On September 14, 2026, Shorooq and Emirates Growth Fund announced a strategic growth investment in Fleet Management Systems International (FMSi). The transaction is the first collaboration between the two investors and was led by Shorooq through its private equity strategy. The partnership aims to support FMSi's expansion across the Gulf and accelerate the consolidation of the regional fleet management technology market.
Transaction Overview and Strategic Intent
The investment will enable FMSi to scale its operations and pursue acquisition opportunities that deploy additional capital. Shorooq and Emirates Growth Fund will take active roles alongside FMSi's founder and management team, providing governance, sector expertise, and operational support. The deal also represents a notable milestone for Shorooq's private equity vertical, which focuses on established cash-generative regional businesses.
FMSi's Market Position and Technology
Founded in 2003, FMSi has spent more than two decades developing technology that keeps vehicle fleets safe, compliant, and efficient. Its FMSiTrack platform integrates in-vehicle monitoring, AI video telematics, fatigue and distraction detection, fuel control, and journey management. The company serves over 1,000 enterprise customers across energy, construction, logistics, transportation, and consumer sectors from offices in the UAE, Oman, and Saudi Arabia.
Regulatory Tailwinds and Consolidation Potential
Fleet telematics is shifting from an operational tool to critical compliance infrastructure as regulators introduce mandatory frameworks and advanced fatigue detection requirements. These changes favour established providers with local certifications and in-country support. FMSi's long-standing customer relationships and track record in high-safety sectors such as oil and gas provide a strong foundation for regional consolidation.
Executive Views on the Partnership
Shorooq Partner Maciej Dyl described private equity as a natural extension of the firm's nine-year focus on backing founders, applied to companies already leading their markets. Mouzaffar Alwan, Principal at Shorooq, said the GCC telematics sector offers high growth driven by regulatory tailwinds and consolidation potential. Emirates Growth Fund's Chief Investment Officer Matthew Singh added that the collaboration combines sovereign and private capital to strengthen the UAE's industrial ambitions.
Wassim Mourad, Chief Executive Officer of FMSi, said the company was built by earning the trust of customers that cannot afford technology failures. He stated that the partnership with Shorooq and Emirates Growth Fund reflects a shared ambition for the business. Mourad added that the company will pursue organic growth and strategic acquisitions with other ambitious businesses in the industry.
Investor Profiles
Shorooq is a multi-strategy investment firm that spans venture capital, credit, private equity, and real assets, with a technology-native lens across its portfolios. Emirates Growth Fund is a sovereign fund backed by Emirates Development Bank and exclusively focused on scaling UAE-based growth-stage businesses. The two investors bring complementary capabilities to support FMSi's institutionalisation and market expansion.
Regional Ambitions and Next Steps
The platform will pursue further growth opportunities as it expands its footprint and product capability across the region. FMSi intends to become the regional leader in delivering technology that keeps vehicle fleets safe, compliant, and efficient. The investors and management believe the company is well positioned to consolidate a fragmented market and raise service standards.
The strategic investment in FMSi highlights growing investor confidence in regional technology businesses that serve critical infrastructure and regulatory compliance needs. By combining Shorooq's multi-strategy investment expertise with Emirates Growth Fund's growth equity mandate, the partnership is structured to support both organic expansion and targeted acquisitions. The transaction sets the stage for FMSi to strengthen its regional leadership and contribute to the UAE's broader industrial development agenda.