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Saudi Aramco Hires Evercore for Gas Unit Split; Man City Chairman Defends Club; EQT Opens Abu Dhabi Base
AI, tech, startup and business stories from the Arab world. For the driven, the dreamers and the doers
Monday, September 28, 2026
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Corporate restructuring, sports management legal disputes, and private equity regional expansions lead business updates across regional markets. State energy giant Saudi Aramco engaged investment bank Evercore to advise on creating a standalone gas division that could support a public listing valuing the business above $100B. In sports finance, Manchester City chairman Khaldoon Al Mubarak issued an open letter declaring full confidence in proving the club's innocence after reports indicated an independent commission found the team guilty of 114 financial breaches. Meanwhile, Swedish private equity firm EQT launched a Middle East platform and opened an office inside the Abu Dhabi Global Market to manage its regional portfolio.
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Saudi Aramco Hires Evercore to Structure $100B Gas Division Spin-Off
🔹 What Is It About
Saudi Aramco engaged advisory firm Evercore and management consultancy Boston Consulting Group to design a corporate restructuring plan code-named Project Gamma. The initiative aims to carve out Aramco's domestic gas operations into an independent business unit with a potential valuation exceeding $100B. The proposed division centers around the Jafurah unconventional gas field, where Aramco is investing over $100B to expand domestic gas production by 80% through 2030.
Engaging Financial Advisers: Evercore and Boston Consulting Group were retained to draft restructuring frameworks for the gas business.
Targeting $100B Valuation: Project Gamma outlines creating a standalone unit that could eventually list on public exchanges.
Developing Unconventional Fields: The restructuring focuses on expanding gas output across the Jafurah basin to generate $15B in operating cash flow by 2030.
🔹 Why It Matters
Carving out a standalone gas entity allows Aramco to attract private capital to fund domestic energy projects while keeping operational control over core crude oil fields. Setting up a dedicated gas platform supports Saudi Arabia's goals to supply domestic power plants with natural gas and export blue hydrogen and petrochemical feedstocks. Establishing an independent unit gives global institutional investors direct access to energy transition projects across the Kingdom.
Raising Capital for State Projects: Selling minority stakes in non-core units helps generate funding for national infrastructure initiatives.
Expanding Petrochemical Feedstocks: Increasing gas output secures raw materials for local manufacturing and lower-carbon fuel exports.
🔹 What’s Next
Aramco corporate boards will evaluate recommendations from Evercore and BCG before deciding whether to proceed with a minority share sale or an initial public offering. Engineering teams at Jafurah will advance phase-two construction to meet production expansion targets.
Reviewing Advisory Plans: Executive committees will weigh public listing timelines against private equity minority sales.
Scaling Field Operations: Project directors will advance infrastructure contracts across the Jafurah basin.
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Manchester City Chairman Reaffirms Innocence Following Financial Breach Reports
🔹 What Is It About
Manchester City chairman Khaldoon Al Mubarak released an open letter to supporters asserting the club's confidence in proving its innocence following media reports regarding its Premier League financial rules hearing. The response followed reports stating an independent commission found the club guilty of 114 out of 115 alleged rule breaches spanning from 2009 to 2018. Al Mubarak emphasized that the legal process remains active and that confidentiality rules prevent disclosing specific defense evidence ahead of formal rulings.
Issuing Open Letter: Chairman Khaldoon Al Mubarak published a statement to address media reports concerning the Premier League investigation.
Defending Financial Compliance: The club maintained its innocence regarding reported findings covering historical accounting and sponsorship records.
🔹 Why It Matters
The outcome of the Premier League's investigation carries consequences for sports governance, financial fair play rules, and commercial sponsorships across European football. If tribunal findings lead to points deductions, financial fines, or league expulsion, the decision would impact Manchester City's commercial contracts and broadcasting revenues. Reaffirming compliance helps reassure corporate partners and investors during extended legal proceedings.
🔹 What’s Next
The independent commission will publish its official ruling and determine appropriate administrative measures or sanctions. Manchester City legal representatives will prepare appeal filings with independent arbitration panels if adverse verdicts are issued.
Awaiting Official Rulings: The Premier League panel will release its final written judgment and any associated sanctions.
Swedish Private Equity Firm EQT Opens Abu Dhabi Base to Manage $389B Asset Platform
🔹 What Is It About
Stockholm-based private markets firm EQT, managing $389B in assets, launched a dedicated Middle East platform and opened a regional office within the Abu Dhabi Global Market (ADGM). Led by GCC Chairman Jimmy Mahtani and Middle East Head Smiyet Belrhiti, the 10-person local team will focus on private capital, infrastructure, and healthcare investments. The platform will support existing portfolio companies in the region, such as Nord Anglia Education, while originating new buyout deals ranging from $15M to $1B.
Opening ADGM Base: EQT established its regional headquarters in the Abu Dhabi Global Market financial center.
Appointing Executive Leads: Jimmy Mahtani and Smiyet Belrhiti were appointed to lead Middle East operations and deal origination.
Targeting Deal Ranges: The local team will evaluate private capital and infrastructure investments between $15M and $1B.
🔹 Why It Matters
Establishing a physical office in Abu Dhabi allows global private equity managers to build relationships with sovereign wealth funds and co-investors across the Gulf. Placing investment leads in the region helps EQT expand its portfolio companies across digital infrastructure, healthcare, and education sectors. Bringing foreign private capital to local financial centers supports Abu Dhabi's strategy to expand its international asset management ecosystem.
🔹 What’s Next
EQT's local investment team will identify target acquisitions across healthcare, digital infrastructure, and business services in the GCC. Corporate leads will also expand hiring at the ADGM office to support regional deal sourcing.
Content, Connections, Deals: DICM 2026 Opens Registration
The Dubai International Content Market (DICM) returns to the iconic Madinat Jumeirah on 10–11 November 2026, bringing together the region's largest gathering of content and entertainment professionals. Named the Best Annual Media Industry Event in MENA, DICM is the go-to marketplace for buying, selling, co-producing and distributing content across TV, film, streaming and digital platforms.
Expect 100+ exhibiting companies, over 1,000 media executives from 55+ countries, and access to the Content Business Hub — DICM's matchmaking platform that lets buyers and sellers pre-schedule meetings up to six weeks before doors open. Whether you're scouting new IP, seeking co-production partners, or expanding into the fast-growing Middle East and Africa markets, DICM delivers the connections and deal-flow to make it happen.
Registration is now open. Secure your spot at one of MENA's pivotal media industry events.
👨💻From Smashi Business’ Desk
UAE Billionaire Al Habtoor Mourns Passing of HH Sheikh Ahmed bin Rashid Al Maktoum
Yara Alnamlah’s Moonglaze Hits Sephora Billboards Ahead of Saudi National Day
Dubai based The Giving Movement CEO Rania Masri El Khatib has spoken out after Macklemore was removed from Ed Sheeran’s US tour following his support for Palestine.
‘Stop Sexualizing the Gym’: Squatwolf Founder Slams Sydney Sweeney’s Controversial Ad
🔍In other news…
🦄 World of Startups
Tabby, Saudi-based BNPL, raised $233M in a Series F equity round at a $6.5B valuation.
OCTA, USA-based accounting platform, raised $3.5M in a seed funding round led by Middle East Venture Partners (MEVP) and joined by Wa'ed Ventures, Plug and Play, and A-typical Ventures, Sukna Ventures and Sadu Capital.
Rize, Saudi-based residential rental platform, secured a $50M (SAR 187.5M) asset-backed Murabaha facility from Jadwa Investment.
Bekia, Egypt-based recycling technology startup, raised $765K in a seed funding round led by Madica, joined by Catalyst Fund and Jambaar Capital.
Lendo, Saudi-based Shariah-compliant debt crowdfunding marketplace, secured a commitment of up to $200M (SAR 750M) from Quantic Financial Solutions GmbH, Austria-based asset management fund.
Saudi Arabian building materials platform BRKZ has secured $31 million in new funding.
Saudi digital payments company Barq has raised $329.5 million in a Series A round, valuing the fintech at $1.85 billion.
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