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Watson Farley & Williams (“WFW”) is proud to announce that London Assets and Structured Finance Partner Kavita Shah has been recognised among Lloyd’s List’s Top 10 Maritime Lawyers of 2025.

Kavita is honoured for her expertise in maritime asset finance—particularly creditor representation—and her advisory work on portfolio acquisitions, refinancings, and credit facilities.

Lloyd’s List is one of the world’s oldest continuously running journals, having provided weekly shipping news in London from as early as 1734. Its annual Top 10 Maritime Lawyers list spans private practice solicitors, in-house counsel and barristers worldwide.

WFW Global Maritime Sector Head George Macheras commented: “We’re thrilled to see Kavita named as one of Lloyd’s List’s Top 10 Maritime Lawyers of 2025. WFW has had a strong presence on this list over the years, reflecting the firm’s deep expertise in the maritime sector across all key service lines”.

Kavita added: “It’s an honour to be recognised by Lloyd’s List as one of their top maritime lawyers globally. Since joining WFW, I’ve had the privilege of working alongside colleagues previously featured on this list, which has helped me develop the skills and expertise to earn this accolade myself”.

M&A activity within the Gulf Cooperation Council (GCC, which comprises Saudi Arabia, the UAE, Qatar, Kuwait, Bahrain, and Oman) defied the global trend in 2025 as both deal value and deal transaction count to December 1 were higher than the totals for 2024 (USD72.7 billion over 554 transactions, up 170% and 2.6% respectively).

The UAE (USD60.4bn) and Saudi Arabia (USD8bn) were the two biggest markets, with both recording higher deal value in Q4 2025 compared with the previous quarter.

Some of the biggest transactions were inbound acquisitions in the energy and infrastructure sectors, including Aramco’s USD11bn lease and leaseback of its Jafurah gas processing business to a consortium of investors led by Global Infrastructure Partners. The region’s financial services sector has also seen number of in-market mergers, including Gulf Bank and Warba Bank (Kuwait), and other ongoing transactions across countries in the GCC.

Outbound M&A follows national objectives

Outbound M&A activity was high, with Middle Eastern sovereign wealth funds among the world’s most active cross-border investors. Their deals are driven by national governments’ desire to transition their economies away from fossil fuels, execute their policy objectives (for example by using acquisitions to scale domestic or regional champions, or consolidate companies in strategic sectors); strengthen ties with international allies; boost their soft power; and/or invest in the industries of the future.

SWFs pursue control positions

As their influence grows, SWFs are taking more control positions over minority stakes or passive investments. We are also seeing a marked uptick in international private equity and private credit funds investing in the region. These transactions often have a dual purpose, with the largest private capital firms increasingly looking to the Middle East for capital including anchor investments from SWFs.

The highest-profile SWF transaction of 2025 was the Saudi Public Investment Fund’s (PIF) USD55bn acquisition of videogame developer Electronic Arts alongside Silver Lake and Affinity Partners, the investment company founded by Jared Kushner, President Trump’s son-in-law.

U.S. policy shifts and access to technology

Since entering office, the Trump administration has sought to partner with governments in the region on a range of initiatives, from real estate projects to M&A transactions.

These deals have given Middle Eastern governments access to U.S. technologies such as AI and semiconductors in exchange for investments into “America First” priority sectors including data centers, energy, and manufacturing. Recent sales of advanced U.S. chips to the Middle East are the result of a significant policy shift in Washington. The U.S government has rescinded the Biden government’s AI Diffusion Rule, under which licensing requirements were imposed on technology transactions with a broad swathe of countries.

In November Saudi Prime Minister Mohammed bin Salman (MBS) visited the White House, where President Trump agreed to sell F35 fighter jets and tanks to the kingdom. MBS also pledged an additional USD400bn of investment into American technology and infrastructure, on top of the USD600bn promised earlier in the year. The two leaders also signed a nuclear energy partnership, critical minerals framework, and AI memorandum of understanding. In May, President Trump signed similar deals with the UAE and Qatar. 

Governments use strategic neutrality as technological hedge

While relations with the U.S. have grown closer under President Trump, Middle Eastern governments are also leveraging their strategic neutrality to pursue M&A opportunities in the PRC (including through co-investments between regional SWFs and Asia-Pacific asset managers).

China has been building relationships across the Middle East for many years, and as early as 2020 had replaced the European Union as the GCC’s largest trading partner. China’s investments into the region span infrastructure (through its Belt and Road initiative and financial cooperation arrangements), while its Digital Silk Road program—as well as its national champions—have led the charge in the tech space. 

Elsewhere, investment flows with India and Africa are strong, especially in sectors such as energy and minerals. India in particular has close social ties with the region thanks to the significant movement of human capital across the Arabian Sea.