services, Presight AI, Sharjah Islamic Bank and 2PointZero Group. The launch expands the exchange’s derivatives suite to 17 futures and 50 contracts, with real-time data available to Bloomberg Terminal users.
- UAE | The DFSA has released Consultation Paper No. 174, covering miscellaneous changes to its regulatory framework. Comments are due by 24 August 2026.
- UAE | The ADGM Registration Authority has amended its commercial legislation to strengthen transparency, international-standard compliance and the anti-money laundering and counter-terrorist financing framework. The changes cover nominee-status disclosure, beneficial ownership information for trusts and foreign branches, and restrictions on large cash transactions by certain service providers. They took effect on publication.
- UAE | Taptap Send has secured three licences from the Central Bank of the UAE: Stored Value Facilities, Retail Payment Services Category II and Exchange Business Category IV. The approvals allow the company to expand beyond international remittances into digital wallets, payment cards, and local and cross-border payment services.
- UAE | Remitly has received Stored Value Facilities and Exchange Business Category IV licences from the Central Bank of the UAE. The approvals provide the regulatory foundation for the company to introduce new products for customers in the UAE.
- Saudi Arabia | Deutsche Bank has received a Regional Headquarters licence from the Ministry of Investment of Saudi Arabia. The Riyadh-based headquarters will serve as a platform for regional management, strategic decision-making and corporate functions across the Middle East, becoming the bank’s third legal entity in the Kingdom.
- Egypt | Egypt’s Financial Regulatory Authority has approved 10 new licences across non-banking financial services, covering credit ratings, futures brokerage, medical insurance, healthcare programme management, real estate investment funds, securities underwriting, financial leasing, mortgage finance and factoring.
- UAE | Bitcoin Suisse subsidiary BTCS Middle East has received Financial Services Permission from ADGM’s Financial Services Regulatory Authority. The licence allows the company to offer regulated digital-asset custody, trading, exposure management and hedging services to institutional and professional clients in the UAE.
- UAE | The DFSA has published Consultation Paper No. 173, proposing the most significant update to DIFC’s Collective Investment Fund framework since 2010. The proposals introduce a more flexible risk-based approach, simplify authorisation requirements, update master-feeder structures, remove the external fund manager regime and seek early feedback on tokenised funds and a potential long-term investment fund regime. Comments are due by 7 September 2026.
Outbound M&A
- Brazil | Mubadala and Trafigura are advancing talks to sell Porto Sudeste for US$5 billion. The Brazilian port generates around US$300 million in EBITDA. A non-binding agreement has been signed, with a binding one expected by the end of July.
- UAE/France | Mubadala Capital and Pierre & Vacances-Center Parcs Group have signed a tender offer agreement for Mubadala to acquire all of the company’s outstanding securities through an all-cash voluntary offer. Mubadala has secured tender commitments representing 80.13% of the outstanding share capital, and the offer is expected to be filed by Q1 2027, subject to regulatory and other customary conditions.
- UAE/UK | e& has completed the sale of its entire 16.21% stake in Vodafone Group to Vega, an acquisition vehicle owned by the Niel family group. The transaction generated total consideration of AED 21.9 billion ($5.95 billion), including Vodafone’s FY26 final dividend, and a net cash return of AED 4.8 billion ($1.3 billion).
- UAE/Brazil | EDGE has agreed to acquire 100% of AKAER, a Brazilian aerospace and engineering company with more than 30 years of experience. The deal, subject to customary conditions and regulatory approvals, will expand EDGE’s capabilities in UAV programmes, optronics, electro-optic and infrared systems, and space technologies.
- UAE/US | 2PointZero, through its subsidiary ePointZero, has completed a $2.25 billion all-cash acquisition of US natural gas company Traverse Midstream Partners. The deal gives ePointZero a 35% stake in Rover Pipeline and a 25% stake in the Ohio River System, marking the group’s entry into the North American energy market.
- UAE/Libya | 9Yards X has acquired Libyan technology startup Labeb AI to expand its artificial intelligence capabilities. Labeb’s talent, intellectual property and technologies will be integrated into 9Yards X, strengthening its portfolio across generative AI, computer vision and intelligent automation.
- UAE/UK | e& has signed a binding agreement to sell its entire 16.21% stake in Vodafone Group to Vega, an acquisition vehicle owned by the Niel family group. The transaction values the holding at approximately AED 21.8 billion ($5.95 billion), or 112.5 pence per share, including Vodafone’s FY26 final dividend.
- UAE/UK | Banijay Group and RedBird IMI have completed the merger of Banijay Entertainment and All3Media. The combined company, jointly owned on a 50/50 basis, becomes the world’s largest independent production group, with more than €4.3 billion in 2025 revenue and operations across 25 territories.
- UAE/South Africa | ADNOC Distribution has signed a definitive agreement to acquire 100% of Shell Downstream South Africa at an implied enterprise value of approximately $1 billion, before net debt and working-capital adjustments. The business includes 580 fuel stations and wholesale fuel, aviation and lubricants operations. Closing is expected in 2027, subject to customary conditions, after which a 28% stake is expected to be sold to a local empowerment partner and employee plan.
Job moves
- Saudi Arabia | HSBC’s Saudi operation has strengthened its team. Pierre Fayad, previously at Goldman Sachs, has joined as M&A Director. Chris Johannson joined from HSBC Continental Europe as ECM Director, and Andrew Pedder relocated from Singapore to head the bank’s LAF business.
- UAE/Europe | Oak Hill Advisors will relocate Europe co-head Declan Tiernan from London to Dubai in the third quarter of 2026, strengthening the firm’s senior presence in the Middle East.
- Saudi Arabia | Riyad Bank has appointed Adeem AlMurayi as Head of Artificial Intelligence, Data Science and Machine Learning and Senior Vice President. She joins from Saudi Energy, where she was Director of Market Intelligence, and previously held analytics roles at stc and Riyad Bank.
- UAE/Middle East | Pepperstone has appointed Mohammed Almadhoun as Head of Middle East. He joins from Equiti Group, where he served as Sales Director, after nearly eight years in commercial roles at ADSS.
- Bahrain | Bahrain Bourse has appointed Marwa AlMaskati as Chief Strategy Officer, heading its Business Development organisational area. She was previously Senior Director of Partnership Development, Sustainability & Communications and will lead strategy execution, market development, innovation and stakeholder engagement.
- Kuwait | solutions by stc Kuwait has appointed Iyad Jabr as CEO. He joins from Umniah, where he served as Chief Business Officer, and previously held senior enterprise marketing and product roles at Zain Kuwait, Ooredoo Kuwait and Tawasul Telecom.
- UAE/Middle East | SMBC has appointed Ivan Starcevic as Managing Director and Head of CEEMEA Debt Financing, based in Dubai. He joins from Citigroup and brings experience across DCM, loans and leveraged finance, ECM and private capital advisory.
- UAE | Kroll has appointed Michael Kenyon as Managing Director in Dubai. He brings more than 34 years of experience in commercial management, construction claims and quantum expert work, having previously held senior roles at Berkeley Research Group, Navigant Consulting and Hill International.
- UAE | UEXO has appointed Zena Alqadri as Chief Operating Officer. She joins from CXM, where she served as COO for MENA, and brings more than nine years of financial-services experience spanning operations, onboarding, workflows and regulatory compliance.
- Kuwait | National Bank of Kuwait has appointed Albara Khougeer as Vice President and Head of Private Banking. He most recently led business development and account management at Takamol Business Solutions and previously held strategy and transformation roles at NeoLeap and Al Rajhi Bank.
- UAE | Betterhomes has appointed Richard Waind as CEO, returning him to the role he previously held from 2017 to 2025. Waind will continue as CEO of parent company Cencorp while taking day-to-day leadership of Betterhomes, with a focus on technology, luxury real estate and talent development.
- Kuwait | Kuwait Investment Company has appointed Ghazi Qais Al-Nisf as Deputy CEO of the Asset Management Sector.
- UAE/Middle East | Sia has promoted Cesar Moukarzel to Partner in its Middle East business. Based in Dubai, he has been with the firm since 2017 and leads work across strategy, innovation, organisational excellence, sustainability and large-scale transformation.
- UAE | Martello has appointed Ashutosh Kumar as a Director in its UAE office. Based in Dubai, he brings more than 15 years of experience in construction planning, delay analysis and international arbitration across infrastructure, energy, data-centre and real-estate projects.
IPOs
- Egypt | Hassan Allam Holding is exploring IPOs for some of its real estate and infrastructure subsidiaries on the EGX, Gulf exchanges, or both. The group is keeping the parent company private.
- Egypt | Real estate developer Tatweer Misr is preparing for either an IPO on the EGX or the entry of a strategic investor by 2027.
Fundraising
- Saudi Arabia | According to Reuters, ROSHN Group is seeking investors for Aramco Stadium, a venue for the 2034 FIFA World Cup. ROSHN, which is owned by the $1.2 trillion sovereign wealth fund PIF, has hired JPMorgan to run the equity fundraising process.
- Oman | United Solar announced financial close on a $50 million equity investment from the International Finance Corporation. With this, the company says it has completed the $1.6 billion funding package for the polysilicon factory it is working to bring online in Oman’s Sohar Free Zone.
- Saudi Arabia | Asas Makeen is establishing a private real estate investment fund with MEFIC Capital as fund manager and Banaa Al-Tharawat Co. as distributor of the units. The fund is launching with an initial target size of nearly SAR 73.4 million.
- Saudi Arabia/Singapore | Singapore-headquartered fintech PILLAR plans to raise $10 million to $15 million in a Series A round to fund its Middle East expansion, with Saudi Arabia as the main target. Investors have already committed more than half of the amount. PILLAR provides embedded mortgage infrastructure for banks and property developers and entered the Kingdom in 2025 through a partnership with ROSHN Group.
- Saudi Arabia | Saudi Venture Capital has invested in SEEDRA Ventures Fund II, an oversubscribed venture capital fund focused on early-stage, high-growth Saudi technology companies. The fund targets sectors including AI, fintech, proptech, SaaS and logistics. The investment amount was not disclosed.
- Egypt | Construction technology startup Kuadra has raised funding in a round led by Edafa Venture Capital. The capital will support the launch and commercial expansion of its AI-powered construction management platform, while helping the company strengthen contractor partnerships and expand into adjacent sectors such as oil and gas. The amount was not disclosed.
- Egypt | Healthtech startup Reme-D has raised $1.45 million in a pre-Series A round led by Anara Impact Capital, with participation from the Global Innovation Fund, Africa Health Ventures and other investors. The company will use the funding to expand manufacturing capacity tenfold, grow across Africa and add diagnostic tests for genetic diseases and cancer.
- Saudi Arabia | Mobile game developer FLOATY Studio has raised $1 million in a round led by Merak Capital through the Merak Gaming Fund. The company will use the capital to accelerate development of its gaming portfolio, strengthen production capabilities and support international growth.
- Saudi Arabia | Smart hospitality platform Golden Host has closed a seven-figure seed round led by Al Arab REIT for Investment. The funding will support geographic expansion in Saudi Arabia, growth in listed properties and entry into hotel and tourist-visa services. The round coincided with a company restructuring and the formation of a new executive team.
- Saudi Arabia | ROSHN Group is seeking investors for Aramco Stadium, a venue for the 2034 FIFA World Cup, according to Reuters. The PIF-owned developer has hired JPMorgan to run the equity fundraising process and is considering a lease-and-leaseback structure that would provide investors with a share of long-term lease payments from Aramco.
- Saudi Arabia | AI infrastructure startup Think has raised more than $8 million in a pre-seed round co-led by RAED Ventures and Wa’ed Ventures, with participation from Dhahran Techno Valley’s venture capital arm and strategic angel investors. The company will use the funding to expand its team, scale manufacturing, accelerate product development and support deployments across Saudi Arabia, the GCC and selected international markets.
- UAE/GCC | Positive Zero has closed a non-recourse financing facility of up to $375 million for a diversified portfolio of distributed solar, energy-efficiency and clean-mobility assets. The long-term financing was arranged by Natixis CIB and The Arab Energy Fund and will support expansion across the UAE, Saudi Arabia, Bahrain, Oman and Qatar.
- Saudi Arabia | Gemcorp has closed a $20 million private credit deal with SILQ, marking the asset manager’s first direct-lending transaction in Saudi Arabia. The Shariah-compliant financing will support SILQ’s procurement, payments and financing services for SMEs.
- Saudi Arabia | PIF and I Squared Capital have signed a non-binding MoU under which I Squared may deploy up to $2 billion in real estate and infrastructure assets owned by PIF and its portfolio companies. The parties will target up to $1 billion each in digital infrastructure and district cooling, with any transactions subject to further assessment and regulatory requirements.
- Jordan/Saudi Arabia | Jordan’s Innovative Startups and SMEs Fund has agreed to invest $5 million in STV’s AI fund to back artificial intelligence startups across MENA. The partnership aims to create an “AI corridor” between Jordan and Saudi Arabia, connecting founders with capital, expertise and regional expansion opportunities.
- UAE | Abu Dhabi-based risk intelligence startup Azraq has closed an oversubscribed pre-seed round led by A-typical Ventures. The company will use the capital to develop its AI engine for data-centre risk assessment and expand its services across the GCC. The amount was not disclosed.
- UAE | Sovereign AI platform AVELIN AI has raised $3.7 million in a pre-seed round from angel investors. The funding will support commercial expansion across the Middle East, Europe and North America, scale GPU infrastructure and further develop the company’s Cross-Model Fusion technology.
- UAE | Proptech Keyper has raised $11 million in a Series A round led by Speedinvest, with participation from NeoVentures, MEVP, Dubai Future District Fund, Property Finder, Arab National Bank, Ellington Properties, Dar Ventures and Abbey Road Investment Group. The company will expand its monthly rent-payment platform and launch financing and liquidity solutions for property owners.
- Saudi Arabia | Deeptech startup Uvera has closed a seed round with participation from Morgan Stanley Inclusive & Sustainable Ventures, Aramco-backed LAB7, Core Vision and strategic angel investors. The funding will support commercial deployment and further development of its food-preservation, traceability and supply-chain intelligence platform. The amount was not disclosed.
- Jordan/Oman | Jordan’s Social Security Investment Fund and the Oman Investment Authority have established the Jordanian-Omani Investment Company with OMR 38.5 million, or around $100 million, in capital. Each side will contribute equally, with the platform targeting joint investments across technology, agriculture, pharmaceuticals, energy, mining, tourism and logistics.
- UAE | Dubai-based climatetech Planno has secured a strategic investment from Incubayt Investments to strengthen its geospatial AI platform for the solar industry and accelerate international expansion. Since the investment, the company says it has expanded from the GCC into 16 markets across the Middle East, Europe, Africa and the US. The amount was not disclosed.
- Saudi Arabia | Seha Invest has signed a $500 million partnership with Boston-based Y-Innovations to support biotechnology and healthcare development in Saudi Arabia. The companies have established a dedicated investment platform that will seek to attract international biotech firms, facilitate technology transfer and support local vaccine development and manufacturing over the next five years.
- UAE | Dubizzle Group has made a strategic investment in rental-protection platform Takeem through Dubizzle Group Ventures. Under an exclusive partnership, Takeem’s Rental Guarantee will be offered through Bayut and dubizzle, protecting landlords against tenant defaults and emergency maintenance costs. The investment amount was not disclosed.
