2025年上半年中东及北非地区私募资本市场报告

Contents Introduction PitchBook Data, Inc. Nizar TarhuniExecutive Vice President of Researchand Market Intelligence Dealmaking Paul CondraGlobal Head of Private Markets ResearchNalin PatelDirector of Research, EMEA Private Capital Exits Fundraising Institutional Research Group Analysis Nalin PatelDirector of Research, EMEA Private Capitalnalin.patel@pitchbook.com Data Charlie FarberManager, Data Analysis pbinstitutionalresearch@pitchbook.com Publishing Report designed byJosie Doan Published on 10 September 2025 Introduction Liquidity issues and limited exit opportunities continueto weigh on sentiment, though. 2025 has been full ofchallenges, with US tariff announcements impactingfinancial markets. Moreover, geopolitical tensions have Dealmaking MENA PE deal activity is on track for a record year in2025, putting the region on pace to surpass the previouspeak in 2023. Growth is being driven by rising demandfor digital infrastructure, particularly datacentres, with VC dealmaking in the region remains subdued, with activitymirroring 2024 levels but far below records set in 2022.VC continues to face global headwinds: declining fundingrates, limited exits, and a shift toward profitability. However,signs of stabilisation are emerging. While activity remainsbelow previous highs, the pace of the downturn appears Fundraising MENA private market fundraising figures in the first halfof 2025 were low compared with the past four years. Fundcounts have steadily declined since peaking in 2022, whilecapital raised has dipped sharply. Global private marketfundraising has generally fallen in recent years, and the Fewer funds have been closing, and the time to closehas been growing. On a more positive note, the medianfund size has held steady despite the drop in fundraising Exits In H1 2025, MENA private market exit value came in strong.The current rate suggests that the full-year exit valuecould surpass 2024’s total and potentially match figuresfrom 2022 and 2023. On the exit count front, the pace ismarginally below that of the previous three years. TheMENA exit environment is not in terrible shape, considering Dealmaking New PE records in sight MENA PE deal activity is on pace for a record year in 2025.In the first half of the year, $13.8 billion was invested across100 deals, on course to surpass the region’s previous annualtotals. For context, the strongest full-year activity stands at$16.5 billion across 174 deals in 2023. Therefore, we expectnew peaks to be reached easily by the end of 2025. For thepast five years, annual PE deal value has ranged between Datacentres drive up PE deal value When examining what caused the pickup in PE deal activityin H1 2025, one deal stands out. In January 2025, Gulf DataHub (GDH), one of the largest datacentre providers in theregion, announced that KKR would acquire a stake in the KKR. Moreover, it is KKR’s first datacentre investment in theMiddle East. The capital will be used to scale datacentrecapacity, meet increasing demand from AI, and supportgovernmental digital strategies. It is clear that AI is drivinginvestment within private markets. Countries, investors,and companies are competing to become AI leaders, and Steady start for VC MENA VC deal activity reached $1.5 billion across 362 dealsin H1 2025. Unlike the strong H1 in PE, VC deal activity is onpace with figures set in 2024. Since peaking at $6.4 billionacross 921 deals in 2022, VC investment subsequently fell to$2.9 billion across 711 deals in 2024. 2025 is showing signs declined as investors have prioritised paths to profitabilityrather than growth at all costs. Meanwhile, the lack ofdistributions coming out of VC has not helped the capitalcycle, where distributions fuel new funds and subsequent Saudi VC deals pick up In ourH2 2024 MENA Private Capital Breakdown, wespoke about Saudi Arabia’s growing share of MENA VCdeal activity. The trend continued through H1 2025, with43.3% of MENA VC deal value coming from the nation.Aside from the deal for Saudi-based Tabby, anothernotable round in H1 involved iMENA, a venture builder,which secured $135 million. The round is the first trancheof a pre-IPO round and will be used to increase iMENA’s Mature companies boost dealmaking Buy now, pay later provider Tabby completed a $160million raise in H1 2025, one of the largest VC rounds inthe period. The round set Tabby’s post-money valuationat $3.3 billion, more than doubling its valuation from theend of 2023. Tabby is now among the most mature andvaluable VC-backed companies in MENA, having raisedapproximately $1.7 billion since its founding. Having grown US and Middle East trade talks Qatari-based Al Rabban Capital signed an agreement withQuantinuum to invest $1 billion in quantum technology. In May 2025, a slew of trade deals was announced betweenthe US and the Middle East. The US president, along withseveral prominent tech leaders, negotiated the deals withGulf country leaders. The US and UAE agr