Zest Wire | 24-December-2025

Announcing a new platform feature: Communications, Plus: news updates from around the region

December 24, 2025

This week’s agenda

📰 What’s new at Zest?

💰 Capital activity across MENA private markets

💼 M&A highlights

📈 Global M&A activity driven by mega deals

📖 What we’re reading

Let’s dive in!

What’s new at Zest?

Our team has been working hard to improve how the platform works and serves our customers. We’re excited to share more insights into the tools and features you can expect when executing your deal with Zest.

Today, we’re highlighting a recent product launch: Communications.

Maintaining consistent investor engagement is now easier than ever. With the launch of Communications, you can keep your investors informed without ever leaving the Zest platform.

Why use Communications?

  • Everything in one place: Share progress, reports, and commentary directly from Zest - no more searching across inboxes.

  • Secure distribution: Updates reach investors with watermarks and protected document access for added security.

  • Clear record-keeping: Every communication is logged on the deal for an organized, auditable history.

What your investors see

Investors enjoy a professional, secure viewing experience. They can view your updates, read detailed commentary, and review documents like quarterly reports—all within a clean, branded interface that keeps them focused on your progress.

Market moves: Capital activity across MENA

  • 🇸🇦 🇦🇪 Noon raises $500 million from PIF and others as it works towards a possible IPO.

  • 🇦🇪 Premialab raises $220 million led by KKR with participation from Balderton to support global expansion and strengthen Premialab’s execution product.

  • 🇪🇬 Nawah Scientific raises $23 million Series A led by Life Ventures Holding to build a global R&D center in Rwanda, and double lab capacity across the Gulf.

  • 🇪🇬 Breadfast is in talks to raise $13 million in equity from the International Finance Corporation (IFC).

  • 🇩🇿 VOLZ raises $5M in a Series A led by Tell Group to support the launch of new consumer and corporate travel products and fuel expansion.

M&A highlights

  • 🇺🇸 Coursera and Udemy have signed an all-stock merger agreement, valuing the combined company at approximately $2.5 billion. Source.

  • 🇸🇦 Al Hammadi Holding Company has signed an agreement to acquire a 40% stake in Wareed Medical Company. Source.

Global M&A activity driven by mega deals

The Global 2025 M&A surge, driven by a record 70 megadeals and nearly $5 trillion in volume, signals a bold shift from early-year uncertainty to aggressive, long-term strategic betting.

This "top-heavy" momentum, anchored by landmark deals for companies like Electronic Arts, is now being viewed as the primary catalyst for broader mid-market activity heading into 2026.

Full report here.

Private markets and family office insights

With VC dealmaking down, startup buyers are filling the gap | PitchBook

They captured almost a third of global M&A deals, worth a record $42.5B.

Ares backs Dubai multifamily office with $100m private credit facility | Private Equity Insights

Ares Management has provided a $100m financing facility to Dubai-based multifamily office Patrimium, deepening its push into Gulf private credit markets, according to sources cited by Bloomberg.

As the window widens, PE firms rush to exit | PitchBook

Some fund managers are in a hurry to sell companies, even if it means leaving money on the table.

Capital flows and strategy

2026 Allocator Solutions: Private Market Opportunities - PitchBook

The 2026 Allocator Solutions: Private Market Opportunities report explores recent macroeconomic developments from an allocator's perspective, examining potential paths forward.

M&A The Highest On Record For Unicorn Exits In 2025 | Crunchbase

IPO counts for unicorn-valued companies were back up to pre-2021 levels, and 2025 M&A deals were at the highest count and values of all time for unicorns.

Why The Holidays Are The Perfect Time To Start An M&A Process | Crunchbase

Holidays may seem like a good time to unwind, but executives looking to sell or merge their company should consider taking advantage of the space provided by the quiet to think, prepare, and get ahead while the market’s attention is elsewhere.

Why the Middle East's $4 trillion is our strongest asset | Wamda

The Middle East does not suffer from a capital shortage. It suffers from a deployment problem.

Regulation and governance watch

Saudi Arabia leads MENA, ranks seventh globally in Government AI Readiness Index 2025

Saudi Arabia topped the Government AI Readiness Index 2025 for the Middle East and North Africa.

Spotlight on LPACs in high-profile continuation vehicle spat | PEI

Do limited partner advisory committees have any relevance in a world where a sole LP wants to have its day in court?

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