FMSi Secures Growth Investment from Shorooq and Emirates Growth Fund

FMSi Secures Growth Investment from Shorooq and Emirates Growth Fund

Partnership will fund FMSi’s regional expansion and support a strategy of acquisitions to consolidate the GCC’s fleet management technology sector

UAE — September 2026 — Fleet Management Systems International (FMSi), a leading regional provider of fleet and mobile asset management solutions, has entered a strategic growth partnership with Shorooq, a regional multi-strategy investment firm, and Emirates Growth Fund (EGF), the UAE’s sovereign-backed growth equity platform. The deal marks the first time Shorooq and EGF have partnered on an investment together, and was led and structured by Shorooq through its private equity strategy alongside a syndicate of co-investors.

A platform built over two decades

Founded in 2003, FMSi has spent more than twenty years developing the technology that keeps the region’s commercial vehicle fleets safe, compliant and efficient. Its FMSiTrack platform brings together in-vehicle monitoring, AI video telematics, fatigue and distraction detection, fuel control and journey management in a single system. FMSi now serves more than 1,000 enterprise customers across the energy, construction, logistics, transportation and other critical sectors, operating from offices in the UAE, Oman, Saudi Arabia and Iraq — including long-standing relationships in oil and gas, an industry with some of the most demanding safety standards in the world.

Why now

The investment comes as fleet telematics shifts from an operational convenience to a compliance requirement across the Gulf. Regulators are introducing mandatory monitoring frameworks and increasingly rigorous fatigue- and distraction-detection standards, raising the bar for operators and favouring providers with the certifications, track record and in-country support to meet them. Shorooq and EGF see this regulatory shift, combined with the sector’s fragmentation, as fertile ground for building a single consolidated regional platform — with FMSi’s compliance credentials and customer base giving it a strong starting position.

What the partnership adds

FMSi’s growth to date has been organic: built on customer trust, an experienced team, and close collaboration with technology partners. The new partnership adds a second growth lever alongside that — capital and active support from Shorooq and EGF to pursue strategic acquisitions, with both investors taking active roles alongside FMSi’s founder and management team on governance, sector expertise and operational support as the business expands.

For Shorooq — whose strategies span venture capital, credit, private equity and real assets — the deal is an early flagship transaction for its private equity vertical, applying the same founder-backing conviction it has built over nine years of venture investing to an already-established, cash-generative regional business. For EGF — the UAE’s flagship growth equity platform, launched by H.E. Dr. Sultan Al Jaber at Make it in the Emirates 2025 and backed by Emirates Development Bank — the investment fits its mandate of scaling homegrown UAE businesses into regional and global players, and was described by its leadership as reinforcing the industrial ambitions behind Operation 300bn.

Leadership perspective

Wassim Mourad, Group CEO and Founder of FMSi, said the company was built over more than two decades by earning the trust of customers and organisations that cannot afford for the technology to fail, and that this foundation of trust underpins everything the company does next. He said FMSi chose to partner with Shorooq and EGF because both understand what has been built and share its ambition for the business, and that he’s looking forward to growing FMSi organically while also pursuing ambitious businesses in the industry to bring into the platform through M&A.

Shorooq’s leadership described FMSi as an ideal platform investment for the telematics sector: a company with strong fundamentals that has already expanded across four countries, launched multiple products, and maintained full compliance with regional licensing and certification requirements while consistently delivering value to customers. EGF’s leadership framed FMSi as exactly the kind of homegrown, scale-stage UAE business its mandate exists to support, and described the partnership with Shorooq as a strategic pairing of sovereign and private capital toward the same goal.

What’s next

FMSi says it will continue expanding its footprint and product capability across the region, pursuing both organic growth and acquisitions, with the stated ambition of becoming the region’s leading provider of technology to keep vehicle fleets safe, compliant and efficient.

About FMSi
Fleet Management Systems International (FMSi) is a leading regional provider of fleet and mobile asset management solutions, delivering SaaS-based fleet management, in-vehicle monitoring, AI video telematics and related solutions to enterprise customers across the Gulf and wider region, with offices in the UAE, Oman, Saudi Arabia and Iraq.

About Shorooq

Shorooq is a regional multi-strategy investment firm founded in 2017, investing across venture capital, credit, private equity and real assets through a technology-focused lens. The firm invests across the capital stack in businesses reshaping their sectors, spanning fintech, software, AI, industrials and infrastructure, and operates across MENA and Asia. Shorooq is regulated by the ADGM’s Financial Services Regulatory Authority (FSRA) as a fund and asset manager and deals only with professional clients.

About Emirates Growth Fund

Emirates Growth Fund (EGF) is the UAE’s flagship growth equity investor, launched by H.E. Dr. Sultan Al Jaber at Make it in the Emirates 2025 and backed by Emirates Development Bank. EGF is the only sovereign fund in the UAE dedicated exclusively to growth-stage businesses, and provides strategic minority equity investment paired with active operational support. Its mandate is to help homegrown UAE companies institutionalise their operations and scale into globally competitive businesses, in sectors central to the UAE’s industrial future — including manufacturing, food and agriculture, healthcare and advanced technology.