Private Equity Eyes Fundraising Boost With Kuwait Fund’s Return - Bloomberg
Kuwait’s pension fund is restarting private equity allocations after a hiatus, according to people familiar with the matter, potentially unleashing billions of dollars in fresh capital for an industry grappling with a fundraising slump.
The Public Institution for Social Security is in discussions with multiple leading buyout firms about resuming deployments, the people said, declining to be identified discussing private information.
PIFSS has been largely absent from private markets since October 2022, when senior executives — brought in to overhaul the state institution after its former head was found guilty of personally profiting from it — were asked to resign.
At the time, the fund managed about $137 billion and ranked among Kuwait’s largest allocators. The shake-up left it without an investment committee, limiting activity to routine tasks.
The pension fund’s return to private markets is part of an effort to enhance revenue streams and boost returns, the people said. The new commitments may come with strict limits on how much can be deployed to each buyout fund, one person said.
Representatives for PIFSS declined to comment.
PIFSS is dipping back into private equity at a delicate moment for the industry, which is contending with sharply lower fundraising as firms struggle to return capital to investors. Despite a pickup in global dealmaking, private equity exits remain sluggish, pushing investors to rely more on secondary markets to offload holdings.
In May, the head of the $1 trillion Kuwait Investment Authority warned the industry was “very troubled,” citing practices such as continuation vehicles that can delay cash distributions to limited partners.
The KIA is among the largest wealth funds in the world, and the second-biggest in the cash-rich Middle East. The top six regional wealth funds oversee assets of about $4 trillion, and many of them have historically been significant backers of private equity firms.
A more active PIFSS would also support Kuwait’s broader push to attract global financial firms and strengthen its position as a regional business hub.
Carlyle Group Inc. is planning to open an office in Kuwait, Bloomberg News has reported, and co-founder David Rubenstein was among the titans of the industry who were in the region this month. Franklin Templeton and State Street Corp. are considering similar moves.
They would add to a small but growing roster. BlackRock Inc. opened a Kuwait office earlier this year, and Goldman Sachs Group Inc. has announced plans to follow.
Goldman is also jockeying for a potential $10 billion mandate from Kuwait’s sovereign wealth fund, Bloomberg News reported. Chief Executive Officer David Solomon recently said Kuwait’s ruler is “taking action to really spur significant investment, significant growth.”
Friday, 31 October 2025
#UAE stocks slide as oil drops on supply jitters | Reuters
UAE stocks slide as oil drops on supply jitters | Reuters
Stock exchanges in United Arab Emirates declined on Friday, tracking weaker oil prices as concerns about rising global supply from major producers dampened investor sentiment.
OPEC+ is leaning towards a modest output boost in December, sources familiar with the talks said ahead of the group's meeting on Sunday.
The eight OPEC+ members have boosted output targets by a total of over 2.7 million barrels per day - or about 2.5% of global supply - in a series of monthly increases.
Brent crude was down 0.4% to $64.74 a barrel by 1051 GMT.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab slumped 1.1%, its steepest decline in over a month, pressured by a 3.8% drop in biggest developer Aldar Properties (ALDAR.AD), opens new tab and a 3.2% fall in UAE's third biggest lender Abu Dhabi Commercial Bank(ADCB.AD), opens new tab.
Americana Restaurants International (AMR.AD), opens new tab, which operates U.S. fast food brands in the Middle East, plummeted 5% after reporting Q3 profit below the $54.6 million analysts' estimate.
Dubai's main market (.DFMGI), opens new tab settled 0.8% down, snapping three-sessions gains, weighed down by a 2.7% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab, while state-run Dubai Electricity and Water Authority (DEWAA.DU), opens new tab slid 2.5%.
Separately, Dubai-owned ports and logistics company DP World has pledged to invest an additional $5 billion in India to strengthen its integrated supply chain network, the company said in a statement on Thursday.
Abu Dhabi stocks logged a 1% weekly loss, while Dubai's benchmark index slipped 0.1% for the week after four consecutive weeks of gains, according to LSEG data.
Stock exchanges in United Arab Emirates declined on Friday, tracking weaker oil prices as concerns about rising global supply from major producers dampened investor sentiment.
OPEC+ is leaning towards a modest output boost in December, sources familiar with the talks said ahead of the group's meeting on Sunday.
The eight OPEC+ members have boosted output targets by a total of over 2.7 million barrels per day - or about 2.5% of global supply - in a series of monthly increases.
Brent crude was down 0.4% to $64.74 a barrel by 1051 GMT.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab slumped 1.1%, its steepest decline in over a month, pressured by a 3.8% drop in biggest developer Aldar Properties (ALDAR.AD), opens new tab and a 3.2% fall in UAE's third biggest lender Abu Dhabi Commercial Bank(ADCB.AD), opens new tab.
Americana Restaurants International (AMR.AD), opens new tab, which operates U.S. fast food brands in the Middle East, plummeted 5% after reporting Q3 profit below the $54.6 million analysts' estimate.
Dubai's main market (.DFMGI), opens new tab settled 0.8% down, snapping three-sessions gains, weighed down by a 2.7% decrease in blue-chip developer Emaar Properties (EMAR.DU), opens new tab, while state-run Dubai Electricity and Water Authority (DEWAA.DU), opens new tab slid 2.5%.
Separately, Dubai-owned ports and logistics company DP World has pledged to invest an additional $5 billion in India to strengthen its integrated supply chain network, the company said in a statement on Thursday.
Abu Dhabi stocks logged a 1% weekly loss, while Dubai's benchmark index slipped 0.1% for the week after four consecutive weeks of gains, according to LSEG data.
Thursday, 30 October 2025
Most Gulf markets end higher on earnings, Fed cuts; #Saudi falls | Reuters
Most Gulf markets end higher on earnings, Fed cuts; Saudi falls | Reuters
Most Gulf stock markets ended higher on Thursday after a U.S. rate cut, healthy local corporate earnings and a trade détente between the U.S. and China, although the Saudi index bucked the trend by closing lower.
U.S. President Donald Trump said he had made a deal with Chinese President Xi Jinping on rare earths and tariffs. Gulf countries trade heavily with the two nations.
However, global markets sold off, as traders have seen previous promising starts followed by setbacks.
On Wednesday, the U.S. Federal Reserve lowered rates, in line with market expectations. However, it signalled that it might be the last cut of the year as the ongoing government shutdown threatens data availability.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Abu Dhabi index (.FTFADGI), opens new tab gained 0.5%, with Emirates Telecommunications Group (EAND.AD), opens new tab advancing 3.9% after it reported a 1% increase in third-quarter profit and a revenue jump of around 30%.
Dubai's main share index (.DFMGI), opens new tab closed 0.3% higher, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.9%.
The Qatari index (.QSI), opens new tab rose 0.3%, bolstered by a 3.5% leap in telecom firm Ooredoo (ORDS.QA), opens new tab after its board approved raising the target dividend payout range to 50%-70% of normalised net profit, up from 40%-60%. The firm also posted an 11% rise in third-quarter profit.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 3.9% slide in Al Rajhi Bank (1120.SE), opens new tab and a 2.5% decrease in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, insurer Bupa Arabia (8210.SE), opens new tab advanced 7.8% following a quarterly profit rise.
Among other gainers, Arabian Drilling (2381.SE), opens new tab jumped 10% - its largest intraday gain since its 2022 listing - after receiving resumption notices for two offshore rigs. They will commence operations in the first quarter of 2026 and drive 100% utilisation in the offshore segment by the second quarter.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.1%, with Commercial International Bank (COMI.CA), opens new tab gaining 0.9%.
Most Gulf stock markets ended higher on Thursday after a U.S. rate cut, healthy local corporate earnings and a trade détente between the U.S. and China, although the Saudi index bucked the trend by closing lower.
U.S. President Donald Trump said he had made a deal with Chinese President Xi Jinping on rare earths and tariffs. Gulf countries trade heavily with the two nations.
However, global markets sold off, as traders have seen previous promising starts followed by setbacks.
On Wednesday, the U.S. Federal Reserve lowered rates, in line with market expectations. However, it signalled that it might be the last cut of the year as the ongoing government shutdown threatens data availability.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Abu Dhabi index (.FTFADGI), opens new tab gained 0.5%, with Emirates Telecommunications Group (EAND.AD), opens new tab advancing 3.9% after it reported a 1% increase in third-quarter profit and a revenue jump of around 30%.
Dubai's main share index (.DFMGI), opens new tab closed 0.3% higher, with top lender Emirates NBD (ENBD.DU), opens new tab rising 0.9%.
The Qatari index (.QSI), opens new tab rose 0.3%, bolstered by a 3.5% leap in telecom firm Ooredoo (ORDS.QA), opens new tab after its board approved raising the target dividend payout range to 50%-70% of normalised net profit, up from 40%-60%. The firm also posted an 11% rise in third-quarter profit.
Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.8%, hit by a 3.9% slide in Al Rajhi Bank (1120.SE), opens new tab and a 2.5% decrease in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, insurer Bupa Arabia (8210.SE), opens new tab advanced 7.8% following a quarterly profit rise.
Among other gainers, Arabian Drilling (2381.SE), opens new tab jumped 10% - its largest intraday gain since its 2022 listing - after receiving resumption notices for two offshore rigs. They will commence operations in the first quarter of 2026 and drive 100% utilisation in the offshore segment by the second quarter.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.1%, with Commercial International Bank (COMI.CA), opens new tab gaining 0.9%.
Wednesday, 29 October 2025
Exclusive: #SaudiArabia plans to refocus $925 billion fund after gigaproject delays, source says | Reuters
Exclusive: Saudi Arabia plans to refocus $925 billion fund after gigaproject delays, source says | Reuters
Saudi Arabia is preparing to shift its $925 billion sovereign wealth fund away from a focus on real estate gigaprojects that have dominated its development goals for the last decade, a source with direct knowledge of the plans told Reuters.
Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, known as MbS, introduced his Vision 2030 plan in 2016 to transform the economy with a focus on large real-state projects.
The sovereign fund, Public Investment Fund (PIF), has been the driving force for financing the plan.
FUTURISTIC CITY IN THE DESERT
The original strategy included developments such as NEOM, a futuristic city in the desert by the Red Sea, and a plan to host international winter sports in the kingdom's northern mountains, with ski slopes largely using manmade snow.
NEOM, with a projected population of 9 million, and other projects have faced repeated delays.
Driven by a determination to secure more sustainable near-term returns for PIF, the new strategy aims to narrow the focus to other existing developments, such as logistics, mineral exploitation and religious tourism, said the source, who asked not to be identified due to the sensitivity of the matter.
The kingdom is also betting on investment in artificial intelligence, and data centres powered by its vast hydrocarbon and other energy resources, the source said.
PIF Governor Yasir Al-Rumayyan, speaking at the annual Future Investment Initiative (FII) summit in Riyadh after the Reuters article was published on Wednesday, said the next strategy would be announced "very soon".
It will focus on six main "ecosystems": travel and tourism, urban development, advanced manufacturing, industrial and logistics, clean energy and renewable infrastructure, with NEOM "as its own ecosystem".
NEW PIF PRIORITIES EMERGE
The source said, the repositioning comes as pressure mounts on PIF and its portfolio companies to generate better returns in the near term.
PIF had no immediate comment on the Reuters article.
Analysts have said many of the gigaprojects have not yet yielded sufficient returns to justify their lofty price tags, as several remain far from completion, while other PIF investments have had a mixed track record.
PIF's current five-year investment strategy ends this year and the fund is expected to unveil an updated strategy soon that will detail its new priorities, a banking source told Reuters.
The fund's board in recent days approved a new "core strategy", a separate source familiar with the matter told Reuters.
The new plan bets on the kingdom becoming a global logistics hub, the source with direct knowledge said, with recent disruptions in Red Sea shipping routes underscoring the importance of resilient supply chains.
The kingdom holds large undisclosed reserves of rare earth minerals, which the source said will be a focus as part of efforts to expand its mining sector.
The updated strategy also emphasizes expanding religious tourism to the holy cities of Mecca and Medina.
MbS this month announced a project at Mecca's Grand Mosque which adds around 900,000 indoor and outdoor praying spaces.
At the flagship investment forum FII this week, AI dominated discussions and renderings of hyper futuristic cities adorned displays in the main auditorium, as a robot walked around the conference centre's halls.
Humain, a PIF-owned AI company set to spearhead Saudi Arabia's push into the booming sector, has said it will build around 6 gigawatts of data centre capacity. Asked about funding, CEO Tareq Amin told reporters on Tuesday: "Let's just put it this way - everything we ask for, we get."
PIF's annual average return between 2017 and 2024 was 7.2%, its most recent annual report shows, down from an average of 8.7% at the end of 2023 as it booked impairments on projects.
The Red Sea Global project, a collection of ultra-luxury hotels, is among the gigaprojects farthest along but occupancy is averaging around 40%, its CEO told local media in September.
PIF also recently made a big push into gaming, a favourite pastime of MbS. PIF in September announced its backing for a $55 billion buyout of Electronic Arts, the developer behind the popular "Battlefield" and "Madden NFL" video games.
Some projects tied to global events are already delayed, most notably Trojena, which is scheduled to host the 2029 Asian Winter Games. Saudi officials are considering postponing the kingdom's hosting of the games until 2033, according to sources.
Work on NEOM's "The Line" - billed as an indoor city 170 kilometres long and 200 metres wide - has been scaled back to focus on completing a 2.4 km stretch to include a World Cup stadium.
The kingdom has relied heavily on foreign consultants, including PwC and McKinsey, in developing and executing the Vision 2030 plans, including the gigaprojects, while also engaging international firms to build out real estate and infrastructure. Red Sea Development Co has signed contracts with international hotel operators including Marriott International, Hyatt, Hilton and St Regis.
Saudi Arabia is preparing to shift its $925 billion sovereign wealth fund away from a focus on real estate gigaprojects that have dominated its development goals for the last decade, a source with direct knowledge of the plans told Reuters.
Crown Prince Mohammed bin Salman, the de facto ruler of Saudi Arabia, known as MbS, introduced his Vision 2030 plan in 2016 to transform the economy with a focus on large real-state projects.
The sovereign fund, Public Investment Fund (PIF), has been the driving force for financing the plan.
FUTURISTIC CITY IN THE DESERT
The original strategy included developments such as NEOM, a futuristic city in the desert by the Red Sea, and a plan to host international winter sports in the kingdom's northern mountains, with ski slopes largely using manmade snow.
NEOM, with a projected population of 9 million, and other projects have faced repeated delays.
Driven by a determination to secure more sustainable near-term returns for PIF, the new strategy aims to narrow the focus to other existing developments, such as logistics, mineral exploitation and religious tourism, said the source, who asked not to be identified due to the sensitivity of the matter.
The kingdom is also betting on investment in artificial intelligence, and data centres powered by its vast hydrocarbon and other energy resources, the source said.
PIF Governor Yasir Al-Rumayyan, speaking at the annual Future Investment Initiative (FII) summit in Riyadh after the Reuters article was published on Wednesday, said the next strategy would be announced "very soon".
It will focus on six main "ecosystems": travel and tourism, urban development, advanced manufacturing, industrial and logistics, clean energy and renewable infrastructure, with NEOM "as its own ecosystem".
NEW PIF PRIORITIES EMERGE
The source said, the repositioning comes as pressure mounts on PIF and its portfolio companies to generate better returns in the near term.
PIF had no immediate comment on the Reuters article.
Analysts have said many of the gigaprojects have not yet yielded sufficient returns to justify their lofty price tags, as several remain far from completion, while other PIF investments have had a mixed track record.
PIF's current five-year investment strategy ends this year and the fund is expected to unveil an updated strategy soon that will detail its new priorities, a banking source told Reuters.
The fund's board in recent days approved a new "core strategy", a separate source familiar with the matter told Reuters.
The new plan bets on the kingdom becoming a global logistics hub, the source with direct knowledge said, with recent disruptions in Red Sea shipping routes underscoring the importance of resilient supply chains.
The kingdom holds large undisclosed reserves of rare earth minerals, which the source said will be a focus as part of efforts to expand its mining sector.
The updated strategy also emphasizes expanding religious tourism to the holy cities of Mecca and Medina.
MbS this month announced a project at Mecca's Grand Mosque which adds around 900,000 indoor and outdoor praying spaces.
At the flagship investment forum FII this week, AI dominated discussions and renderings of hyper futuristic cities adorned displays in the main auditorium, as a robot walked around the conference centre's halls.
Humain, a PIF-owned AI company set to spearhead Saudi Arabia's push into the booming sector, has said it will build around 6 gigawatts of data centre capacity. Asked about funding, CEO Tareq Amin told reporters on Tuesday: "Let's just put it this way - everything we ask for, we get."
The kingdom will continue to invest strongly in the oil and petrochemicals sector, while renewables will supplement this, the source said.
PIF's annual average return between 2017 and 2024 was 7.2%, its most recent annual report shows, down from an average of 8.7% at the end of 2023 as it booked impairments on projects.
In the last year PIF has also signalled plans to scale back international investments as its gigaprojects stalled. Al-Rumayyan a year ago said the fund was aiming to bring international investments down to between 18% and 20% of its total portfolio from 30%.
The Red Sea Global project, a collection of ultra-luxury hotels, is among the gigaprojects farthest along but occupancy is averaging around 40%, its CEO told local media in September.
PIF also recently made a big push into gaming, a favourite pastime of MbS. PIF in September announced its backing for a $55 billion buyout of Electronic Arts, the developer behind the popular "Battlefield" and "Madden NFL" video games.
Some projects tied to global events are already delayed, most notably Trojena, which is scheduled to host the 2029 Asian Winter Games. Saudi officials are considering postponing the kingdom's hosting of the games until 2033, according to sources.
Work on NEOM's "The Line" - billed as an indoor city 170 kilometres long and 200 metres wide - has been scaled back to focus on completing a 2.4 km stretch to include a World Cup stadium.
The kingdom has relied heavily on foreign consultants, including PwC and McKinsey, in developing and executing the Vision 2030 plans, including the gigaprojects, while also engaging international firms to build out real estate and infrastructure. Red Sea Development Co has signed contracts with international hotel operators including Marriott International, Hyatt, Hilton and St Regis.
Most Gulf bourses rise on higher oil prices; Fed's meeting in focus | Reuters
Most Gulf bourses rise on higher oil prices; Fed's meeting in focus | Reuters
Most Gulf equities ended higher on Wednesday in tandem with a global stocks rally ahead of U.S. Federal Reserve's policy meeting, while rising oil prices also lent support.
Crude prices, a catalyst for the Gulf's financial markets, rose on an expected fall in U.S. crude and fuel inventories, and optimism around the outcome from U.S. and China leaders' meeting.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third day, rising 0.7% to 11,752, its highest level in six months. Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender by assets, gained 2.3% and ADES Holding (2382.SE), opens new tab surged 10%, its highest intraday rise in nearly three months.
Oil and gas driller ADES said it has received resumption notices for one of its offshore contracts and several onshore contracts in Saudi Arabia.
Saudi Arabia is preparing to shift its $925 billion sovereign wealth fund from a focus on real estate gigaprojects that have dominated its development goals for the last decade, a source with direct knowledge of the plans told Reuters.
Dubai's benchmark stock index (.DFMGI), opens new tab edged 0.3% higher, extending its gain to a second consecutive session. Tolls operator Salik(SALIK.DU), opens new tab climbed 3.3% and Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, added 2%.
Among other gainers, Union Properties (UPRO.DU), opens new tab advanced 1.3% after the developer posted a 162% year-on-year increase in nine-month net profit on Tuesday.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Islamic Bank (QISB.QA), opens new tab gaining 0.7% while Estithmar Holding (IGRD.QA), opens new tab slipped 1.9%.
Investment holding company Estithmar reported a 20% decline in third quarter net profit compared to previous quarter. However, its quarterly profit surged over 100% from a year earlier.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell marginally, as First Abu Dhabi Bank (FAB.AD), opens new tab added 1.2%, while Aldar Properties (ALDAR.AD), opens new tab and ADNOC Drilling (ADNOCDRILL.AD), opens new tab lost 1.1% and 2.6% respectively.
The Fed is expected to implement a 25-basis-point rate reduction, guiding the U.S. economy with limited economic data following nearly a month of government shutdown.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.2% after four consecutive sessions of gains. Commercial International Bank (COMI.CA), opens new tab slipped 0.8% and E-Finance (EFIH.CA), opens new tab dropped 1.5%.
Most Gulf equities ended higher on Wednesday in tandem with a global stocks rally ahead of U.S. Federal Reserve's policy meeting, while rising oil prices also lent support.
Crude prices, a catalyst for the Gulf's financial markets, rose on an expected fall in U.S. crude and fuel inventories, and optimism around the outcome from U.S. and China leaders' meeting.
Saudi Arabia's benchmark stock index (.TASI), opens new tab was up for a third day, rising 0.7% to 11,752, its highest level in six months. Saudi National Bank(1180.SE), opens new tab, the kingdom's largest lender by assets, gained 2.3% and ADES Holding (2382.SE), opens new tab surged 10%, its highest intraday rise in nearly three months.
Oil and gas driller ADES said it has received resumption notices for one of its offshore contracts and several onshore contracts in Saudi Arabia.
Saudi Arabia is preparing to shift its $925 billion sovereign wealth fund from a focus on real estate gigaprojects that have dominated its development goals for the last decade, a source with direct knowledge of the plans told Reuters.
Dubai's benchmark stock index (.DFMGI), opens new tab edged 0.3% higher, extending its gain to a second consecutive session. Tolls operator Salik(SALIK.DU), opens new tab climbed 3.3% and Emirates NBD (ENBD.DU), opens new tab, the emirate's largest lender, added 2%.
Among other gainers, Union Properties (UPRO.DU), opens new tab advanced 1.3% after the developer posted a 162% year-on-year increase in nine-month net profit on Tuesday.
The Qatari benchmark index (.QSI), opens new tab was little changed with Qatar Islamic Bank (QISB.QA), opens new tab gaining 0.7% while Estithmar Holding (IGRD.QA), opens new tab slipped 1.9%.
Investment holding company Estithmar reported a 20% decline in third quarter net profit compared to previous quarter. However, its quarterly profit surged over 100% from a year earlier.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab fell marginally, as First Abu Dhabi Bank (FAB.AD), opens new tab added 1.2%, while Aldar Properties (ALDAR.AD), opens new tab and ADNOC Drilling (ADNOCDRILL.AD), opens new tab lost 1.1% and 2.6% respectively.
The Fed is expected to implement a 25-basis-point rate reduction, guiding the U.S. economy with limited economic data following nearly a month of government shutdown.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 0.2% after four consecutive sessions of gains. Commercial International Bank (COMI.CA), opens new tab slipped 0.8% and E-Finance (EFIH.CA), opens new tab dropped 1.5%.
Tuesday, 28 October 2025
Gulf Startup Tabby Nabs $4.5 Billion Valuation in Secondary Sale - Bloomberg
Gulf Startup Tabby Nabs $4.5 Billion Valuation in Secondary Sale - Bloomberg
Saudi Arabia-based Tabby said it was valued at $4.5 billion after the fintech allowed early investors to offload their shares in a secondary sale.
The new valuation is up from the $3.3 billion price tag Tabby garnered in a $160 million financing round just eight months ago. The deal allowed firms including HSG and Boyu Capital to buy shares off existing investors, according to a statement.
One of the Middle East’s first fintech unicorns, Tabby is part of a cadre of increasingly popular buy-now, pay-later fintechs that let customers pay for goods in installments. More than 40,000 brands use the Riyadh-based company’s technology to help with sales.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” Chief Executive Officer Hosam Arab said in the statement.
Secondary share sales allow private companies to offer existing investors a way to get liquidity for their shares even as IPO markets around the world have remained largely dormant for much of the past three years. A number of big-name fintechs including Revolut Ltd. and Stripe Inc. have also turned to private stock sales to give employees much-needed cash.
Saudi Arabia-based Tabby said it was valued at $4.5 billion after the fintech allowed early investors to offload their shares in a secondary sale.
The new valuation is up from the $3.3 billion price tag Tabby garnered in a $160 million financing round just eight months ago. The deal allowed firms including HSG and Boyu Capital to buy shares off existing investors, according to a statement.
One of the Middle East’s first fintech unicorns, Tabby is part of a cadre of increasingly popular buy-now, pay-later fintechs that let customers pay for goods in installments. More than 40,000 brands use the Riyadh-based company’s technology to help with sales.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” Chief Executive Officer Hosam Arab said in the statement.
Secondary share sales allow private companies to offer existing investors a way to get liquidity for their shares even as IPO markets around the world have remained largely dormant for much of the past three years. A number of big-name fintechs including Revolut Ltd. and Stripe Inc. have also turned to private stock sales to give employees much-needed cash.
Oil falls nearly 2% as investors assess Russia sanctions, OPEC+ output plans | Reuters
Oil falls nearly 2% as investors assess Russia sanctions, OPEC+ output plans | Reuters
Oil prices fell by nearly 2% on Tuesday in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
Brent crude futures were down $1.09, or 1.7%, to $64.53 a barrel at 1253 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.24.
"Traders weighed up progress in U.S.-China trade talks and the broader outlook for supply," ANZ said in a morning note.
Brent and WTI last week registered their biggest weekly gain since June, reacting to U.S. President Donald Trump's decision to impose Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft.
Investors continue to chew over how effective those sanctions on Russia might be.
"The oil market is still debating whether the latest sanctions will impact Russian oil exports or not, with market players reducing somewhat the supply risk premium built in last week," said UBS analyst Giovanni Staunovo.
The effect of sanctions on oil-exporting countries will be limited because of surplus capacity, International Energy Agency Executive Director Fatih Birol said on Tuesday.
Following the U.S. sanctions, Russia's second-largest oil producer, Lukoil, said on Monday it would sell its international assets.
This is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia's war in Ukraine, which started in February 2022.
Meanwhile, Indian refiners have not placed new orders for Russian oil purchases since sanctions were imposed, as they await clarity from the government and suppliers, sources told Reuters on Tuesday.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, is leaning toward another modest output boost in December, four sources familiar with the talks told Reuters.
Having curbed production for several years in a bid to support the oil market, the group started reversing those cuts in April.
Investors will watch the prospect of a trade deal between the U.S. and China, the world's two biggest oil consumers, with Trump and President Xi Jinping due to meet on Thursday in South Korea.
Beijing hopes Washington can meet it halfway to "prepare for high-level interactions" between the two countries, Foreign Minister Wang Yi told U.S. Secretary of State Marco Rubio in a phone call on Monday.
Oil prices fell by nearly 2% on Tuesday in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
Brent crude futures were down $1.09, or 1.7%, to $64.53 a barrel at 1253 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.24.
"Traders weighed up progress in U.S.-China trade talks and the broader outlook for supply," ANZ said in a morning note.
Brent and WTI last week registered their biggest weekly gain since June, reacting to U.S. President Donald Trump's decision to impose Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft.
Investors continue to chew over how effective those sanctions on Russia might be.
"The oil market is still debating whether the latest sanctions will impact Russian oil exports or not, with market players reducing somewhat the supply risk premium built in last week," said UBS analyst Giovanni Staunovo.
The effect of sanctions on oil-exporting countries will be limited because of surplus capacity, International Energy Agency Executive Director Fatih Birol said on Tuesday.
Following the U.S. sanctions, Russia's second-largest oil producer, Lukoil, said on Monday it would sell its international assets.
This is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia's war in Ukraine, which started in February 2022.
Meanwhile, Indian refiners have not placed new orders for Russian oil purchases since sanctions were imposed, as they await clarity from the government and suppliers, sources told Reuters on Tuesday.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, is leaning toward another modest output boost in December, four sources familiar with the talks told Reuters.
Having curbed production for several years in a bid to support the oil market, the group started reversing those cuts in April.
Investors will watch the prospect of a trade deal between the U.S. and China, the world's two biggest oil consumers, with Trump and President Xi Jinping due to meet on Thursday in South Korea.
Beijing hopes Washington can meet it halfway to "prepare for high-level interactions" between the two countries, Foreign Minister Wang Yi told U.S. Secretary of State Marco Rubio in a phone call on Monday.
#Saudi AI firm Humain eyes dual listing on Saudi, NASDAQ exchanges within four years | Reuters
Saudi AI firm Humain eyes dual listing on Saudi, NASDAQ exchanges within four years | Reuters
Humain, the company Saudi Arabia launched earlier this year to develop artificial intelligence technology, plans to list on the Saudi and NASDAQ exchanges within the next four years, its CEO said on Tuesday.
"I have no doubt in three to four years, this company must be listed, and I hope that it gets listed here and in the NASDAQ as well. So our ambition is really, really massive," Tareq Amin said at a news conference on the sidelines of the Future Investment Initiative, Saudi Arabia's flagship investment conference.
Amin also suggested that one of Humain's major suppliers of AI chips was considering an investment in the company. He did not name the supplier.
Humain sources chips from NVIDIA, AMD, Qualcomm and Groq to power its large-scale data centres and multi-agent AI platform.
PLANS TO EXPAND GLOBALLY
Crown Prince Mohammed bin Salman launched Humain in May under the PIF sovereign wealth fund, as part of the kingdom's drive to become a global hub for AI technology. The effort is part of the multibillion-dollar Vision 2030 programme to diversify Saudi Arabia's economy away from oil.
On Tuesday, the company launched Humain One, a computer operating system that relies on AI technology and shifts away from the icon-based operating systems that computers have used since the 1980s.
"It is the first time since 1985 that we depart from the traditional operating system. This is a true AI operating system with AI agents now to manage everything and anything you need," Amin said.
Humain One is already deployed across the Saudi government and in pilot programmes with three PIF entities, with plans to expand its deployment globally.
The company has a partnership with Google, plans to announce a collaboration with Amazon Web Services, and has met with OpenAI, the company behind ChatGPT, Amin said.
Humain, the company Saudi Arabia launched earlier this year to develop artificial intelligence technology, plans to list on the Saudi and NASDAQ exchanges within the next four years, its CEO said on Tuesday.
"I have no doubt in three to four years, this company must be listed, and I hope that it gets listed here and in the NASDAQ as well. So our ambition is really, really massive," Tareq Amin said at a news conference on the sidelines of the Future Investment Initiative, Saudi Arabia's flagship investment conference.
Amin also suggested that one of Humain's major suppliers of AI chips was considering an investment in the company. He did not name the supplier.
Humain sources chips from NVIDIA, AMD, Qualcomm and Groq to power its large-scale data centres and multi-agent AI platform.
PLANS TO EXPAND GLOBALLY
Crown Prince Mohammed bin Salman launched Humain in May under the PIF sovereign wealth fund, as part of the kingdom's drive to become a global hub for AI technology. The effort is part of the multibillion-dollar Vision 2030 programme to diversify Saudi Arabia's economy away from oil.
On Tuesday, the company launched Humain One, a computer operating system that relies on AI technology and shifts away from the icon-based operating systems that computers have used since the 1980s.
"It is the first time since 1985 that we depart from the traditional operating system. This is a true AI operating system with AI agents now to manage everything and anything you need," Amin said.
Humain One is already deployed across the Saudi government and in pilot programmes with three PIF entities, with plans to expand its deployment globally.
The company has a partnership with Google, plans to announce a collaboration with Amazon Web Services, and has met with OpenAI, the company behind ChatGPT, Amin said.
Most Gulf markets gain on easing US-China trade woes | Reuters
Most Gulf markets gain on easing US-China trade woes | Reuters
Major Gulf equity markets ended higher on Tuesday, supported by growing optimism over easing trade tensions that boosted risk appetite, with market focus shifting to the upcoming Federal Reserve policy meeting. Corporate results, however, contributed only limited support to market sentiment.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, led by a 1.7% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, Leejam Sports (1830.SE), opens new tab plunged 10% to be the biggest loser on the Saudi index, following a steep fall in third-quarter profit.
The sports firm, which recorded its biggest intraday fall in nearly six-months, also slashed its quarterly dividend to 0.95 riyal per share from 2.14 riyals.
Dubai's main share index (.DFMGI), opens new tab added 0.5%, bolstered by a 1.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.3%, hit by a 2.8% fall in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, even as the lender reported a rise in third-quarter profit. The country's sovereign wealth fund Mubadala, the bank's largest shareholder, plans to exercise all of its rights to subscribe in full for its proportional entitlement of the new shares in a rights issue.
Oil prices - a catalyst for the Gulf's financial markets - fell by more than 1% in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
The Qatari index (.QSI), opens new tab rose 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab gaining 1.5%, ahead of its earnings announcement later in the day.
On the other hand, Qatar Aluminum Manufacturing Company (QAMC.QA), opens new tab dropped more than 3%, after reporting a mere 0.5% increase in quarterly profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.4% higher, with tobacco monopoly Eastern Company (EAST.CA), opens new tab jumping 4.3%, rising for a fourth consecutive session.
Last week, Eastern reported an annual net profit of 9.71 billion Egyptian pounds ($204.42 million), up from 9.18 billion Egyptian pounds a year earlier.
Major Gulf equity markets ended higher on Tuesday, supported by growing optimism over easing trade tensions that boosted risk appetite, with market focus shifting to the upcoming Federal Reserve policy meeting. Corporate results, however, contributed only limited support to market sentiment.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, led by a 1.7% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, Leejam Sports (1830.SE), opens new tab plunged 10% to be the biggest loser on the Saudi index, following a steep fall in third-quarter profit.
The sports firm, which recorded its biggest intraday fall in nearly six-months, also slashed its quarterly dividend to 0.95 riyal per share from 2.14 riyals.
Dubai's main share index (.DFMGI), opens new tab added 0.5%, bolstered by a 1.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.3%, hit by a 2.8% fall in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, even as the lender reported a rise in third-quarter profit. The country's sovereign wealth fund Mubadala, the bank's largest shareholder, plans to exercise all of its rights to subscribe in full for its proportional entitlement of the new shares in a rights issue.
Oil prices - a catalyst for the Gulf's financial markets - fell by more than 1% in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
The Qatari index (.QSI), opens new tab rose 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab gaining 1.5%, ahead of its earnings announcement later in the day.
On the other hand, Qatar Aluminum Manufacturing Company (QAMC.QA), opens new tab dropped more than 3%, after reporting a mere 0.5% increase in quarterly profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.4% higher, with tobacco monopoly Eastern Company (EAST.CA), opens new tab jumping 4.3%, rising for a fourth consecutive session.
Last week, Eastern reported an annual net profit of 9.71 billion Egyptian pounds ($204.42 million), up from 9.18 billion Egyptian pounds a year earlier.
Monday, 27 October 2025
Barclays Re-Enters #SaudiArabia 11 Years After Exiting Business - Bloomberg
Barclays Re-Enters Saudi Arabia 11 Years After Exiting Business - Bloomberg
Barclays Plc is re-entering Saudi Arabia, becoming the latest bank to beef up operations in the oil-rich kingdom that’s in the midst of a trillion-dollar economic transformation plan.
The London-based lender is in the process of securing a license to conduct investment banking activities in the country, and plans to open an office in Riyadh next year as part of that push.
“We are establishing our regional headquarters, we are in the process of getting all the appropriate banking and other licenses,” Chief Executive Officer C.S. Venkatakrishnan said in an interview on Bloomberg TV from Riyadh, where he’s attending the kingdom’s flagship annual Future Investment Initiative summit.
“The office will be in the financial district and we’re getting enough to have a good sized office,” he said. “We will build it up as we get the licenses.”
The move to re-enter Saudi Arabia comes more than a decade after Barclays pulled out of the country under then CEO Antony Jenkins, who sought to rein in the global ambitions of the company’s investment bank in the aftermath of the financial crisis.
Barclays Plc is re-entering Saudi Arabia, becoming the latest bank to beef up operations in the oil-rich kingdom that’s in the midst of a trillion-dollar economic transformation plan.
The London-based lender is in the process of securing a license to conduct investment banking activities in the country, and plans to open an office in Riyadh next year as part of that push.
“We are establishing our regional headquarters, we are in the process of getting all the appropriate banking and other licenses,” Chief Executive Officer C.S. Venkatakrishnan said in an interview on Bloomberg TV from Riyadh, where he’s attending the kingdom’s flagship annual Future Investment Initiative summit.
“The office will be in the financial district and we’re getting enough to have a good sized office,” he said. “We will build it up as we get the licenses.”
The move to re-enter Saudi Arabia comes more than a decade after Barclays pulled out of the country under then CEO Antony Jenkins, who sought to rein in the global ambitions of the company’s investment bank in the aftermath of the financial crisis.
Barclays Saudi Arabia canceled its license to conduct securities business in 2014 as international lenders struggled to compete with local rivals, Bloomberg News reported at the time.
Twelve years on, Barclays and many of its peers have been lured back to the kingdom as it prepares to pour billions more into areas like artificial intelligence, gaming and high-tech manufacturing and races to diversify its oil-reliant economy.
“We are there to provide the connection with the rest of the world, bring in direct investment and liquidity,” Venkatakrishnan said. Investment flows used to head out of the region into Europe and the US, and “now there’s a lot coming back,” he added. “I think that’s the part where we can help.”
For now, the bank has hired Mohammed Abdulaziz AlSarhan, the chairman of local shipping and logistics company Bahri, to help lead the effort, according to a person familiar with the matter. Barclays declined to comment on the appointment.
With its regional headquarters license in Saudi Arabia, Barclays is following in the footsteps of JPMorgan Chase & Co. and Goldman Sachs Group Inc. Authorities in the kingdom have been putting pressure on international firms to establish their Middle Eastern headquarters in Riyadh, warning companies would risk losing business with state entities if they didn’t comply.
While the new effort will re-establish its physical presence in Saudi Arabia, Barclays has continued working on investment banking deals in the kingdom. Most recently, it advised the country’s sovereign wealth fund on its debut green bond.
The bank this year elevated two senior leaders, Khaled El Dabag and Walid Mezher, to oversee its growing business in the Middle East. The two continue to be based in Dubai but now report to Stephen Dainton, head of investment bank management.
With the move, Barclays effectively put the Middle East on par with its other main regions around the world, which already have local CEOs that report to Dainton.
Twelve years on, Barclays and many of its peers have been lured back to the kingdom as it prepares to pour billions more into areas like artificial intelligence, gaming and high-tech manufacturing and races to diversify its oil-reliant economy.
“We are there to provide the connection with the rest of the world, bring in direct investment and liquidity,” Venkatakrishnan said. Investment flows used to head out of the region into Europe and the US, and “now there’s a lot coming back,” he added. “I think that’s the part where we can help.”
For now, the bank has hired Mohammed Abdulaziz AlSarhan, the chairman of local shipping and logistics company Bahri, to help lead the effort, according to a person familiar with the matter. Barclays declined to comment on the appointment.
With its regional headquarters license in Saudi Arabia, Barclays is following in the footsteps of JPMorgan Chase & Co. and Goldman Sachs Group Inc. Authorities in the kingdom have been putting pressure on international firms to establish their Middle Eastern headquarters in Riyadh, warning companies would risk losing business with state entities if they didn’t comply.
While the new effort will re-establish its physical presence in Saudi Arabia, Barclays has continued working on investment banking deals in the kingdom. Most recently, it advised the country’s sovereign wealth fund on its debut green bond.
The bank this year elevated two senior leaders, Khaled El Dabag and Walid Mezher, to oversee its growing business in the Middle East. The two continue to be based in Dubai but now report to Stephen Dainton, head of investment bank management.
With the move, Barclays effectively put the Middle East on par with its other main regions around the world, which already have local CEOs that report to Dainton.
Gulf markets mixed on easing US-China trade tensions, tepid earnings | Reuters
Gulf markets mixed on easing US-China trade tensions, tepid earnings | Reuters
Gulf stock markets ended mixed on Monday, as indications of easing U.S.-China trade tensions that supported risk sentiment coincided with corporate earnings reports that provided limited uplift to investor confidence and weak oil prices.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, with Al Rajhi Bank (1120.SE), opens new tab 1.8%. Banque Saudi Fransi (BSF) (1050.SE), opens new tab climbed 1.7%, snapping four sessions of losses.
However, Mobile Telecommunication Company Saudi Arabia (7030.SE), opens new tab, popularly known as Zain Saudi, declined 1.6%, following a 2% increase in third-quarter profit.
Abu Dhabi's index (.FTFADGI), opens new tab gave up early gains to close 0.1% higher.
Oil prices - a catalyst for the Gulf's financial markets - edged lower and fell over 1% earlier in the session, amid scepticism that a U.S.-Chinese trade deal framework would boost oil demand and after Iraq's oil minister confirmed an oilfield fire had not affected the OPEC member's oil exports.
Meanwhile, the U.S. Federal Reserve is widely expected to cut rates by a quarter percentage point at its meeting on Wednesday, a view supported by Friday's softer-than-expected inflation report.
Most Gulf Cooperation Council countries have their currencies pegged to the U.S. dollar, exposing the region to the direct impact of monetary tightening in the world's largest economy.
Dubai's main share index (.DFMGI), opens new tab declined 0.4%, after a 1.6% fall in Emirates NBD Bank (ENBD.DU), opens new tab.
Qatari index (.QSI), opens new tab lost 0.2%, following a 2.1% slide in Qatar Electricity and Water Company (QEWC.QA), opens new tab after its nine-month net profit drop.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.2%, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab rising 1.6%.
Gulf stock markets ended mixed on Monday, as indications of easing U.S.-China trade tensions that supported risk sentiment coincided with corporate earnings reports that provided limited uplift to investor confidence and weak oil prices.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.2%, with Al Rajhi Bank (1120.SE), opens new tab 1.8%. Banque Saudi Fransi (BSF) (1050.SE), opens new tab climbed 1.7%, snapping four sessions of losses.
However, Mobile Telecommunication Company Saudi Arabia (7030.SE), opens new tab, popularly known as Zain Saudi, declined 1.6%, following a 2% increase in third-quarter profit.
Abu Dhabi's index (.FTFADGI), opens new tab gave up early gains to close 0.1% higher.
Oil prices - a catalyst for the Gulf's financial markets - edged lower and fell over 1% earlier in the session, amid scepticism that a U.S.-Chinese trade deal framework would boost oil demand and after Iraq's oil minister confirmed an oilfield fire had not affected the OPEC member's oil exports.
Meanwhile, the U.S. Federal Reserve is widely expected to cut rates by a quarter percentage point at its meeting on Wednesday, a view supported by Friday's softer-than-expected inflation report.
Most Gulf Cooperation Council countries have their currencies pegged to the U.S. dollar, exposing the region to the direct impact of monetary tightening in the world's largest economy.
Dubai's main share index (.DFMGI), opens new tab declined 0.4%, after a 1.6% fall in Emirates NBD Bank (ENBD.DU), opens new tab.
Qatari index (.QSI), opens new tab lost 0.2%, following a 2.1% slide in Qatar Electricity and Water Company (QEWC.QA), opens new tab after its nine-month net profit drop.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was up 0.2%, with Talaat Moustafa Group Holding (TMGH.CA), opens new tab rising 1.6%.
Goldman Vies for $10 Billion From #Kuwait in Private Funds Push - Bloomberg
Goldman Vies for $10 Billion From Kuwait in Private Funds Push - Bloomberg
Goldman Sachs Group Inc. is jockeying for a $10 billion mandate for its asset-management arm from Kuwait’s wealth fund, as part of the Wall Street bank’s efforts to bolster its private markets strategy and compete with larger players in the Middle East.
The firm has been in talks with the Kuwait Investment Authority to receive the money over the coming years and across multiple funds, according to people familiar with the matter. The capital is likely to be allocated largely toward Goldman’s private equity, credit and infrastructure funds, some of the people said.
Representatives for the KIA and Goldman declined to comment.
The arrangement has developed as part of Goldman’s push into the oil-rich Gulf nation, where the New York-headquartered investment bank opened an office earlier in October. Still, there’s no guarantee KIA will fulfill the entire investment.
Along with Chief Executive Officer David Solomon, the office opening was attended by Marc Nachmann, the global head of the firm’s asset and wealth division. Nachmann is trying in particular to grow private assets under supervision, which stand at $374 billion, according to Goldman’s third-quarter earnings.
Like other finance giants, the bank has been ramping up its presence in the Middle East with an eye on the region’s sovereign investors that control assets worth trillions of dollars, though it’s not always an easy sell.
While the potential investment is a footnote for KIA that has about $1 trillion in assets, the deal could be significant for Goldman, which faces stiff competition from larger private markets players like KKR & Co, Blackstone Inc. and Apollo Global Management Inc. in growing its footprint in the Middle East.
Other major investment firms such as Carlyle Group Inc., Franklin Templeton and State Street Corp. are also looking to set up offices in Kuwait, Bloomberg News has reported. That follows BlackRock Inc.’s decision to open up in the country and would be a boost to the city-state’s efforts to deepen its financial sector, which has lagged behind Dubai, Abu Dhabi and Riyadh.
Many of the firms already count Kuwait as a client, and a physical presence would allow them to further strengthen ties with the government and its wealth fund. Some of those relationships were on display recently, when Goldman helped manage Kuwait’s first international bond sale in eight years.
Goldman opened an Abu Dhabi office in 2023, and was the first bulge-bracket bank to get a regional headquarters license in Saudi Arabia. Finance chiefs from around the world are assembling in Riyadh this week, where Solomon is among executives scheduled to speak at a conference hosted by Saudi Arabia’s Public Investment Fund.
Goldman Sachs Group Inc. is jockeying for a $10 billion mandate for its asset-management arm from Kuwait’s wealth fund, as part of the Wall Street bank’s efforts to bolster its private markets strategy and compete with larger players in the Middle East.
The firm has been in talks with the Kuwait Investment Authority to receive the money over the coming years and across multiple funds, according to people familiar with the matter. The capital is likely to be allocated largely toward Goldman’s private equity, credit and infrastructure funds, some of the people said.
Representatives for the KIA and Goldman declined to comment.
The arrangement has developed as part of Goldman’s push into the oil-rich Gulf nation, where the New York-headquartered investment bank opened an office earlier in October. Still, there’s no guarantee KIA will fulfill the entire investment.
Along with Chief Executive Officer David Solomon, the office opening was attended by Marc Nachmann, the global head of the firm’s asset and wealth division. Nachmann is trying in particular to grow private assets under supervision, which stand at $374 billion, according to Goldman’s third-quarter earnings.
Like other finance giants, the bank has been ramping up its presence in the Middle East with an eye on the region’s sovereign investors that control assets worth trillions of dollars, though it’s not always an easy sell.
While the potential investment is a footnote for KIA that has about $1 trillion in assets, the deal could be significant for Goldman, which faces stiff competition from larger private markets players like KKR & Co, Blackstone Inc. and Apollo Global Management Inc. in growing its footprint in the Middle East.
Other major investment firms such as Carlyle Group Inc., Franklin Templeton and State Street Corp. are also looking to set up offices in Kuwait, Bloomberg News has reported. That follows BlackRock Inc.’s decision to open up in the country and would be a boost to the city-state’s efforts to deepen its financial sector, which has lagged behind Dubai, Abu Dhabi and Riyadh.
Many of the firms already count Kuwait as a client, and a physical presence would allow them to further strengthen ties with the government and its wealth fund. Some of those relationships were on display recently, when Goldman helped manage Kuwait’s first international bond sale in eight years.
Goldman opened an Abu Dhabi office in 2023, and was the first bulge-bracket bank to get a regional headquarters license in Saudi Arabia. Finance chiefs from around the world are assembling in Riyadh this week, where Solomon is among executives scheduled to speak at a conference hosted by Saudi Arabia’s Public Investment Fund.
Property Giant Hines to Expand into Booming #Saudi Arabian Market - Bloomberg
Property Giant Hines to Expand into Booming Saudi Arabian Market - Bloomberg
Real estate giant Hines plans to expand into Saudi Arabia next year, aiming to tap one of the Middle East’s busiest development and construction markets.
The Houston-based developer and investment manager, which oversees about $92 billion in assets, is recruiting staff for a new Riyadh office and relocating executives to the kingdom, the company said in a statement to Bloomberg News. Hines will focus on industrial, office and mixed-use projects.
Saudi Arabia has introduced a series of measures to cool surging property prices and spur construction of homes, offices, hotels and logistics facilities. The government has quadrupled the tax on vacant land in high priority areas to 10% of its value each year, encouraging owners to build or sell. Riyadh has also imposed a five-year rent freeze to keep housing affordable for citizens and new residents who are moving to the kingdom.
Together, these steps are expected to boost the supply of land — creating new opportunities for Hines and its peers to invest, develop and manage real estate assets in the kingdom.
“Establishing a stronger presence in the region allows us to bring our global expertise in placemaking, sustainable value creation and innovation to projects that will deliver lasting impact,” said Laura Hines-Pierce, the firm’s co-chief executive officer.
Steve Luthman, Hines’ global head of real estate, will lead the company’s operations across the Middle East, while global Chief Investment Officer David Steinbach will continue to oversee investment activity, the firm said.
The Saudi expansion builds on Hines’ existing presence in Dubai, where it opened an office in 2020 just as the city turned the page on a seven-year property slump and started what became one of its longest running rallies.
That rebound has attracted a wave of institutional investors, from Brookfield Corp. to Goldman Sachs Group Inc. and Asia-based Hillhouse Investment. Others are scouting deals across the Gulf. Mapletree Investments Pte, owned by Singapore’s Temasek Holdings Pte, opened an Abu Dhabi office to expand its global property footprint in the region.
The late Texas billionaire Gerald Hines founded his eponymous firm in 1957 and earned a reputation as one of world’s top developers, constructing eye-catching structures such as the Lipstick Building in Manhattan as well as skyscrapers that transformed Houston’s skyline in the 1970s and 1980s.
Real estate giant Hines plans to expand into Saudi Arabia next year, aiming to tap one of the Middle East’s busiest development and construction markets.
The Houston-based developer and investment manager, which oversees about $92 billion in assets, is recruiting staff for a new Riyadh office and relocating executives to the kingdom, the company said in a statement to Bloomberg News. Hines will focus on industrial, office and mixed-use projects.
Saudi Arabia has introduced a series of measures to cool surging property prices and spur construction of homes, offices, hotels and logistics facilities. The government has quadrupled the tax on vacant land in high priority areas to 10% of its value each year, encouraging owners to build or sell. Riyadh has also imposed a five-year rent freeze to keep housing affordable for citizens and new residents who are moving to the kingdom.
Together, these steps are expected to boost the supply of land — creating new opportunities for Hines and its peers to invest, develop and manage real estate assets in the kingdom.
“Establishing a stronger presence in the region allows us to bring our global expertise in placemaking, sustainable value creation and innovation to projects that will deliver lasting impact,” said Laura Hines-Pierce, the firm’s co-chief executive officer.
Steve Luthman, Hines’ global head of real estate, will lead the company’s operations across the Middle East, while global Chief Investment Officer David Steinbach will continue to oversee investment activity, the firm said.
The Saudi expansion builds on Hines’ existing presence in Dubai, where it opened an office in 2020 just as the city turned the page on a seven-year property slump and started what became one of its longest running rallies.
That rebound has attracted a wave of institutional investors, from Brookfield Corp. to Goldman Sachs Group Inc. and Asia-based Hillhouse Investment. Others are scouting deals across the Gulf. Mapletree Investments Pte, owned by Singapore’s Temasek Holdings Pte, opened an Abu Dhabi office to expand its global property footprint in the region.
The late Texas billionaire Gerald Hines founded his eponymous firm in 1957 and earned a reputation as one of world’s top developers, constructing eye-catching structures such as the Lipstick Building in Manhattan as well as skyscrapers that transformed Houston’s skyline in the 1970s and 1980s.
Sunday, 26 October 2025
Most Gulf markets gain on US rate cut hopes; oil weighs on #Saudi | Reuters
Most Gulf markets gain on US rate cut hopes; oil weighs on Saudi | Reuters
Most Gulf stock markets closed higher on Sunday as softer-than-anticipated U.S. inflation data bolstered hopes for a Federal Reserve interest rate cut this week, while Saudi Arabia's index dipped in tandem with oil prices.
U.S. consumer prices increased slightly less than expected in September as a surge in the cost of gasoline was partially offset by a sharp moderation in rents, keeping the Fed on track to cut interest rates again on Wednesday.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
In Qatar, the index (.QSI), opens new tab gained 0.3%, led by a 1.5% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab, while Barwa Real Estate Company (BRES.QA), opens new tab added 0.3% ahead of its nine-month earnings announcement, due later on Sunday.
Qatar Electricity and Water Company (QEWC.QA), opens new tab retreated 0.4% ahead of nine-month results, also expected on Sunday.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.2%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.6% slide in Banque Saudi Fransi (BSF) , marking its fourth straight session in the red.
On Monday, BSF reported a third-quarter net profit of 1.35 billion riyals ($359.96 million), up from 1.15 billion riyals a year earlier, though it marked a sequential decline.
Elsewhere, Saudi Tadawul Group (1111.SE), opens new tab - the bourse's owner and operator - tumbled 3.4%, following a 41% plunge in quarterly profit.
Oil prices - a catalyst for the Gulf's financial markets - fell on Friday due to questions in the market over the Trump administration's commitment to sanctions on Russia's two biggest oil companies over the war in Ukraine.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab was down 0.5%.
Separately, the kingdom's investment minister said on Sunday that 85% of the kingdom's targets for its Vision 2030 economic programme were complete or on track as of the end of 2024.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.1%, hitting a new record high, as most of its constituents were in positive territory including Commercial International Bank (COMI.CA), opens new tab, which was up 1.1%.
Most Gulf stock markets closed higher on Sunday as softer-than-anticipated U.S. inflation data bolstered hopes for a Federal Reserve interest rate cut this week, while Saudi Arabia's index dipped in tandem with oil prices.
U.S. consumer prices increased slightly less than expected in September as a surge in the cost of gasoline was partially offset by a sharp moderation in rents, keeping the Fed on track to cut interest rates again on Wednesday.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
In Qatar, the index (.QSI), opens new tab gained 0.3%, led by a 1.5% rise in petrochemical maker Industries Qatar (IQCD.QA), opens new tab, while Barwa Real Estate Company (BRES.QA), opens new tab added 0.3% ahead of its nine-month earnings announcement, due later on Sunday.
Qatar Electricity and Water Company (QEWC.QA), opens new tab retreated 0.4% ahead of nine-month results, also expected on Sunday.
Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.2%, hit by a 0.8% fall in Al Rajhi Bank (1120.SE), opens new tab and a 2.6% slide in Banque Saudi Fransi (BSF) , marking its fourth straight session in the red.
On Monday, BSF reported a third-quarter net profit of 1.35 billion riyals ($359.96 million), up from 1.15 billion riyals a year earlier, though it marked a sequential decline.
Elsewhere, Saudi Tadawul Group (1111.SE), opens new tab - the bourse's owner and operator - tumbled 3.4%, following a 41% plunge in quarterly profit.
Oil prices - a catalyst for the Gulf's financial markets - fell on Friday due to questions in the market over the Trump administration's commitment to sanctions on Russia's two biggest oil companies over the war in Ukraine.
Among other losers, oil giant Saudi Aramco (2222.SE), opens new tab was down 0.5%.
Separately, the kingdom's investment minister said on Sunday that 85% of the kingdom's targets for its Vision 2030 economic programme were complete or on track as of the end of 2024.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 1.1%, hitting a new record high, as most of its constituents were in positive territory including Commercial International Bank (COMI.CA), opens new tab, which was up 1.1%.
Friday, 24 October 2025
#AbuDhabi’s ADIA Boosts Hedge Fund Exposure Via Managed Accounts - Bloomberg
Abu Dhabi’s ADIA Boosts Hedge Fund Exposure Via Managed Accounts - Bloomberg
The $1 trillion Abu Dhabi Investment Authority has ramped up its use of separately-managed accounts to deploy large chunks of money across dozens of hedge funds, according to people familiar with the matter.
Abu Dhabi’s biggest wealth fund has boosted its hedge fund exposure through the increasingly-popular mechanism to about $40 billion this year, one of the people said, asking not to be identified because the details are private.
That’s billions of dollars more than last year, and comes as ADIA looks to raise its exposure to alternative investments, the people said. It continues to deploy capital to hedge funds that’s co-mingled with other investors, according to the people.
A representative for ADIA declined to comment.
Separately-managed accounts, or SMAs, allow large investors ownership and control over their allocation to hedge funds and have emerged as a popular way to quickly deploy cash. They can offer discounted fees as well as efficient use of capital, as investors can apply leverage.
SMAs have grown in popularity in recent years as both traditional investors and multistrategy hedge funds like Millennium Management and Qube Research & Technologies use them as a gateway to fork out cash to external traders.
They’re now offered by roughly six in every 10 hedge funds, of which 8% launched their first SMA last year, according to a report by Goldman Sachs Group Inc.
ADIA’s move follows its decision earlier this year to buy a minority stake in Canada’s Innocap Investment Management Inc. that facilitates investment through SMAs. The fund has historically been among the biggest backers of hedge funds and allocated capital to Bobby Jain’s $5.3 billion startup.
It was set up in 1976 to invest Abu Dhabi’s surplus energy revenues, diversify its economy and prepare the United Arab Emirates’ capital for life after oil. ADIA is one of several Abu Dhabi sovereign entities that together control almost $1.7 trillion in assets.
The $1 trillion Abu Dhabi Investment Authority has ramped up its use of separately-managed accounts to deploy large chunks of money across dozens of hedge funds, according to people familiar with the matter.
Abu Dhabi’s biggest wealth fund has boosted its hedge fund exposure through the increasingly-popular mechanism to about $40 billion this year, one of the people said, asking not to be identified because the details are private.
That’s billions of dollars more than last year, and comes as ADIA looks to raise its exposure to alternative investments, the people said. It continues to deploy capital to hedge funds that’s co-mingled with other investors, according to the people.
A representative for ADIA declined to comment.
Separately-managed accounts, or SMAs, allow large investors ownership and control over their allocation to hedge funds and have emerged as a popular way to quickly deploy cash. They can offer discounted fees as well as efficient use of capital, as investors can apply leverage.
SMAs have grown in popularity in recent years as both traditional investors and multistrategy hedge funds like Millennium Management and Qube Research & Technologies use them as a gateway to fork out cash to external traders.
They’re now offered by roughly six in every 10 hedge funds, of which 8% launched their first SMA last year, according to a report by Goldman Sachs Group Inc.
ADIA’s move follows its decision earlier this year to buy a minority stake in Canada’s Innocap Investment Management Inc. that facilitates investment through SMAs. The fund has historically been among the biggest backers of hedge funds and allocated capital to Bobby Jain’s $5.3 billion startup.
It was set up in 1976 to invest Abu Dhabi’s surplus energy revenues, diversify its economy and prepare the United Arab Emirates’ capital for life after oil. ADIA is one of several Abu Dhabi sovereign entities that together control almost $1.7 trillion in assets.
#AbuDhabi Banks Lay Groundwork for Potential Risk Transfer Deals - Bloomberg
Abu Dhabi Banks Lay Groundwork for Potential Risk Transfer Deals - Bloomberg
Two of Abu Dhabi’s biggest commercial banks are weighing a foray into the market for significant risk transfers as lenders across the United Arab Emirates face higher capital requirements.
First Abu Dhabi Bank PJSC and Abu Dhabi Commercial Bank PJSC have been in talks with advisors that specialize in such transactions, according to people familiar with the matter. Preparations are at early stages and any potential deals are subject to regulatory approvals, said the people, who didn’t want to be identified because the matter is private.
A representative for First Abu Dhabi Bank declined to comment, and Abu Dhabi Commercial Bank didn’t reply to a request for a comment.
SRTs — frequently referred to as synthetic risk transfers — are a way for banks to insure loans against defaults. The transactions, which are often structured as credit-linked notes, allow lenders to boost their solvency ratios and reduce their reliance on less shareholder-friendly options like issuing new equity or cutting dividends. They also increase their leeway for new lending, acquisitions or shareholder payouts.
First Abu Dhabi Bank’s common equity tier 1 ratio, a key metric of financial strength, is currently at 13.7%. While it is above its self-imposed target of over 13.5%, the metric declined from 14.3% a year earlier and follows its increase of lending activities. Meanwhile, Abu Dhabi Commercial Bank, whose largest shareholder is Mubadala Investment Company, is issuing new stock, which will bolster the bank’s CET1 ratio by about 120 basis points.
UAE banks will face a slight increase in the total capital requirement by 50 basis points to accommodate for the countercyclical buffer from next year, according to Bloomberg Intelligence analyst Edmond Christou. Major banks already operate at higher capital levels than the new threshold.
If the two banks go ahead with SRT deals, it would help cement these transactions as additional options for Middle Eastern lenders to manage regulatory capital, alongside tools including issuance of common equity and Additional Tier 1 securities. A potential SRT transaction out of a lender in the UAE would require approval from the central bank, which is in charge of banking regulation, said the people.
A representative for the Central Bank of the UAE referred questions to the two banks.
Loans tied to SRTs reached €700 billion ($812 billion) at the end of last year, according to a survey from International Association of Credit Portfolio Managers in July. Around 97% of them were generated by European and North American banks.
Lenders issuing SRTs typically require their regulators’ approval to record a capital relief. Authorities including the European Central Bank have been generally supportive of such deals as they move credit risk out of the sector. However, they have also been cautious about the risk coming back into the system, for example if banks loan money to SRT investors.
The global SRT market is set to expand 11% annually on average in the next two years, according to a recent Bloomberg Intelligence survey. JPMorgan Chase & Co., Banco Santander SA, HSBC Holdings Plc and Deutsche Pfandbriefbank AG are among lenders that are currently discussing or finalizing such deals.
Oil slips on skepticism about US commitment to Russian oil sanctions | Reuters
Oil slips on skepticism about US commitment to Russian oil sanctions | Reuters
Oil prices fell on Friday as skepticism crept into the market about the Trump administration's commitment to sanctions on Russia's two biggest oil companies over the war in Ukraine.
Brent crude futures settled 5 cents, or 0.1%, lower at $65.94 a barrel, while U.S. crude futures <CLc1> finished at $61.50 a barrel, down 29 cents, or 0.5%.
Both benchmarks had risen earlier in the session, extending gains of more than 5% made on Thursday after the sanctions were announced, but retreated in the last two hours of trading. They still ended the week over 7% higher, the biggest weekly rise since mid-June.
"There is renewed skepticism these sanctions will be as harsh as they are said to be," said John Kilduff, partner with Again Capital LLC.
U.S. President Donald Trump hit Russia's Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab with sanctions to pressure Russian President Vladimir Putin to end the Ukraine war.
The two companies together account for more than 5% of global oil output, and Russia was the world's second-biggest crude oil producer in 2024 after the U.S.
The sanctions prompted Chinese state oil majors to suspend Russian oil purchases in the short term, trade sources told Reuters. Refiners in India, the largest buyer of seaborne Russian oil, were set to sharply cut Russian crude imports, industry sources said.
"Flows to India are at risk in particular," Janiv Shah, a vice president of oil markets analysis at Rystad Energy, said in a client note. "Challenges to Chinese refiners would be more muted, considering the diversification of crude sources and stock availability."
Kuwait's oil minister said the Organization of the Petroleum Exporting Countries would be ready to offset any shortage in the market by raising production.
The U.S. said it was prepared to take further action, while Putin derided the sanctions as an unfriendly act, saying they would not significantly affect the Russian economy and talking up Russia's importance to the global market.
Britain imposed sanctions on Rosneft and Lukoil last week and the European Union approved a 19th package of sanctions against Russia that includes a ban on imports of Russian liquefied natural gas.
The EU also added two Chinese refiners with a combined capacity of 600,000 barrels per day, as well as Chinaoil Hong Kong, a trading arm of PetroChina (601857.SS), opens new tab, to its Russian sanctions list, its official journal showed on Thursday.
Looking ahead, investors were also focusing on a meeting between Trump and Chinese President Xi Jinping next week as the pair work to defuse long-standing trade tensions and end a spate of tit-for-tat retaliatory measures.
Oil prices fell on Friday as skepticism crept into the market about the Trump administration's commitment to sanctions on Russia's two biggest oil companies over the war in Ukraine.
Brent crude futures settled 5 cents, or 0.1%, lower at $65.94 a barrel, while U.S. crude futures <CLc1> finished at $61.50 a barrel, down 29 cents, or 0.5%.
Both benchmarks had risen earlier in the session, extending gains of more than 5% made on Thursday after the sanctions were announced, but retreated in the last two hours of trading. They still ended the week over 7% higher, the biggest weekly rise since mid-June.
"There is renewed skepticism these sanctions will be as harsh as they are said to be," said John Kilduff, partner with Again Capital LLC.
U.S. President Donald Trump hit Russia's Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab with sanctions to pressure Russian President Vladimir Putin to end the Ukraine war.
The two companies together account for more than 5% of global oil output, and Russia was the world's second-biggest crude oil producer in 2024 after the U.S.
The sanctions prompted Chinese state oil majors to suspend Russian oil purchases in the short term, trade sources told Reuters. Refiners in India, the largest buyer of seaborne Russian oil, were set to sharply cut Russian crude imports, industry sources said.
"Flows to India are at risk in particular," Janiv Shah, a vice president of oil markets analysis at Rystad Energy, said in a client note. "Challenges to Chinese refiners would be more muted, considering the diversification of crude sources and stock availability."
Kuwait's oil minister said the Organization of the Petroleum Exporting Countries would be ready to offset any shortage in the market by raising production.
The U.S. said it was prepared to take further action, while Putin derided the sanctions as an unfriendly act, saying they would not significantly affect the Russian economy and talking up Russia's importance to the global market.
Britain imposed sanctions on Rosneft and Lukoil last week and the European Union approved a 19th package of sanctions against Russia that includes a ban on imports of Russian liquefied natural gas.
The EU also added two Chinese refiners with a combined capacity of 600,000 barrels per day, as well as Chinaoil Hong Kong, a trading arm of PetroChina (601857.SS), opens new tab, to its Russian sanctions list, its official journal showed on Thursday.
Looking ahead, investors were also focusing on a meeting between Trump and Chinese President Xi Jinping next week as the pair work to defuse long-standing trade tensions and end a spate of tit-for-tat retaliatory measures.
Crunch time for #SaudiArabia as financial elite descend on Riyadh | Reuters
Crunch time for Saudi Arabia as financial elite descend on Riyadh | Reuters
Global financial titans descend on Riyadh next week for Saudi Arabia's flagship investment conference, for the first time since the return to the White House of Donald Trump, whose taste for extravagant projects chimes with the kingdom's big plans.
The Future Investment Initiative (FII) conference is taking place against a backdrop of a fragile U.S.-brokered Gaza ceasefire, simmering regional tensions and a kingdom that is facing growing pressure to demonstrate its massive economic transformation isn't just hype.
The world's largest oil exporter has in the past used the gathering to showcase its ambitious plans and ink deals to attract foreign investment while hosting world leaders and financiers under an opulent conference centre's golden domes.
Expected attendees this year include Colombian President Gustavo Petro, BlackRock's Larry Fink, JPMorgan's Jamie Dimon and Citi's Jane Fraser, who on Tuesday became the co-chair of the U.S.-Saudi Business Council. It also features tech and energy heavyweights such as Intel's Lip-Bu Tan and Aramco's Amin Nasser.
TEST TO SEE IF INVESTORS WILL AFFIRM CONFIDENCE
The event, whose Miami edition was attended by Trump himself in February, will be another litmus test to see whether global investors will affirm confidence in the Saudi economy.
Riyadh committed to investing $600 billion in the U.S. when Trump visited the kingdom in May. But Saudi Arabia is also striving for inward capital to bankroll Crown Prince Mohammed bin Salman's economic plan to outgrow hydrocarbon dependence.
Many projects have been delayed amidst low oil prices and a budget deficit that has forced the kingdom to prioritise and downsize.
"Trump's larger-than-life style and the kingdom's love of big, attention-grabbing announcements make a good match," said Alice Gower, partner at London-based advisory Azure Strategy.
But the follow-through on headline pledges is likely to be slow at a time when Riyadh is under pressure to deliver huge projects in time to host global events.
"Investors are still contending with the realities of a state-dominated economy, opaque decision-making, skills shortages, and heavy spending commitments," Gower said.
DEADLINES FOR BIG EVENTS
The international gathering of the elite shows that the days when Saudi Arabia was shunned by some Western governments - only a few years ago - are now well in the past.
After taking power in a palace coup in 2017, MbS faced international censure for cracking down on dissent and for the killing of journalist Jamal Khashoggi. Saudi Arabia says Khashoggi was killed by a rogue group, though MbS has said he accepts responsibility because it happened on his watch.
Many investors are now happy to visit and open to deploying funds, but some are still wary of Riyadh's ability to meet its big project deadlines. Among its promises: to host the 2027 Asian Cup, World Expo 2030, and, in 2034 both the Asian Games and the soccer World Cup, for which it must complete 15 stadiums — 11 of them brand new.
Some projects tied to those events are already delayed, most notably Trojena, a ski resort in the futuristic city of NEOM, a desert mega-city that was intended to house nearly nine million people by the Red Sea that has faced repeated delays.
Trojena is scheduled to host the 2029 Asian Winter Games, with Saudi officials reportedly considering postponing until 2033. Work on NEOM's "The Line" - billed as an indoor city 170 km long and just 200 metres wide - has been scaled back to focus on completing a 2.4 km stretch to include the World Cup stadium.
"There are quite a lot of challenges that would be associated with trying to compress everything into a very short time frame, rather than sort of prioritising and pencilling investments in over a longer period," said Edward Bell, chief economist at Dubai's Emirates NBD.
Lower oil prices and heavy investment commitments are weighing on the kingdom's finances, Fitch Ratings said this month.
The Saudi government's 2026 pre-budget statement signalled a shift towards tighter spending after a sharper-than-expected widening of the 2025 deficit, now seen at 5.3% of gross domestic product.
Bell said Saudi Arabia is likely to run deficits for several years, although he credited the government with being transparent and realistic about its needs.
Asked for comment on prioritisation of projects, a Saudi Finance Ministry spokesperson said: "As we have previously stated, all priority projects remain on track and the economy continues to diversify powered by strong non-oil growth through the private sector, with a strong and disciplined fiscal position."
The world's biggest banks have been deepening their commitment to Saudi Arabia, with the likes of Citi and Goldman Sachs setting up regional headquarters and expanding their teams.
The kingdom, whose economic transformation is being spearheaded by the almost $1 trillion Public Investment Fund, is still a target of $100 billion in annual foreign direct investment by 2030.
"It's a very difficult target," said Karen Young, a senior fellow at the Washington-based Middle East Institute, noting that the largest FDI deals continue to be in the energy sector.
While the kingdom is behind on some projects, it has been able to deliver others, most notably those led by luxury resort developer Red Sea Global (RSG).
Speaking to Reuters this week in Abu Dhabi, RSG CEO John Pagano, who sits on the board of NEOM, said changes would be introduced to help secure delivery timelines of mega projects.
"The country and the PIF are making sure we don't fail to meet those commitments," he added.
Global financial titans descend on Riyadh next week for Saudi Arabia's flagship investment conference, for the first time since the return to the White House of Donald Trump, whose taste for extravagant projects chimes with the kingdom's big plans.
The Future Investment Initiative (FII) conference is taking place against a backdrop of a fragile U.S.-brokered Gaza ceasefire, simmering regional tensions and a kingdom that is facing growing pressure to demonstrate its massive economic transformation isn't just hype.
The world's largest oil exporter has in the past used the gathering to showcase its ambitious plans and ink deals to attract foreign investment while hosting world leaders and financiers under an opulent conference centre's golden domes.
Expected attendees this year include Colombian President Gustavo Petro, BlackRock's Larry Fink, JPMorgan's Jamie Dimon and Citi's Jane Fraser, who on Tuesday became the co-chair of the U.S.-Saudi Business Council. It also features tech and energy heavyweights such as Intel's Lip-Bu Tan and Aramco's Amin Nasser.
TEST TO SEE IF INVESTORS WILL AFFIRM CONFIDENCE
The event, whose Miami edition was attended by Trump himself in February, will be another litmus test to see whether global investors will affirm confidence in the Saudi economy.
Riyadh committed to investing $600 billion in the U.S. when Trump visited the kingdom in May. But Saudi Arabia is also striving for inward capital to bankroll Crown Prince Mohammed bin Salman's economic plan to outgrow hydrocarbon dependence.
Many projects have been delayed amidst low oil prices and a budget deficit that has forced the kingdom to prioritise and downsize.
"Trump's larger-than-life style and the kingdom's love of big, attention-grabbing announcements make a good match," said Alice Gower, partner at London-based advisory Azure Strategy.
But the follow-through on headline pledges is likely to be slow at a time when Riyadh is under pressure to deliver huge projects in time to host global events.
"Investors are still contending with the realities of a state-dominated economy, opaque decision-making, skills shortages, and heavy spending commitments," Gower said.
DEADLINES FOR BIG EVENTS
The international gathering of the elite shows that the days when Saudi Arabia was shunned by some Western governments - only a few years ago - are now well in the past.
After taking power in a palace coup in 2017, MbS faced international censure for cracking down on dissent and for the killing of journalist Jamal Khashoggi. Saudi Arabia says Khashoggi was killed by a rogue group, though MbS has said he accepts responsibility because it happened on his watch.
Many investors are now happy to visit and open to deploying funds, but some are still wary of Riyadh's ability to meet its big project deadlines. Among its promises: to host the 2027 Asian Cup, World Expo 2030, and, in 2034 both the Asian Games and the soccer World Cup, for which it must complete 15 stadiums — 11 of them brand new.
Some projects tied to those events are already delayed, most notably Trojena, a ski resort in the futuristic city of NEOM, a desert mega-city that was intended to house nearly nine million people by the Red Sea that has faced repeated delays.
Trojena is scheduled to host the 2029 Asian Winter Games, with Saudi officials reportedly considering postponing until 2033. Work on NEOM's "The Line" - billed as an indoor city 170 km long and just 200 metres wide - has been scaled back to focus on completing a 2.4 km stretch to include the World Cup stadium.
"There are quite a lot of challenges that would be associated with trying to compress everything into a very short time frame, rather than sort of prioritising and pencilling investments in over a longer period," said Edward Bell, chief economist at Dubai's Emirates NBD.
Lower oil prices and heavy investment commitments are weighing on the kingdom's finances, Fitch Ratings said this month.
The Saudi government's 2026 pre-budget statement signalled a shift towards tighter spending after a sharper-than-expected widening of the 2025 deficit, now seen at 5.3% of gross domestic product.
Bell said Saudi Arabia is likely to run deficits for several years, although he credited the government with being transparent and realistic about its needs.
Asked for comment on prioritisation of projects, a Saudi Finance Ministry spokesperson said: "As we have previously stated, all priority projects remain on track and the economy continues to diversify powered by strong non-oil growth through the private sector, with a strong and disciplined fiscal position."
The world's biggest banks have been deepening their commitment to Saudi Arabia, with the likes of Citi and Goldman Sachs setting up regional headquarters and expanding their teams.
The kingdom, whose economic transformation is being spearheaded by the almost $1 trillion Public Investment Fund, is still a target of $100 billion in annual foreign direct investment by 2030.
"It's a very difficult target," said Karen Young, a senior fellow at the Washington-based Middle East Institute, noting that the largest FDI deals continue to be in the energy sector.
While the kingdom is behind on some projects, it has been able to deliver others, most notably those led by luxury resort developer Red Sea Global (RSG).
Speaking to Reuters this week in Abu Dhabi, RSG CEO John Pagano, who sits on the board of NEOM, said changes would be introduced to help secure delivery timelines of mega projects.
"The country and the PIF are making sure we don't fail to meet those commitments," he added.
#UAE markets gain on rate cut optimism | Reuters
UAE markets gain on rate cut optimism | Reuters
Stock markets in the United Arab Emirates closed higher on Friday with Dubai outperforming its regional peers as tame U.S. inflation data and expectations of future Federal Reserve rate cuts ignited market optimism.
U.S. inflation data, which had been delayed due to the government shutdown, showed consumer prices increased slightly less than expected in September.
The Fed is expected to cut rates by 25 basis points at its meeting next week.
Policy shifts in the U.S. often sway Gulf markets where most currencies including the UAE's, are pegged to the dollar.
Dubai's main index (.DFMGI), opens new tab advanced 0.8%, nearing a two-month high, boosted by gains in heavyweight real estate stocks.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab jumped 2.8% and its construction arm Emaar Development (EMAARDEV.DU), opens new tab surged 4.6% after Emaar unveiled Dubai mansions at Emaar Hills, a 100 billion dirham ($27 billion) community of 40,000 ultra-luxury homes.
Among the gainers, Ajman Bank (AJBNK.DU), opens new tab rose 2.9% following a 82% growth in its third-quarter net profit to 134.9 million dirhams.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, supported by a 2.3% rise in Adnoc Logistics & Services (ADNOCLS.AD), opens new tab and a 1.9% increase in energy infrastructure firm NMDC Energy (NMDCENR.AD), opens new tab.
Abu Dhabi Ports Company (ADPORTS.AD), opens new tab surged 5.6% to an 8-month high, as its supply-chain management arm Noatum Logistics signed a preliminary agreement with Hafeet Rail to establish a new rail service between Sohar in Oman and Abu Dhabi in the UAE.
Dubai's index notched up 1.2% on a weekly basis, while Abu Dhabi recorded 0.8% weekly gains, according to data compiled by LSEG.
Meanwhile, oil prices, a key catalyst for Gulf's financial markets - extended gains on Friday as U.S. sanctions on Russia's two biggest oil companies over the war in Ukraine fuelled supply concerns.
Brent crude was up 0.76% at $66.49 a barrel by 1150 GMT.
Stock markets in the United Arab Emirates closed higher on Friday with Dubai outperforming its regional peers as tame U.S. inflation data and expectations of future Federal Reserve rate cuts ignited market optimism.
U.S. inflation data, which had been delayed due to the government shutdown, showed consumer prices increased slightly less than expected in September.
The Fed is expected to cut rates by 25 basis points at its meeting next week.
Policy shifts in the U.S. often sway Gulf markets where most currencies including the UAE's, are pegged to the dollar.
Dubai's main index (.DFMGI), opens new tab advanced 0.8%, nearing a two-month high, boosted by gains in heavyweight real estate stocks.
Blue-chip developer Emaar Properties (EMAR.DU), opens new tab jumped 2.8% and its construction arm Emaar Development (EMAARDEV.DU), opens new tab surged 4.6% after Emaar unveiled Dubai mansions at Emaar Hills, a 100 billion dirham ($27 billion) community of 40,000 ultra-luxury homes.
Among the gainers, Ajman Bank (AJBNK.DU), opens new tab rose 2.9% following a 82% growth in its third-quarter net profit to 134.9 million dirhams.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab edged up 0.1%, supported by a 2.3% rise in Adnoc Logistics & Services (ADNOCLS.AD), opens new tab and a 1.9% increase in energy infrastructure firm NMDC Energy (NMDCENR.AD), opens new tab.
Abu Dhabi Ports Company (ADPORTS.AD), opens new tab surged 5.6% to an 8-month high, as its supply-chain management arm Noatum Logistics signed a preliminary agreement with Hafeet Rail to establish a new rail service between Sohar in Oman and Abu Dhabi in the UAE.
Dubai's index notched up 1.2% on a weekly basis, while Abu Dhabi recorded 0.8% weekly gains, according to data compiled by LSEG.
Meanwhile, oil prices, a key catalyst for Gulf's financial markets - extended gains on Friday as U.S. sanctions on Russia's two biggest oil companies over the war in Ukraine fuelled supply concerns.
Brent crude was up 0.76% at $66.49 a barrel by 1150 GMT.
Thursday, 23 October 2025
Dubai's Emirates NBD third-quarter profit rises 23% on strong loan growth | Reuters
Dubai's Emirates NBD third-quarter profit rises 23% on strong loan growth | Reuters
Emirates NBD (ENBD.DU), opens new tab on Thursday reported a 23% rise in third-quarter net profit, driven by record loan growth, days after the Emirati bank said it would invest $3 billion in RBL Bank (RATB.NS), opens new tab, the largest cross-border deal in India's financial sector.
Dubai's biggest lender by assets said its net profit was 6.4 billion dirhams ($1.74 billion) in the quarter ended September 30, beating analysts' expectations of 5.54 billion dirhams, according to mean estimates compiled by LSEG.
The lender revised its full-year loan growth guidance upwards to a low 20% range, on the back of a surge in demand in the third quarter, Group CFO Patrick Sullivan said in a statement.
UAE banks have benefited recently from rising credit demand as regional governments invest in sectors such as tourism and infrastructure to diversify their economies beyond oil.
In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices.
Emirates NBD, majority-owned by Dubai's government, said loans surged 19% since the beginning of the year to 628 billion dirhams as of end-September, while deposits grew 14% to 760 billion dirhams.
Its total assets reached 1.14 trillion dirhams, as of the end of the third quarter.
Emirates NBD, which is acquiring a 60% stake in RBL, said on Thursday the transaction is expected to be completed by the end of the second quarter next year.
Emirates NBD (ENBD.DU), opens new tab on Thursday reported a 23% rise in third-quarter net profit, driven by record loan growth, days after the Emirati bank said it would invest $3 billion in RBL Bank (RATB.NS), opens new tab, the largest cross-border deal in India's financial sector.
Dubai's biggest lender by assets said its net profit was 6.4 billion dirhams ($1.74 billion) in the quarter ended September 30, beating analysts' expectations of 5.54 billion dirhams, according to mean estimates compiled by LSEG.
The lender revised its full-year loan growth guidance upwards to a low 20% range, on the back of a surge in demand in the third quarter, Group CFO Patrick Sullivan said in a statement.
UAE banks have benefited recently from rising credit demand as regional governments invest in sectors such as tourism and infrastructure to diversify their economies beyond oil.
In Dubai, the Gulf's tourism and financial hub, a business-friendly environment has attracted a slew of companies and high-net-worth clients, contributing to a spike in real estate prices.
Emirates NBD, majority-owned by Dubai's government, said loans surged 19% since the beginning of the year to 628 billion dirhams as of end-September, while deposits grew 14% to 760 billion dirhams.
Its total assets reached 1.14 trillion dirhams, as of the end of the third quarter.
Emirates NBD, which is acquiring a 60% stake in RBL, said on Thursday the transaction is expected to be completed by the end of the second quarter next year.
Most Gulf markets gain on earnings and oil | Reuters
Most Gulf markets gain on earnings and oil | Reuters
Most stock markets in the Gulf ended higher on Thursday, helped by corporate earnings announcements and rising oil prices.
Dubai's main share index (.DFMGI), opens new tab gained 0.7%, led by a 2.8% rise in toll operator Salik (SALIK.DU), opens new tab and a 1.8% increase in Emirates NBD Bank (ENBD) (ENBD.DU), opens new tab.
ENBD, Dubai's biggest lender by assets, reported a 23% increase in third-quarter net profit to 6.4 billion dirham ($1.74 billion), beating analysts' expectations of 5.54 billion dirham, according to mean estimates compiled by LSEG.
Elsewhere, Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab advanced 1.9%, a day after the firm signed a contract to construct its second district cooling plant in Jumeirah village.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, helped by a 8.2% surge in Tourism Enterprise Company (Shams) (4170.SE), opens new tab. On Sunday, Shams' shareholders approved amending the company's share par value to 10 riyals per share from 0.50 riyal.
Among other gainers, Electrical Industries Company (1303.SE), opens new tab leapt 4.5%, following a sharp rise in quarterly net profit.
Oil prices - a catalyst for the Gulf's financial markets - rose nearly 5% after the U.S. imposed sanctions on major Russian suppliers Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab over the war in Ukraine, extending gains from the previous session.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.4%, weighed down by a 4.2% slide in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, despite reporting a rise in third-quarter profit.
The Qatari index (.QSI), opens new tab added 0.3%, with Commercial Bank (COMB.QA), opens new tab gaining 2.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.3% higher, snapping two sessions of losses.
The EU economy commissioner, Valdis Dombrovskis, and Egypt's Planning Minister Rania Al-Mashat presented a memorandum of understanding for a second 4 billion euro ($4.66 billion) financing, the EU said on Wednesday.
Most stock markets in the Gulf ended higher on Thursday, helped by corporate earnings announcements and rising oil prices.
Dubai's main share index (.DFMGI), opens new tab gained 0.7%, led by a 2.8% rise in toll operator Salik (SALIK.DU), opens new tab and a 1.8% increase in Emirates NBD Bank (ENBD) (ENBD.DU), opens new tab.
ENBD, Dubai's biggest lender by assets, reported a 23% increase in third-quarter net profit to 6.4 billion dirham ($1.74 billion), beating analysts' expectations of 5.54 billion dirham, according to mean estimates compiled by LSEG.
Elsewhere, Emirates Central Cooling Systems Corporation (EMPOWER.DU), opens new tab advanced 1.9%, a day after the firm signed a contract to construct its second district cooling plant in Jumeirah village.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.2%, helped by a 8.2% surge in Tourism Enterprise Company (Shams) (4170.SE), opens new tab. On Sunday, Shams' shareholders approved amending the company's share par value to 10 riyals per share from 0.50 riyal.
Among other gainers, Electrical Industries Company (1303.SE), opens new tab leapt 4.5%, following a sharp rise in quarterly net profit.
Oil prices - a catalyst for the Gulf's financial markets - rose nearly 5% after the U.S. imposed sanctions on major Russian suppliers Rosneft (ROSN.MM), opens new tab and Lukoil (LKOH.MM), opens new tab over the war in Ukraine, extending gains from the previous session.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.4%, weighed down by a 4.2% slide in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, despite reporting a rise in third-quarter profit.
The Qatari index (.QSI), opens new tab added 0.3%, with Commercial Bank (COMB.QA), opens new tab gaining 2.7%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab closed 0.3% higher, snapping two sessions of losses.
The EU economy commissioner, Valdis Dombrovskis, and Egypt's Planning Minister Rania Al-Mashat presented a memorandum of understanding for a second 4 billion euro ($4.66 billion) financing, the EU said on Wednesday.
Wednesday, 22 October 2025
#UAE News: Hedge Fund Magellan Says #Dubai Regulator Ends Probe, Clears Firm - Bloomberg
UAE News: Hedge Fund Magellan Says Dubai Regulator Ends Probe, Clears Firm - Bloomberg
Magellan Capital Limited said Dubai’s financial regulator has ended an investigation into the hedge fund startup, and found no evidence of impropriety following a months-long probe prompted by complaints from a former employee.
“The outcome of the review, with which Magellan Capital Limited fully cooperated, reaffirms the firm’s strong governance, transparency and commitment to the highest professional standards,” it said in a statement on Wednesday.
The Dubai Financial Services Authority’s findings bring the issue to “a clear and final close,” Magellan said. A representative for the DFSA declined to comment.
The regulator began its investigation after a former trader claimed a senior executive at the hedge fund had concealed investment losses. Magellan denied the allegations at the time.
The fund has been planning to launch this year with about $700 million in capital, making it one of the biggest homegrown hedge funds in Dubai. Its seed capital comes from a wealthy Middle Eastern family.
The development had put a spotlight on the emerging hedge fund boom in the United Arab Emirates. Dubai’s financial hub now houses more than 70 firms from the sector, while neighboring Abu Dhabi is home to giants like Brevan Howard Asset Management and Marshall Wace.
Magellan Capital Limited said Dubai’s financial regulator has ended an investigation into the hedge fund startup, and found no evidence of impropriety following a months-long probe prompted by complaints from a former employee.
“The outcome of the review, with which Magellan Capital Limited fully cooperated, reaffirms the firm’s strong governance, transparency and commitment to the highest professional standards,” it said in a statement on Wednesday.
The Dubai Financial Services Authority’s findings bring the issue to “a clear and final close,” Magellan said. A representative for the DFSA declined to comment.
The regulator began its investigation after a former trader claimed a senior executive at the hedge fund had concealed investment losses. Magellan denied the allegations at the time.
The fund has been planning to launch this year with about $700 million in capital, making it one of the biggest homegrown hedge funds in Dubai. Its seed capital comes from a wealthy Middle Eastern family.
The development had put a spotlight on the emerging hedge fund boom in the United Arab Emirates. Dubai’s financial hub now houses more than 70 firms from the sector, while neighboring Abu Dhabi is home to giants like Brevan Howard Asset Management and Marshall Wace.
#Saudi Fund With $3 Billion Mandate Plans Boosting Private Credit - Bloomberg
Saudi Fund With $3 Billion Mandate Plans Boosting Private Credit - Bloomberg
Saudi state-backed investor, Saudi Venture Capital, is reshaping its $3 billion investment strategy to channel more money into private credit funds, betting the asset class will capture a larger share of business in the kingdom.
SVC — which primarily acts as a fund of funds — plans to allocate half of its investments to private credit and equity, from about a third last year, according to Chief Executive Officer Nabeel Koshak. The rest will back venture funding, he said.
“We are re-designing our portfolio strategy based on the evolution and growth of the ecosystem,” Koshak said in an interview with Bloomberg on Tuesday. “Private credit specifically is at the nascent stage so we also plan to do more to raise awareness on how it actually complements filling the gap on SME financing.”
Companies in Saudi Arabia including small and medium-sized enterprises are increasingly seeking new sources of financing amid tightening liquidity conditions that make it more challenging to secure traditional capital through banks, according to Koshak.
The SVC chief spoke ahead of the Private Capital Forum in Riyadh on Wednesday, where the fund will gather investors and policymakers for discussions on regulatory challenges and financing gaps in the market. Private credit and equity will feature large on the agenda as both witness growing demand across the broader Middle East Gulf region.
The need for financing has become acute in Saudi Arabia as the kingdom seeks to drive spending on Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil and turn it into a hub for everything from entrepreneurship to finance and investing.
Saudi Arabia’s Public Investment Fund has already stepped into private credit with agreement earlier this year to anchor new funds from Goldman Sachs Asset Management focused on the Gulf. Venture debt is also seeing signs of budding, with Stride Ventures among those deploying capital in the kingdom.
SVC only recently began pivoting to private credit and venture debt, with investments in Partners for Growth and Ruya Partners. It has also backed PE giants including General Atlantic and VC funds like Global Ventures.
Launched in 2018, SVC has a mandate to invest $3 billion by 2030 to develop the financing ecosystem for startups and SMEs. It has invested about $300 million a year in each of the last two years and intends to keep the pace in 2026, Koshak said.
Saudi state-backed investor, Saudi Venture Capital, is reshaping its $3 billion investment strategy to channel more money into private credit funds, betting the asset class will capture a larger share of business in the kingdom.
SVC — which primarily acts as a fund of funds — plans to allocate half of its investments to private credit and equity, from about a third last year, according to Chief Executive Officer Nabeel Koshak. The rest will back venture funding, he said.
“We are re-designing our portfolio strategy based on the evolution and growth of the ecosystem,” Koshak said in an interview with Bloomberg on Tuesday. “Private credit specifically is at the nascent stage so we also plan to do more to raise awareness on how it actually complements filling the gap on SME financing.”
Companies in Saudi Arabia including small and medium-sized enterprises are increasingly seeking new sources of financing amid tightening liquidity conditions that make it more challenging to secure traditional capital through banks, according to Koshak.
The SVC chief spoke ahead of the Private Capital Forum in Riyadh on Wednesday, where the fund will gather investors and policymakers for discussions on regulatory challenges and financing gaps in the market. Private credit and equity will feature large on the agenda as both witness growing demand across the broader Middle East Gulf region.
The need for financing has become acute in Saudi Arabia as the kingdom seeks to drive spending on Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil and turn it into a hub for everything from entrepreneurship to finance and investing.
Saudi Arabia’s Public Investment Fund has already stepped into private credit with agreement earlier this year to anchor new funds from Goldman Sachs Asset Management focused on the Gulf. Venture debt is also seeing signs of budding, with Stride Ventures among those deploying capital in the kingdom.
SVC only recently began pivoting to private credit and venture debt, with investments in Partners for Growth and Ruya Partners. It has also backed PE giants including General Atlantic and VC funds like Global Ventures.
Launched in 2018, SVC has a mandate to invest $3 billion by 2030 to develop the financing ecosystem for startups and SMEs. It has invested about $300 million a year in each of the last two years and intends to keep the pace in 2026, Koshak said.
#Saudi heritage site to offer investors projects worth $1.6 billion | Reuters
-Saudi heritage site to offer investors projects worth $1.6 billion | Reuters
Saudi Arabia's AlUla cultural heritage site plans to offer projects worth 6 billion riyals ($1.6 billion) for private sector participation, a tourism chief said on Wednesday.
AlUla, which attracted 300,000 visitors last year, is mainly funded by the Saudi finance ministry and now hopes to draw in private funds, Phillip Jones, chief tourism officer of the Royal Commission for AlUla (RCU), said in an interview at the Reuters NEXT Gulf Summit in Abu Dhabi.
About 1 million visitors are expected by 2030, Jones said of AlUla, a UNESCO World Heritage Site of which about 60% is designated a national park and cannot be developed.
"We're embarking upon a big initiative to secure private sector investment, and we have about 6 billion SAR worth of investment opportunities with about 21 projects that we'll be floating to the market sometime at the end of the year, early next year," Jones added.
Developing the historical site is part of Vision 2030, which was launched by Crown Prince Mohammed bin Salman in 2016 to diversify Saudi Arabia's economy and cut its reliance on oil.
While an initial public offering is "not yet" planned, it is under consideration, Jones said, adding that while premature to discuss, a listing could come by the end of the decade.
AlUla has not been impacted by a rationalization programme underway across the kingdom and has secured its budget for the next five years, he said.
"We just finished phase one, and we're entering into phase two now and then we have a phase three, so we'll have lots of opportunities for investment," he said, adding he expected phase two to be complete by 2030.
Jones said roughly 70% of AlUla's visitors are from the Gulf region, including Saudi visitors. The other 30% come from countries including the United States, Britain, India, several European countries and China.
To view the live broadcast of the World Stage go to the Reuters NEXT news page: https://www.reuters.com/world/reuters-next-gulf-live-politicians-business-leaders-discuss-challenges-2025-10-21/
Saudi Arabia's AlUla cultural heritage site plans to offer projects worth 6 billion riyals ($1.6 billion) for private sector participation, a tourism chief said on Wednesday.
AlUla, which attracted 300,000 visitors last year, is mainly funded by the Saudi finance ministry and now hopes to draw in private funds, Phillip Jones, chief tourism officer of the Royal Commission for AlUla (RCU), said in an interview at the Reuters NEXT Gulf Summit in Abu Dhabi.
About 1 million visitors are expected by 2030, Jones said of AlUla, a UNESCO World Heritage Site of which about 60% is designated a national park and cannot be developed.
"We're embarking upon a big initiative to secure private sector investment, and we have about 6 billion SAR worth of investment opportunities with about 21 projects that we'll be floating to the market sometime at the end of the year, early next year," Jones added.
Developing the historical site is part of Vision 2030, which was launched by Crown Prince Mohammed bin Salman in 2016 to diversify Saudi Arabia's economy and cut its reliance on oil.
While an initial public offering is "not yet" planned, it is under consideration, Jones said, adding that while premature to discuss, a listing could come by the end of the decade.
AlUla has not been impacted by a rationalization programme underway across the kingdom and has secured its budget for the next five years, he said.
"We just finished phase one, and we're entering into phase two now and then we have a phase three, so we'll have lots of opportunities for investment," he said, adding he expected phase two to be complete by 2030.
Jones said roughly 70% of AlUla's visitors are from the Gulf region, including Saudi visitors. The other 30% come from countries including the United States, Britain, India, several European countries and China.
To view the live broadcast of the World Stage go to the Reuters NEXT news page: https://www.reuters.com/world/reuters-next-gulf-live-politicians-business-leaders-discuss-challenges-2025-10-21/
Classifieds firm Dubizzle postpones #Dubai IPO, to assess timing | Reuters
Classifieds firm Dubizzle postpones Dubai IPO, to assess timing | Reuters
Classifieds firm Dubizzle Group said on Wednesday it had postponed its IPO on the Dubai Financial Market.
Dubizzle, which was planning to offer a 30.34% stake to investors, did not provide further details on the decision or a new timeline for the initial public offering.
It said in a statement that since announcing its intention to float earlier this month it had seen strong interest from investors but "decided to postpone its planned IPO and assess optimal timing for the offering in the future".
Dubizzle said it was focused on growing its business in the United Arab Emirates and expanding its Saudi Arabian footprint.
The group operates online marketplace and classifieds platforms across the Middle East, Africa, South Asia and Europe, mainly centred in the property and automobile markets.
Classifieds firm Dubizzle Group said on Wednesday it had postponed its IPO on the Dubai Financial Market.
Dubizzle, which was planning to offer a 30.34% stake to investors, did not provide further details on the decision or a new timeline for the initial public offering.
It said in a statement that since announcing its intention to float earlier this month it had seen strong interest from investors but "decided to postpone its planned IPO and assess optimal timing for the offering in the future".
Dubizzle said it was focused on growing its business in the United Arab Emirates and expanding its Saudi Arabian footprint.
The group operates online marketplace and classifieds platforms across the Middle East, Africa, South Asia and Europe, mainly centred in the property and automobile markets.
Most Gulf markets higher on earnings, oil; FAB gains lift #AbuDhabi | Reuters
Most Gulf markets higher on earnings, oil; FAB gains lift Abu Dhabi | Reuters
Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab.
FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.
Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - whose trading was suspended ahead of its earnings announcement - was last up 4%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco (2222.SE), opens new tab, its biggest single-day gain since April 2023.
The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.
"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."
Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.
Among other gainers, telecoms firm Etihad Etisalat (7020.SE), opens new tab leapt 3.7%, after reporting a rise in third-quarter profit.
However, Sahara International Petrochemical Company (Sipchem) (2310.SE), opens new tab plunged 3.4%, as the firm turned to quarterly losses.
Dubai's main share index (.DFMGI), opens new tab concluded flat, with Emirates NBD (ENBD.DU), opens new tab rising 1.9%, as the top lender is slated to report its quarterly earnings.
The Qatari index (.QSI), opens new tab reversed early losses to close 0.3% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers (ABUK.CA), opens new tab as the chemical firm traded ex-dividend.
Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab.
FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.
Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - whose trading was suspended ahead of its earnings announcement - was last up 4%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco (2222.SE), opens new tab, its biggest single-day gain since April 2023.
The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.
"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."
Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.
Among other gainers, telecoms firm Etihad Etisalat (7020.SE), opens new tab leapt 3.7%, after reporting a rise in third-quarter profit.
However, Sahara International Petrochemical Company (Sipchem) (2310.SE), opens new tab plunged 3.4%, as the firm turned to quarterly losses.
Dubai's main share index (.DFMGI), opens new tab concluded flat, with Emirates NBD (ENBD.DU), opens new tab rising 1.9%, as the top lender is slated to report its quarterly earnings.
The Qatari index (.QSI), opens new tab reversed early losses to close 0.3% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers (ABUK.CA), opens new tab as the chemical firm traded ex-dividend.
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