Wealth Firm Azura Swaps Monaco for Abu Dhabi After Lunate Deal - Bloomberg
Abu Dhabi-based Lunate is taking a stake in Azura Partners, the fast-growing wealth manager started by former Julius Baer Group Ltd. executive Ali Jamal.
With Lunate’s backing, Azura will ramp up hiring and offer more products, all aimed at boosting its assets under management which currently stand at around $5 billion, according to a statement. The firm will remain independent, with Jamal and the current management maintaining operational control.
As part of the deal, the wealth manager will also move its headquarters from Monaco to Abu Dhabi, where the city’s financial center has been locked with other regional hubs in a race to attract the world’s top financial firms and funds.
“Abu Dhabi has become a home for ultra-high net worth individuals and a hub for family offices,” Jamal said in the statement, which didn’t disclose the financial details of the transaction. “Its emergence as a leading financial center presents immense opportunities.”
Lunate’s move is the latest sign that entities from the emirate are looking to extend a global buying spree aimed at cementing Abu Dhabi’s status as a major international financial center. The $110 billion firm is majority owned by 2PointZero and the sovereign wealth fund ADQ is an anchor client.
The alternative asset manager has sealed several deals since its inception in 2023, including an investment in the glitzy Dubai office tower ICD Brookfield Place. Last year alone, Lunate made more than 50 fund commitments, co-investments and direct deals.
Established in 2019, Azura predominantly serves ultra-rich clients such as entrepreneurs and families. It’s been expanding rapidly in recent years with hires from companies including Citigroup Inc. and UBS Group AG and opening offices in major private banking markets like Geneva, London, New York, Miami, Singapore and Dubai.
The Middle East is home to several billionaire families and financial hubs like Abu Dhabi and Dubai have increasingly attracted the world’s wealthy because of its low tax environment. Global banks, in return, have been steadily adding staff in the region to serve the growing class of high net worth individuals.
Wednesday, 30 April 2025
#Saudi PIF, BSF, DP World Bring New Sales in Gulf Sukuk Surge - Bloomberg
Saudi PIF, BSF, DP World Bring New Sales in Gulf Sukuk Surge - Bloomberg
Middle Eastern borrowers are flooding the primary market with a trio of dollar bond deals on Wednesday, marking one of the busiest days for regional credit and Islamic debt this year as they look to take advantage of better market conditions.
Saudi Arabia’s sovereign wealth fund known as the PIF is looking to sell $1.25 billion of seven-year dollar-denominated Islamic debt, at around 110 basis points over Treasuries, 35 basis points tighter than initially indicated, according to people familiar with the matter, who asked not to be identified. Book orders were in excess of $8.2 billion, the people said.
Banque Saudi Fransi priced $650m of Additional Tier 1 notes. United Arab Emirates-based port operator DP World Ltd. is offering a $1.5 billion 10-year sukuk that drew investor bids of more than $3.6 billion, other people said.
The flurry of Middle East sales comes after Abu Dhabi’s leading oil producer sold its first-ever Islamic bond and amid a fresh wave of broader global activity, helped by calmer markets and improved financing costs. US stocks on the S&P 500 had climbed for six straight sessions through Tuesday’s close, while benchmark Treasury yields are back down to some of the lowest levels since early April.
“Markets were volatile in the first two weeks of April. Spreads widened as US tariff policy uncertainty weighed on sentiment,” said Basel Al-Waqayan, Bloomberg Intelligence’s fixed-income strategist for the Middle East and Africa. “Now primary markets are more constructive on the back of US Treasury rates rallying back — so issuers can price competitively.”
The surge in issuance also underscores a broader rebound in Gulf credit markets after a sluggish start to the year.
Sovereign markets were active on Wednesday, with Bahrain preparing a two-part dollar sale including a 12-year conventional bond and eight-year sukuk, according to people familiar with the matter. Combined books were in excess of $6.3 billion.
Sukuk issuance has historically attracted stronger demand relative to conventional bonds, particularly as global ESG mandates and regional liquidity deepen. This week’s activity signals that issuers are moving fast to capitalize on constructive conditions — and that investor appetite for Shariah-compliant structures remains deep.
Middle Eastern borrowers are flooding the primary market with a trio of dollar bond deals on Wednesday, marking one of the busiest days for regional credit and Islamic debt this year as they look to take advantage of better market conditions.
Saudi Arabia’s sovereign wealth fund known as the PIF is looking to sell $1.25 billion of seven-year dollar-denominated Islamic debt, at around 110 basis points over Treasuries, 35 basis points tighter than initially indicated, according to people familiar with the matter, who asked not to be identified. Book orders were in excess of $8.2 billion, the people said.
Banque Saudi Fransi priced $650m of Additional Tier 1 notes. United Arab Emirates-based port operator DP World Ltd. is offering a $1.5 billion 10-year sukuk that drew investor bids of more than $3.6 billion, other people said.
The flurry of Middle East sales comes after Abu Dhabi’s leading oil producer sold its first-ever Islamic bond and amid a fresh wave of broader global activity, helped by calmer markets and improved financing costs. US stocks on the S&P 500 had climbed for six straight sessions through Tuesday’s close, while benchmark Treasury yields are back down to some of the lowest levels since early April.
“Markets were volatile in the first two weeks of April. Spreads widened as US tariff policy uncertainty weighed on sentiment,” said Basel Al-Waqayan, Bloomberg Intelligence’s fixed-income strategist for the Middle East and Africa. “Now primary markets are more constructive on the back of US Treasury rates rallying back — so issuers can price competitively.”
The surge in issuance also underscores a broader rebound in Gulf credit markets after a sluggish start to the year.
Sovereign markets were active on Wednesday, with Bahrain preparing a two-part dollar sale including a 12-year conventional bond and eight-year sukuk, according to people familiar with the matter. Combined books were in excess of $6.3 billion.
Sukuk issuance has historically attracted stronger demand relative to conventional bonds, particularly as global ESG mandates and regional liquidity deepen. This week’s activity signals that issuers are moving fast to capitalize on constructive conditions — and that investor appetite for Shariah-compliant structures remains deep.
TWG Takes Stake in Mubadala Capital With $2.5 Billion Commitment - Bloomberg #AbuDhabi #UAE
TWG Takes Stake in Mubadala Capital With $2.5 Billion Commitment - Bloomberg
The investment firm led by Guggenheim Partners founder Mark Walter and financier Thomas Tull will take a minority stake in Mubadala Investment Co.’s asset management subsidiary, the second time an outside investor has been allowed to own a piece of the Abu Dhabi fund in recent months.
As part of the deal, TWG Global is committing $2.5 billion to Mubadala Capital, which, in turn, is anchoring and leading a $10 billion syndicated investment in TWG, according to a statement. That investment is part of TWG’s $15 billion equity raise, the companies said.
Mubadala Capital was set up 14 years ago as the sovereign fund’s alternative asset management arm. It manages around $30 billion in assets and, in 2017, became the first sovereign wealth fund to manage third-party capital on behalf of global institutional investors.
But TWG’s acquiring of a stake in the unit represents a rare case of a sovereign wealth fund relinquishing part ownership to an external investor. In December, Mubadala Capital added three new equity owners to its platform as part of a deal it did with the credit asset manager Silver Rock, which was the first time it allowed external shareholders into the ownership of the business.
Mubadala Capital Chief Executive Officer Hani Barhoush said the combination of “institutional expertise and capital resources” would strengthen the ability of both firms to access better investment opportunities. TWG, its partners and clients also committed to investing an additional $20 billion of capital over time to strengthen the ties between the two firms.
Sovereign wealth funds like Mubadala were set up to invest their state owner’s oil revenue surplus and help diversify the country’s economy. With $330 billion in assets, it’s the second-largest such fund after the $1 trillion Abu Dhabi Investment Authority and has in recent years deployed billions of dollars in sectors ranging from finance to entertainment and health care.
For its part, TWG has been making a push into artificial intelligence, recently striking a partnership with data-analysis software firm Palantir Technologies Inc. to expand AI commercial capabilities across financial institutions.
Mubadala has also been investing in the technology and is one of the founding partners of MGX, an Abu Dhabi-based firm that’s part of the $100 billion joint venture that’s funding AI infrastructure recently unveiled by US President Donald Trump.
TWG’s holdings also include Guggenheim Investments and prominent sports franchises such as the LA Dodgers, LA Lakers and Chelsea F.C., according to its website.
Walter, who co-founded Guggenheim Partners in 1999, has a net worth of $10.5 billion, according to the Bloomberg Billionaires Index. Guggenheim was a pioneer in raising permanent capital through insurance relationships.
Billionaire Tull cemented his fortune by selling Legendary Pictures, the production company behind films like The Hangover and The Dark Knight.
The investment firm led by Guggenheim Partners founder Mark Walter and financier Thomas Tull will take a minority stake in Mubadala Investment Co.’s asset management subsidiary, the second time an outside investor has been allowed to own a piece of the Abu Dhabi fund in recent months.
As part of the deal, TWG Global is committing $2.5 billion to Mubadala Capital, which, in turn, is anchoring and leading a $10 billion syndicated investment in TWG, according to a statement. That investment is part of TWG’s $15 billion equity raise, the companies said.
Mubadala Capital was set up 14 years ago as the sovereign fund’s alternative asset management arm. It manages around $30 billion in assets and, in 2017, became the first sovereign wealth fund to manage third-party capital on behalf of global institutional investors.
But TWG’s acquiring of a stake in the unit represents a rare case of a sovereign wealth fund relinquishing part ownership to an external investor. In December, Mubadala Capital added three new equity owners to its platform as part of a deal it did with the credit asset manager Silver Rock, which was the first time it allowed external shareholders into the ownership of the business.
Mubadala Capital Chief Executive Officer Hani Barhoush said the combination of “institutional expertise and capital resources” would strengthen the ability of both firms to access better investment opportunities. TWG, its partners and clients also committed to investing an additional $20 billion of capital over time to strengthen the ties between the two firms.
Sovereign wealth funds like Mubadala were set up to invest their state owner’s oil revenue surplus and help diversify the country’s economy. With $330 billion in assets, it’s the second-largest such fund after the $1 trillion Abu Dhabi Investment Authority and has in recent years deployed billions of dollars in sectors ranging from finance to entertainment and health care.
For its part, TWG has been making a push into artificial intelligence, recently striking a partnership with data-analysis software firm Palantir Technologies Inc. to expand AI commercial capabilities across financial institutions.
Mubadala has also been investing in the technology and is one of the founding partners of MGX, an Abu Dhabi-based firm that’s part of the $100 billion joint venture that’s funding AI infrastructure recently unveiled by US President Donald Trump.
TWG’s holdings also include Guggenheim Investments and prominent sports franchises such as the LA Dodgers, LA Lakers and Chelsea F.C., according to its website.
Walter, who co-founded Guggenheim Partners in 1999, has a net worth of $10.5 billion, according to the Bloomberg Billionaires Index. Guggenheim was a pioneer in raising permanent capital through insurance relationships.
Billionaire Tull cemented his fortune by selling Legendary Pictures, the production company behind films like The Hangover and The Dark Knight.
Most Gulf markets gain ahead of earnings, US data | Reuters
Most Gulf markets gain ahead of earnings, US data | Reuters
Most stock markets in the Gulf ended higher on Wednesday ahead of more corporate earnings announcements, while investors awaited a spate of U.S. economic data expected this week.
The U.S. is scheduled to report advance first-quarter GDP data at 1330 GMT (0830 ET), which is expected to show that the economy stalled or even contracted in the first quarter, swamped by a deluge of imported goods by businesses eager to avoid higher costs.
Meanwhile, U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner.
In Abu Dhabi, the index (.FTFADGI), opens new tab reversed early losses to close 0.1% higher, helped by a 3.3% jump in the United Arab Emirates' biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, extending gains for a second session.
On Tuesday, the bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' estimate of 4.24 billion dirhams, according to data compiled by LSEG.
On the other hand, Abu Dhabi Commercial Bank (ADCB.AD), opens new tab declined 2.2% following a drop in first-quarter operating income.
Dubai's main share index (.DFMGI), opens new tab advanced 1.3%, led by a 14.9% surge in Commercial Bank of Dubai (CBD.DU), opens new tab.
The Qatari index (.QSI), opens new tab finished 1.3% higher, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab, gaining 2.1%.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1.2% decrease in oil giant Saudi Aramco (2222.SE), opens new tab.
Oil prices extended declines and were set for their largest monthly drop in almost three-and-a-half years as the global trade war eroded the outlook for fuel demand amid supply concerns.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
Most stock markets in the Gulf ended higher on Wednesday ahead of more corporate earnings announcements, while investors awaited a spate of U.S. economic data expected this week.
The U.S. is scheduled to report advance first-quarter GDP data at 1330 GMT (0830 ET), which is expected to show that the economy stalled or even contracted in the first quarter, swamped by a deluge of imported goods by businesses eager to avoid higher costs.
Meanwhile, U.S. President Donald Trump signed a pair of orders to soften the blow of his auto tariffs on Tuesday, while his trade team touted its first deal with a foreign trading partner.
In Abu Dhabi, the index (.FTFADGI), opens new tab reversed early losses to close 0.1% higher, helped by a 3.3% jump in the United Arab Emirates' biggest lender, First Abu Dhabi Bank (FAB.AD), opens new tab, extending gains for a second session.
On Tuesday, the bank reported a net profit of 5.13 billion dirhams ($1.40 billion), beating analysts' estimate of 4.24 billion dirhams, according to data compiled by LSEG.
On the other hand, Abu Dhabi Commercial Bank (ADCB.AD), opens new tab declined 2.2% following a drop in first-quarter operating income.
Dubai's main share index (.DFMGI), opens new tab advanced 1.3%, led by a 14.9% surge in Commercial Bank of Dubai (CBD.DU), opens new tab.
The Qatari index (.QSI), opens new tab finished 1.3% higher, with the Gulf's biggest lender, Qatar National Bank (QNBK.QA), opens new tab, gaining 2.1%.
Saudi Arabia's benchmark index (.TASI), opens new tab, however, fell 0.6%, hit by a 1.3% fall in Al Rajhi Bank (1120.SE), opens new tab and a 1.2% decrease in oil giant Saudi Aramco (2222.SE), opens new tab.
Oil prices extended declines and were set for their largest monthly drop in almost three-and-a-half years as the global trade war eroded the outlook for fuel demand amid supply concerns.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%.
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