Saudi banks are shoring-up their balance sheets as the war drags on

Saudi banks are shoring-up their balance sheets as the war drags on. Saudi’s CMA gave Riyad Bank the nod for an SAR 10 bn capital increase through the issuance to shareholders of one bonus share for every three they hold now. The move will bring the bank’s capital to SAR 40 bn. AlJazira Bank, meanwhile, just closed an SAR 1.5 bn AT1 sukuk through a private placement. Saudi lenders have lately been bulking-up their balance sheets to cope with huge demand for borrowing as the Vision 2030 buildout continues.

Talabat, down 53% in the last 12 months, wants to prop-up its share price: The Dubai-listed delivery platform’s board approved a share buyback for up to 5% of its capital. Talabat is also proposing a USD 219 mn second-half dividend payout in a bid to keep shareholders in the stock.

Egypt well-priced? Foreign investors ended a 13-day selling streak by purchasing USD 1 bn in Egyptian secondary market debt on Thursday, marking a tentative return after outflows of roughly USD 6.7 bn since late February. But yields remain elevated — 29-30% on the latest T-bill auction — and the Finance Ministry accepted only EGP 68 bn of the EGP 90 bn offered, signaling it’s not willing to pay whatever the market is asking.

Sovereigns in the money: A consortium including ADIA, Sweden’s EQT, and Singapore’s Auba Investment has fully exited Swiss dermatology firm Galderma, raising USD 6.3 bn in a final share sale. The group netted proceeds of more than USD 25.4 bn, quadrupling their initial 2019 investment. Healthcare — in MENA+ and beyond — remains a favorite asset class for sovereigns and private-sector PE funds alike.

On the road again: New ADGM-based private equity player Nahda Capital Partners is looking to raise USD 300 mn for its debut fund. Led by Iñigo de Luna, the firm plans to target controlling stakes in mid-market GCC family businesses across the food production, healthcare, and industrial tech sectors.

Startups are still raising: Medical device startup XCath closed a USD 30 mn Series C round, bringing total funding to USD 92 mn and UAE-based AI finance platform Kudwa said it raised USD 1.1 mn in a round closed in late 2025.

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Acwa Power acquired a 32% stake in Shuaibah Water and Electricity Company from PIF subsidiary Badeel for SAR 843.3 mn through its Al Waha Projects unit. The deal gives Acwa control of a 900 MW power and 880k cubic meter / day desalination facility.

Egypt is negotiating to double its currency swap agreement with China to support USD liquidity, allowing Chinese import payments in CNY. Cairo also plans to issue additional Panda bonds following a successful USD 500 mn debut.

FAB shareholders approved an AED 8.8 bn dividend for 2025 — approximately 80% of paid-up capital.

Adia will commit funds to Dignari Capital’s APAC private credit fund, focusing on real estate financing across developed APAC markets including Hong Kong. Amount not disclosed.

DIFC-headquartered Akcel Growth Fund has launched an AED 1 bn platform to invest in golf across Dubai, Abu Dhabi, and Ras Al Khaimah. India and other tourism markets are on its radar.

Taqa shareholders approved a dividend of 2.2 fils per share for 4Q 2025, bringing the full-year 2025 payout to AED 5 bn (4.45 fils per share).

Market Snapshot

Tadawul -0.3% • ADX +0.8% • DFM flat • EGX30 +1.2%

Brent USD 74.10 / bbl • Gold USD 2,038 / oz • USD / SAR 3.7502 • USD / EGP 50.85