
With autumn being officially over – at least in our calendars, we can safely conclude that the M&A landscape went through a very active post-summer period, with at least 17 M&A deals taking place between September and November. (Dear Zid team, you made us proud – again.)
But not only autumn has kept the news outlets and LinkedIn feeds busy. This time last year the region was at 41 M&A deals, now we’re at 68 and December will for sure bring along a few more announcements. We haven’t had that many since 2022 (91!).
Looking at the 17 acquisitions announced between September and November in our region, a few macro patterns become very obvious:

The rise of “boring = beautiful” sectors
The busiest hunting grounds were – guess what – backbone sectors:
Acquirer activity was heavily concentrated in three hubs. Both Saudi Arabia and the UAE took the lead with 4 acquisitions each, but with very different playbooks. Emirati buyers focused on stacking operational capabilities into mature platforms, with Careem acquiring Swapp (UAE) and Qashio acquiring Sanad Cash (KSA).
Saudi acquirers focused on strategic, infrastructure-grade assets, including Aramco’s national-scale strategic investment in HUMAIN.
Morocco-based acquirers weren’t shy either and followed an old-school consolidation strategy almost entirely concentrated in logistics roll-ups. ORA Technologies, along with Azur Innovation Fund, shopped at home with the acquisition of Cathedis – the first-ever consolidation between Moroccan startups funded entirely with local capital. Meanwhile, Logidoo expanded into Ivory Coast via Kamtar. Morocco is quickly turning into the most advanced logistics M&A micro-cluster in North Africa.
Egypt served as the exit engine during those 3 months, producing 5 out of the 17 acquirees. It appears that Egypt is MENA’s most liquid startup ecosystem at the moment. No mega-exits there (yet), but it’s a leader in repeatable exit formations.
Our Fund II portfolio company Zid took part in one of those 17 autumn deals – as an acquirer of Egypt’s Zammit. Earlier in November, Zid announced this deal as its entry point into the Egyptian market, with a longer-term ambition to expand across Africa. This is an operating acquisition. Under the agreement, Zammit assumes full operational control of Zid Egypt, covering domestic sales, merchant acquisition, technical support, and market expansion. Framing the move as a localization-first strategy, Zid’s CEO Mazen AlDarrab described the deal as “a bet on local teams to lead local markets.”
If this autumn taught us anything, it’s that the region’s next chapter won’t be written in pitch decks, but in purchase agreements. And winter will continue this momentum: shifting away from narrative-building toward operational scale, category consolidation and platforms deploying capital for real ownership (vs. optionality).
P.S. If you want the complete list with all details, ping me.
All the best in the finale of 2025,
Hasan
The 17 autumn VC M&A deals of this year reveal that platform operators and infrastructure players are consolidating “boring but essential” sectors. Think logistics, HR and vertical SaaS. Capital is being deployed by Saudi and UAE acquirers with distinct strategic playbooks. Egypt is emerging as the region’s most reliable exit engine. Morocco is quickly becoming the most advanced logistics M&A micro-cluster in North Africa. And the Zid x Zammit deal exemplifies the practical, localization-led growth playbook now defining regional scale.