Ta’ziz locks in deals worth nearly USD 29 bn, giving the UAE’s industrial localization drive a huge boost

Make it in the Emirates continues to make headlines across the region (it’s a massive message from Abu Dhabi to Riyadh and the world) and the second Gulf IPO since the war broke out proves some investors still have appetite for fresh paper.

UP FIRST- Ta’ziz locked in deals worth USD 28.5 bn (AED 104.6 bn) with the Adnoc-ADQ Ruwais JV signing long-term sales, feedstock, and offtake sales running from five to 25 years across methanol, PVC, EDC, VCM, caustic soda, salt, and natural gas. It’s the single biggest commercial commitment to come out of the 2026 edition of the gathering.

Why it matters: The sovereign-backed JV is locking in Asian and Western sales for the coming two decades, taking a huge step toward locking in its industrial localization thesis with long-dated contracts well before the plant event gets built in the Ta’ziz Industrial Chemicals Zone, which aims to have 4.7 mtpa in combined output by 2028

Big-name counterparties include Mitsubishi, Mitsui, India’s Sanmar Group, Switzerland’s Proman, Tricon, Vinmar, Sama Salt, and Emirates Global Aluminium. There’s also a 25-year agreement worth more than USD 5 bn for natural gas with Adnoc Gas for the methanol plant.

The move came just after ADNOC said it would award AED 200 bn (USD 55 bn) in project contracts to UAE-based suppliers over the next three years, as we noted on Monday. The message from Abu Dhabi is clear: Drones or not, we’re building.

The second Gulf IPO since the war broke out proved that institutional investors still have plenty of appetite for fresh paper in the region. Dar Al Balad Business Solutions priced its IPO at the top of its guiding range at SAR 9.75 per share — implying a transaction size of around SAR 205 mn (USD 55 mn) — after the institutional book-build was 66.6x oversubscribed.

The pricing values the company at SAR 682 mn (USD 182 mn), equivalent to roughly 13.5x its 2025 net income of SAR 51 mn. That’s not cheap for an IT services firm, but not out of line with the multiples Tadawul-listed tech names have been trading at.

What we’re watching for next: Berain, the bottled water player. The CMA gave it approval to head to market the same day Dar Al Balad published its prospectus.

Advisors: AlJazira Capital is sole financial advisor, lead manager and underwriter, with Emirates NBD on as joint bookrunner. Baker McKenzie is counsel.

IHC’s 2PointZero posted its first full quarter as a merged entity, with revenue jumping1,823% y-o-y to AED 9.9 bn and net income hitting AED 2.3 bn at 30% margins. Mining accounted for 52% of revenues, followed by consumer (37%) and investments (12%). The group stayed acquisitive through the quarter — picking up 60.8% of Italy’s Isem Packaging for AED 704 mn, signing a USD 2.3 bn agreement to acquire US-based Midstream Partners, and putting capital into Whoop’s Series G.

Also from IHC: Judan Financial converted Reem Finance into a community bank, after the Central Bank of the UAE granted Reem Bank a community banking license targeting SMEs, fintechs, and digital wallets, led by ex-FAB banker Sara Al Binali. IHC stood up Judan earlier this year as a financial services platform spanning banking, asset management, and fintech, and has already taken a majority stake in Alpha Wave Global (giving it OpenAI and SpaceX exposure) and pushed into Indian lending via Sammaan Capital.

PIF-owned Halal Products Development Company (HPDC) finalized its SAR 8 bn investment in Brazil-based MBRF’s food platform Sadia Halal, according to a press release. The firm confirmed its commitment to hold a minimum 20% stake in Sadia, up from 10% previously. Sadia’s regional headquarters will also reportedly relocate to the Kingdom.

Next stop: Tadawul. Sadia has already initiated the required steps and procedures for a potential listing on Tadawul, according to the presser. Meanwhile, HPDC has the option to increase its holding to up to 40% ahead of the anticipated IPO.

LifePharma signed an MoU with AD Ports for anAED 700 mn (USD 190 mn) pharmamanufacturingplatform at Khalifa Economic Zones Abu Dhabi, targeting vaccines, oncology, and advanced injectables including peptides and biologics. Ajman Bank is putting up financing. LifePharma also launched a separate AED 100 mn gene therapy spin-off — Equigene Therapeutics, targeting hemophilia and sickle cell —in a bid to move up the value chain.

Green Sky Capital secured financing for its USD 200 mn SAF facility in Egypt’s Ain Sokhna, with the Doha-headquartered firm closing on USD 140 mn in debt and the balance in equity from sponsors Al Mana Holding and Saudi Vision Invest. Arab Energy Fund was the largest lender and co-mandated lead arranger, while Rothschild advised the borrower.

The offtake is locked in: SAFFly Egypt will produce 200k tons annually starting late 2027, with Shell Aviation taking 100% of output, as we noted last year. A project that looked like a sustainability play before the war now looks a lot more like a supply-security plan.

EFG Hermes’ Egypt Education Platform is the latest education player to file for an EGX listing, applying to list 199.4 mn shares on the main market. Float size and primary-versus-secondary structure haven’t been disclosed, but the bourse rule sets a 10% minimum, and EEP has six months to land a formal application. Timing is the story: education led the EGX’s 14.2% April rally with a 51.7% monthly gain. EEP runs 25 K-12 and pre-K assets across Egypt.

ALSO WORTH KNOWING THIS MORNING

GameStop is courting GCC sovereign wealth funds to bridge the equity gap in CEO Ryan Cohen’s USD 55.5 bn unsolicited takeover bid for eBay.

The Gulf-funded Paramount-Warner Bros merger is meeting its first regulatory headwind, with FCC commissioner Anna Gomez flagging Paramount’s bid to bypass statutory limits on foreign ownership of US broadcasting as a national security risk. The deal is backed by c. USD 24 bn from PIF, Abu Dhabi’s L’imad Holding, and other Gulf sovereign wealth funds.

BinDawood got regulatory approval to acquire 51% of Vaza Food Company for SAR 217.9 mn after the General Authority for Competition issued a non-objection certificate. It’s part of the retailer’s vertical integration play.

In other M&A news, Adnoc Drilling completed its acquisition of an 80% stake in MB Petroleum Services (MBPS), a Muscat-based drilling and oilfield services provider, locking in a key leg of its regional expansion. The acquisition — closed ahead of schedule — lifts its fleet to 170 rigs.

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