Exclusive: Conflict isn’t slowing deals for Gulf’s fastest-growing investment firm

Abu Dhabi-based BlueFive Capital, led by founder and CEO Hazem Ben-Gacem, has pressed ahead with deals despite regional conflict, managing roughly $15 billion in assets and closing a $3 billion Onyx Fund to back AI, biotech and advanced computing. Since leaving Investcorp in 2024, Ben-Gacem has built a lineup of high-profile investments — including a 30% stake in supercar maker Bugatti, backing for an Islamic digital bank, and about $1.2 billion deployed in China — while counting members of nearly every Gulf royal family (except Qatar) among the firm’s founding shareholders.

“This is not like World War Z where people are running around and scared and supermarkets are empty. I’m surprised that there’s no difference in the pace and scale of investment,” Ben-Gacem told an audience in Dubai, stressing that his limited partners, many described as “entrepreneurial sovereign pockets,” remain focused on strategic deployment rather than defensive pullbacks.

BlueFive’s recent activity spans consumer, technology and Islamic finance plays. The Onyx Fund, closed just before the war, was highlighted by industry trackers as a standout in an otherwise muted regional private equity market. The firm has taken concrete stakes and made strategic acquisitions: a 30% position in Bugatti, the takeover of Sharia-compliant asset manager Sidra Capital, and investments supporting autonomous logistics via CargoX. Ben-Gacem said CargoX is an example of “autonomous delivery” investments that serve both commercial markets and technology transfer ambitions for the Gulf.

• Assets under management: about $15 billion
• Onyx Fund: $3 billion, focused on AI, biotech, advanced computing
• China deployment: roughly $1.2 billion; office opened in Beijing
• Notable stakes: 30% in Bugatti; acquisition of Sidra Capital; backing an Islamic digital bank

Ben-Gacem framed BlueFive’s AI and automation focus as a response to Gulf demographics and labor dynamics. “Addressing [that gap] today through automation is an important trend,” he said, drawing parallels to strategies pursued in Thailand and China. The firm has opened an office in Beijing and plans a Jakarta presence to capture demand for Islamic products across Southeast Asia, where Ben-Gacem said markets from Indonesia to Malaysia and Bangladesh are showing unexpected appetite for Sharia-compliant offerings. “The same way I feel good having a ‘Made in Italy’ label on my suit, when I’m in Jakarta or Kuala Lumpur, and I buy a Sharia-compliant product I want to have a ‘Made in Mecca’ label on it,” he said.

BlueFive is also exploring more unconventional targets. Ben-Gacem suggested the firm could pursue a deal to take a regional stock exchange private and convert it into a digital-asset trading venue, signaling interest in tokenisation and exchange infrastructure. He acknowledged fundraising is challenging — “it’s a pain in the you-know-what,” he quipped — but said investor conversations emphasize partnership and long-term strategy rather than short-term caution.

Among other deals in play, BlueFive has been linked to a potential take-private of US fast-food chain Wendy’s as Nelson Peltz’s Trian Fund Management pursues a consortium-backed bid, illustrating the firm’s readiness to compete on global corporates alongside its regional strategic bets. Looking ahead, Ben-Gacem expects continued momentum in strategic sectors — technology, agri and infrastructure — and plans to extend BlueFive’s geographic footprint and Islamic finance offerings while pursuing technology transfers that serve Gulf economies’ long-term modernization goals.