Zest Wire | 04-March-2026

Saudi PE activity accelerated in 2025. Plus: Zest in the news, and regional M&A this week

March 05, 2026

This week’s agenda

📆 Zest in the news

💰 Capital activity across MENA private markets

🤝 M&A highlights

📖 What we’re reading

🎤 Middle East private markets hit record growth

In light of the recent developments in the region, we hope you and your teams are safe and well.

We want to reassure you that Zest remains fully operational and continues to ensure stability, continuity, and responsiveness across all client engagements.

If you need anything at all, please do not hesitate to reach out directly. 

Zest in the news

Our Co-founder, Rawan Baddour, recently sat down to discuss the rapidly evolving landscape of private market transactions in our region.

If you have ever felt the frustration of trying to execute a deal through endless email chains and scattered channels, Rawan breaks down exactly how Zest is solving this by bringing the entire investment journey into one simple platform. Check out the video below to hear her insights on simplifying your deals and navigating the new standards of governance and due diligence in today's private capital markets.

Market moves: Capital activity across MENA

  • 🇦🇪 Origen has raised $50 million from Bluefive Capital to accelerate product development, expand strategic partnerships, and attract specialised talent.

  • 🇦🇪 Immensa has raised a new growth round from Dubai Future District Fund (DFDF) and Global Ventures to scale its AI-driven digital inventory spare parts platform.

  • 🇲🇦 WafR has raised $4 million from LoftyInc Capital, Attijariwafa Ventures, and Almada Ventures to expand its distribution network and broaden its financial services offering.

  • 🇦🇪 Skipr has raised $2 million to scale its sovereign AI infrastructure and target national and enterprise deployments.

M&A highlights

  • Dawar, an Egypt-based circular economy platform, has acquired a strategic stake in consumer recycling app BekyaPay, extending its digital oversight to the household level. Source.

  • Dubai Aerospace Enterprise has signed a definitive agreement to acquire 100% of Macquarie AirFinance Limited in a $7B transaction, marking one of the largest deals in the aircraft leasing sector in recent years. Source.

Saudi PE dealmaking accelerated in 2025

Saudi Arabia’s private equity market notched a 30% increase in deal count in 2025. Buyouts took center stage, signaling a return to control-oriented investments where investors seek ownership and stability over speculative growth, and investor participation broadened significantly in 2025, driven by a surge in domestic engagement and a growing cohort of repeat investors.

Read the full report here.

The global wealth migration

How The UAE Became The World’s Fastest-Growing Hub For Millionaires | Forbes Middle East

The UAE is attracting a record influx of millionaires, turning global wealth migration into business growth, investment, and jobs, accelerating the country’s shift to a diversified, non-oil economy.

At Family Office Summit Dubai, governance and AI redefine wealth strategy | Wamda

As global volatility reshapes capital markets and artificial intelligence redraws competitive advantage, family offices are quietly reengineering how they deploy money, structure governance and diversify risk.

Institutional infrastructure

Abu Dhabi Can Now Build the Next Silicon Valley | Entrepreneur Middle East

If Silicon Valley were being designed today, it would require more than talent and capital.

Funds-of-funds aren't dead, but they're different | PitchBook

While the fundraising data looks bad, they might not be dying so much as changing shape.

Fund operations

‘Deal math is only getting harder’: Why 12 is the new 5 in private equity | PEN

Bain & Company said sponsors face growing pressure to raise their value-creation game.

Freebies to LPs are hitting fund managers in the pocket | PitchBook

Co-investment rights are driving down revenues at a time of rising costs for PE firms, Bain & Co. survey shows.

Private markets democratization

The problem isn't democratizing private markets. It's confusing access with liquidity | PitchBook

Retail investors should have access to private markets, but the path to entry matters.

Bain's MacArthur: 401(k) opportunity is 'major inflection point' for alternatives | PEI

Hugh MacArthur, chair of Bain & Co's global private equity practice, says individual investors accessing asset classes such as private equity will set a new bar for the industry.

Global value of private assets held in funds rises 15.4% to another all-time high of $14.9 trillion

Middle East Private Markets Hit Record Growth

Ocorian's survey of fund managers and professional investors based in the Middle East, who collectively manage $2.88 trillion in assets, shows that most expect strong growth in all private market sectors in assets under management in the Middle East over the next five years.

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