{"id":114330,"date":"2026-04-20T00:00:00","date_gmt":"2026-04-20T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=114330"},"modified":"2026-04-20T07:07:25","modified_gmt":"2026-04-20T07:07:25","slug":"mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/","title":{"rendered":"MENA+ ECM activity plunged in 1Q \u2014 but it was a good quarter for M&#038;A"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong> We all knew it was going to be bad \u2014 now we know how bad. <\/strong>Regional equity capital markets activity came to a screeching halt in the first quarter as the war in the Gulf forced issuers into a defensive crouch. Total ECM proceeds plunged 91% y-o-y to just USD 427.9 mn, according to <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/898.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/898.pdf\" style=\"\">an LSEG report (pdf)<\/a>. That makes it the worst first quarter on record since 2018. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Only four IPOs made it to market:<\/strong> <strong>Saleh Abdulaziz Al Rashed & Sons<\/strong> in Saudi Arabia, <strong>Silah Gulf<\/strong> in Bahrain, <strong>Trolley<\/strong> in Kuwait, and <strong>Gourmet<\/strong> in Egypt, raising a combined USD 296.6 mn. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>It was a strikingly different story on the M&A side of the house<\/strong>, with transactions worth north of USD 47 bn closing since late February \u2014 a 120% y-o-y jump that defies an 8% slip in global dealmaking, according to figures compiled by <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/newsletters\/2026-04-17\/gulf-acquisitions-rise-more-than-120-since-war\" style=\"\">Bloomberg<\/a>. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>The takeaway: <\/strong>Issuers are kicking IPO plans to the last four months of the year (nobody goes to market in the summer here in the Middle East), but acquirers (particularly those with sovereign backing) aren\u2019t waiting. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Elsewhere in the region:<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Banque du Caire should be on track to release its IPO prospectus before June<\/strong>, a senior government official tells us. We could see 30-40% of BdC up for grabs in what would be the most significant IPO Egypt has seen in years. We first broke the news <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2025\/12\/17\/will-plans-to-ipo-banque-du-caire-make-the-imf-happy\/\" style=\"\">back in December<\/a>. The bank is led by Hussein Abaza \u2014 well known to global investors from his time leading CIB \u2014 and taking it to market this year would be a clear signal to the IMF that the state is serious about stepping back from direct competition with the private sector. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>What to watch: <\/strong>We\u2019re hoping officials green-light the offering of as much as 49% \u2014 the biggest stake permissible under current regulations. Bankers found heavy appetite on a global roadshow to prospective cornerstone investors before the outbreak of the war in the Gulf.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Abu Dhabi\u2019s Axight is buying into Australian private credit:<\/strong> Axight, the private equity arm of Abu Dhabi\u2019s <strong>Lunate<\/strong>, is grabbing a significant minority stake in Australian private credit platform <strong>La Trobe Financial<\/strong> from <strong>Brookfield<\/strong> in a deal that values the target at roughly USD 2.1 bn, per a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/115659.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/115659.pdf\" style=\"\">statement (pdf)<\/a>. The move is a classic Abu Dhabi play \u2014 shifting from a passive LP role to an active GP stake, buying into the firms that manage the money rather than the funds themselves. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>By the numbers: <\/strong>La Trobe manages about AUD 23 bn in assets, giving Axight a ready-made international credit platform and exposure to high-yield Australian residential mortgages.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt megaproject: Talaat Moustafa Group announced plans to build an EGP 1.4 tn (c. <\/strong><strong>USD 27 bn) mixed-use city<\/strong> in New Cairo\u2019s Madinaty, called The Spine, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/870.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/4\/870.pdf\" style=\"\">press release (pdf)<\/a>. The Spine will house 165 residential, business, and commercial towers or districts.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Two things stand out: <\/strong>It\u2019s being built as a special investment zone and will have free-zone status in places, potentially making it attractive to businesses. And TMG is going to offer 15-year payment terms, a sign it\u2019s sensitive to what industry players tell us is a <strong>middle-class affordability crisis<\/strong> in the Arab world\u2019s most populous market. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Sulzer launches Libya JV:<\/strong> Switzerland-based industrial engineering group <strong>Sulzer<\/strong> has <a target=\"_blank\" href=\"https:\/\/www.sulzer.com\/en\/shared\/news\/260416-libya-jsil\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.sulzer.com\/en\/shared\/news\/260416-libya-jsil\" style=\"\">formed<\/a> a joint venture with <strong>Jawaby Services and Investments (JSIL)<\/strong>, a subsidiary of Libya\u2019s <strong>National Oil Corporation (NOC)<\/strong>, to provide localized repair and maintenance for gear used in the manufacturing, oil and gas, and power-generation industries. The JV will build a facility in the Misrata Free Zone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>IN CONTEXT- <\/strong>There\u2019s been <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/big-oil-and-gas-discoveries-in-the-mediterranean-and-libya-are-very-welcome-news-for-egypt\/\" style=\"\">new<\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/10\/big-oil-and-gas-discoveries-in-the-mediterranean-and-libya-are-very-welcome-news-for-egypt\/\" style=\"\">international interest<\/a> in Libya\u2019s oil and gas sector, given the return of exploration bidding rounds and NOC\u2018s push to bring production back to pre-conflict levels.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">Also worth knowing this morning<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>PIF<\/strong>\u2018s <strong>Savvy Games Group<\/strong><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2026\/03\/24\/savvy-to-snap-up-bytedances-moonton-for-usd-6-bn\/\" style=\"\">is set to acquire<\/a> mobile studio <strong>Moonton<\/strong> for USD 6 bn \u2014 bolstering Saudi Arabia\u2019s standing as a serious heavyweight in the global gaming industry even as there are suggestions the Kingdom <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/17\/pif-has-a-new-strategy-it-wants-the-business-community-to-invest\/\" style=\"\">may be pulling back from sports<\/a>. It helps when the de facto head of state is the world\u2019s wealthiest gamer.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Egypt\u2019s <strong>Ebdaa Real Estate Development<\/strong> partnered with Saudi Arabia\u2019s <strong>Bravo Facility <\/strong><strong>Management<\/strong> to launch <strong>Ouda Developments<\/strong>, which will build residential and commercial projects across Egypt. Ouda plans to pour over EGP 50 bn (USD 960 mn) into the Egyptian market between 2026 and 2029, starting with a mixed-use project in New Obour City.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Saudi fashion platform <strong>Aya<\/strong><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/04\/aya-closes-7-million-series-a-scale-demand-fashion-model\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.wamda.com\/2026\/04\/aya-closes-7-million-series-a-scale-demand-fashion-model\" style=\"\">secured<\/a> SAR 26 mn (USD 6.9 mn) in a Series A round led by <strong>Raed <\/strong><strong>Ventures<\/strong>, with participation from <strong>Nuwa Capital<\/strong>, <strong>Sanabil Investments<\/strong>, <strong>Khwarizmi Ventures<\/strong>, and <strong>Joa Capital<\/strong>. The raise follows a <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/11\/pif-launches-al-waha-saudi-arabias-first-dutyfree-retailer\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/ksa\/2025\/03\/11\/pif-launches-al-waha-saudi-arabias-first-dutyfree-retailer\/\" style=\"\">USD 1.6 mn<\/a> seed round in 2025. Founded by Munira Al Kadi (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/muniraalkadi\/\" style=\"\">LinkedIn<\/a>) and Abdulrahman Al Ammar (<a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/in\/abdurhman-alammar\/?locale=en\" style=\"\">LinkedIn<\/a>), <strong>Aya<\/strong> is a fashion marketplace focused on forecasting trends and providing local producers with demand insights. Funds will go toward new product categories and broader fashion and lifestyle verticals.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> -0.8% \u2022 <strong>ADX<\/strong> +1.7% \u2022 <strong>DFM<\/strong> +1.0% \u2022 <strong>EGX30<\/strong> +1.6%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 95.29 \/ bbl \u2022 Gold USD 4,792 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 51.64<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: Banque du Caire prospectus before June?<\/p>\n","protected":false},"author":1,"featured_media":114331,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2630],"tags":[2825,2751,2538,2629,2805,2628,2643],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-114330","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-banque-du-caire","tag-egx","tag-enterpriseam","tag-ipo-watch","tag-ma-watch","tag-markets-deals","tag-tadawul","wpautop","entry"],"acf":{"mongo_id":"600a9101-6c69-4c20-bb39-5a8b5ec7efd1","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2026\/4\/948.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Well, that sucked\u2026","related_issue":[114315],"teaser":"Plus: Banque du Caire prospectus before June?"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>MENA+ ECM activity plunged in 1Q \u2014 but it was a good quarter for M&amp;A - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/04\/20\/mena-ecm-activity-plunged-in-1q-but-it-was-a-good-quarter-for-ma\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"MENA+ ECM activity plunged in 1Q \u2014 but it was a good quarter for M&amp;A\" \/>\n<meta property=\"og:description\" content=\"Plus: Banque du Caire prospectus before June?\" \/>\n<meta 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