Saudi Arabia’s PIF Opens Paris Office, Aims to Double Europe Investments - Bloomberg
Saudi Arabia’s sovereign wealth fund is opening a subsidiary office in Paris as it seeks to deepen ties with France and double investment in Europe by 2030.
The expansion by the Public Investment Fund adds to global offices in New York, London, Hong Kong and Beijing, according to a statement Monday. French President Emmanuel Macron was expected at the opening ceremony, along with other senior officials.
The announcement follows comments over the weekend from PIF Governor Yasir Al-Rumayyan that the fund plans to grow its European investments and procurements to $170 billion by the start of the next decade. The state-backed investor deployed about $85 billion across the region between 2017 and 2024, with almost $9 billion of that going to France.
The PIF didn’t disclose details on how many staff it plans to hire for the Paris office or when it may start to increase local investment. The fund already has close ties to French private equity firm Ardian, with the two owning a combined stake of almost 40% in London’s Heathrow Airport.
The PIF is facing a delicate balancing act of retaining a top spot as one of the world’s most active international investors, while driving Crown Prince Mohammed bin Salman’s costly economic diversification at home. The latter has become increasingly challenging as the kingdom faces deepening budget deficits, in part due to lower oil prices.
The sovereign fund has broadened its quest for cash by tapping a wider pool of investors, ramping up debt sales and pursuing public offerings of subsidiary companies.
The PIF has said it plans to increase annual investment to as much as $70 billion a year after 2025. It aims to bring global investments down to 18% from about 30% of its portfolio, though has stressed the absolute dollar amount for overseas deals is expected to grow.
Monday, 19 May 2025
#Dubai Hedge Fund Magellan’s Boss Faces Complaints From Ex Trader - Bloomberg
Dubai Hedge Fund Magellan’s Boss Faces Complaints From Ex Trader - Bloomberg
A former trader at hedge fund startup Magellan Capital Limited has lodged complaints with regulators in Dubai and London against a senior executive, claiming what she described as “regulatory breaches” at the firm.
In complaints filed with the Dubai Financial Services Authority and Britain’s Financial Conduct Authority, Britney Lam alleged that the firm’s Senior Executive Officer Ahmed Omar tried to conceal his investment losses and prevented staff from flagging risks to an external compliance officer.
Lam departed Magellan late last year, just a few months after she joined the firm, and is no longer based in Dubai. A two-decade veteran of the financial industry, she was a key part of Magellan’s plan to start one of the biggest homegrown hedge funds in Dubai.
“The breaches committed by Mr. Ahmed as the SEO are alarming and pose as significant reputational risks for the DFSA and Dubai as a global financial hub with investment ethics,” according to the complaints, copies of which were reviewed by Bloomberg News.
Lam said she’d flagged her concerns in a whistle-blower letter to Magellan’s board before reaching out to the regulators.
“Magellan Capital Limited has not had any contact from its regulators about this and currently does not hold or control client money,” a spokesperson for the firm said. “Further, neither Magellan Capital Limited nor any of its group entities is regulated by the FCA.”
Omar didn’t respond to requests for comment, while Lam and representatives for Britain’s FCA declined to comment.
“We are aware of the matter; however, as a policy, the DFSA does not comment on whether it is conducting an investigation,” the Dubai Financial Services Authority said in a statement.
Magellan is expected to launch with about $700 million in capital to focus on running equity and credit strategies. Its seed capital comes from a wealthy Middle Eastern family.
A former trader at hedge fund startup Magellan Capital Limited has lodged complaints with regulators in Dubai and London against a senior executive, claiming what she described as “regulatory breaches” at the firm.
In complaints filed with the Dubai Financial Services Authority and Britain’s Financial Conduct Authority, Britney Lam alleged that the firm’s Senior Executive Officer Ahmed Omar tried to conceal his investment losses and prevented staff from flagging risks to an external compliance officer.
Lam departed Magellan late last year, just a few months after she joined the firm, and is no longer based in Dubai. A two-decade veteran of the financial industry, she was a key part of Magellan’s plan to start one of the biggest homegrown hedge funds in Dubai.
“The breaches committed by Mr. Ahmed as the SEO are alarming and pose as significant reputational risks for the DFSA and Dubai as a global financial hub with investment ethics,” according to the complaints, copies of which were reviewed by Bloomberg News.
Lam said she’d flagged her concerns in a whistle-blower letter to Magellan’s board before reaching out to the regulators.
“Magellan Capital Limited has not had any contact from its regulators about this and currently does not hold or control client money,” a spokesperson for the firm said. “Further, neither Magellan Capital Limited nor any of its group entities is regulated by the FCA.”
Omar didn’t respond to requests for comment, while Lam and representatives for Britain’s FCA declined to comment.
“We are aware of the matter; however, as a policy, the DFSA does not comment on whether it is conducting an investigation,” the Dubai Financial Services Authority said in a statement.
Magellan is expected to launch with about $700 million in capital to focus on running equity and credit strategies. Its seed capital comes from a wealthy Middle Eastern family.
#Dubai Holding Ups Reit IPO Size to as Much as $584 Million - Bloomberg
Dubai Holding Ups Reit IPO Size to as Much as $584 Million - Bloomberg
Dubai Holding boosted the size of the initial public offering of its residential real estate investment trust, seeking to raise as much as $584 million amid strong demand from domestic and international investors.
The investment firm owned by Dubai’s ruler had earlier planned to raise as much as $487 million from the IPO of Dubai Residential REIT, in what will be the emirate’s first listing of the year. The deal is expected to price at 1.10 dirhams per unit, the top end of the range, and is significantly oversubscribed on the upsized amount, according to terms of the deal seen by Bloomberg.
The strong investor appetite reflects the continued boom in Dubai’s property market, where prices have risen more than 70% over the last four years.
The revised offering size is expected to be between 2.09 billion dirhams ($568 million) to 2.15 billion dirhams, with an implied market capitalization of as much as $3.9 billion.
The firm will now offer 1.95 billion units compared with the previously planned 1.63 billion. That will result in floating 15% of the REIT’s issued unit capital, instead of the initially expected 12.5%.
Despite global market jitters sparked by US tariffs, a host of Middle Eastern firms — from airlines to healthcare providers and packaging producers — have pushed ahead with listings, underscoring investor interest in the region. Dubai Holding had demand for all units on offer minutes after opening subscriptions earlier this month.
Prime residential values in the emirate jumped 16.4% in the first quarter, making it the world’s second-best performer after Seoul, according to Knight Frank. Prices have soared post-pandemic, fueled by business-friendly visa policies and a low-tax environment. Still, analysts warn that softening oil prices and trade-related uncertainty could temper future gains in the real estate boom.
Dubai Holding’s deal adds momentum to the government’s privatization push. The ruler’s firm is also planning to list a commercial real estate portfolio, and the Investment Corporation of Dubai will seek up to $500 million by floating a stake in construction firm ALEC, Bloomberg News has reported.
Dubai Holding boosted the size of the initial public offering of its residential real estate investment trust, seeking to raise as much as $584 million amid strong demand from domestic and international investors.
The investment firm owned by Dubai’s ruler had earlier planned to raise as much as $487 million from the IPO of Dubai Residential REIT, in what will be the emirate’s first listing of the year. The deal is expected to price at 1.10 dirhams per unit, the top end of the range, and is significantly oversubscribed on the upsized amount, according to terms of the deal seen by Bloomberg.
The strong investor appetite reflects the continued boom in Dubai’s property market, where prices have risen more than 70% over the last four years.
The revised offering size is expected to be between 2.09 billion dirhams ($568 million) to 2.15 billion dirhams, with an implied market capitalization of as much as $3.9 billion.
The firm will now offer 1.95 billion units compared with the previously planned 1.63 billion. That will result in floating 15% of the REIT’s issued unit capital, instead of the initially expected 12.5%.
Despite global market jitters sparked by US tariffs, a host of Middle Eastern firms — from airlines to healthcare providers and packaging producers — have pushed ahead with listings, underscoring investor interest in the region. Dubai Holding had demand for all units on offer minutes after opening subscriptions earlier this month.
Prime residential values in the emirate jumped 16.4% in the first quarter, making it the world’s second-best performer after Seoul, according to Knight Frank. Prices have soared post-pandemic, fueled by business-friendly visa policies and a low-tax environment. Still, analysts warn that softening oil prices and trade-related uncertainty could temper future gains in the real estate boom.
Dubai Holding’s deal adds momentum to the government’s privatization push. The ruler’s firm is also planning to list a commercial real estate portfolio, and the Investment Corporation of Dubai will seek up to $500 million by floating a stake in construction firm ALEC, Bloomberg News has reported.
India central bank gives Emirates NBD 'in-principle' nod to set up local unit | Reuters
India central bank gives Emirates NBD 'in-principle' nod to set up local unit | Reuters
The Reserve Bank of India has given "in-principle" approval to Emirates NBD Bank PJSC (ENBD.DU), opens new tab to set up a wholly owned unit in India, the central bank said on Monday.
Emirates NBD, Dubai's biggest bank by assets, currently operates in India through branches located in Chennai, Gurugram and Mumbai. RBI's approval will allow the bank to set up a unit by converting its existing branches in India.
Setting up a wholly owned unit ring-fences a foreign bank's local operations and allows the unit to be treated on par with local banks.
Reuters reported last year that the RBI had approved Emirates NBD, among other lenders, as bidders for a majority stake in state-run IDBI Bank (IDBI.NS), opens new tab.
The Reserve Bank of India has given "in-principle" approval to Emirates NBD Bank PJSC (ENBD.DU), opens new tab to set up a wholly owned unit in India, the central bank said on Monday.
Emirates NBD, Dubai's biggest bank by assets, currently operates in India through branches located in Chennai, Gurugram and Mumbai. RBI's approval will allow the bank to set up a unit by converting its existing branches in India.
Setting up a wholly owned unit ring-fences a foreign bank's local operations and allows the unit to be treated on par with local banks.
Reuters reported last year that the RBI had approved Emirates NBD, among other lenders, as bidders for a majority stake in state-run IDBI Bank (IDBI.NS), opens new tab.
#Dubai's main share index hits fresh record high | Reuters
Dubai's main share index hits fresh record high | Reuters
Most stock markets in the Gulf settled higher on Monday including Dubai's main share index (.DFMGI), opens new tab, which rose 0.7% to a record high for a second consecutive session.
The index had scaled a record on Friday, boosted by a slew of business agreements between the United Arab Emirates and the U.S.
President Donald Trump on his last stop of a Gulf tour said that the two countries had agreed on a path for the Gulf nation to buy advanced semiconductors used for artificial intelligence technologies from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed up 0.12% on Monday.
On Dubai's main index, lender Emirates NBD Bank (ENBD.DU), opens new tab, was the top gainer, closing up 3.5%.
Qatar's benchmark stock index (.QSI), opens new tab also finished the day 0.7% higher, with Qatar Islamic Bank (QISB.QA), opens new tab settling up 1.6%.
Meanwhile, oil prices fell on Monday, pressured by Moody's downgrade of the U.S. sovereign credit rating and disappointing data from China, where official figures revealed a slowdown in both industrial output and retail sales.
Saudi Arabia's benchmark stock index (.TASI), opens new tab closed down 0.3%.
Most stock markets in the Gulf settled higher on Monday including Dubai's main share index (.DFMGI), opens new tab, which rose 0.7% to a record high for a second consecutive session.
The index had scaled a record on Friday, boosted by a slew of business agreements between the United Arab Emirates and the U.S.
President Donald Trump on his last stop of a Gulf tour said that the two countries had agreed on a path for the Gulf nation to buy advanced semiconductors used for artificial intelligence technologies from U.S. companies, a major win for Abu Dhabi's efforts to become a global AI hub.
Abu Dhabi's benchmark index (.FTFADGI), opens new tab closed up 0.12% on Monday.
On Dubai's main index, lender Emirates NBD Bank (ENBD.DU), opens new tab, was the top gainer, closing up 3.5%.
Qatar's benchmark stock index (.QSI), opens new tab also finished the day 0.7% higher, with Qatar Islamic Bank (QISB.QA), opens new tab settling up 1.6%.
Meanwhile, oil prices fell on Monday, pressured by Moody's downgrade of the U.S. sovereign credit rating and disappointing data from China, where official figures revealed a slowdown in both industrial output and retail sales.
Saudi Arabia's benchmark stock index (.TASI), opens new tab closed down 0.3%.
Electrical components and equipment maker Middle East Specialized Cables Company (2370.SE), opens new tab was the top loser, down 5.8%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 1.13%.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 1.13%.
#Qatar Airways' net profit jumps 28% as company expects strong demand to continue | Reuters
Qatar Airways' net profit jumps 28% as company expects strong demand to continue | Reuters
State-owned Qatar Airways posted an annual net profit of a record 7.8 billion riyals ($2.1 billion) for the 2024 financial year ended March 31, up 28% from a year earlier, the company said on Monday, and expects strong demand ahead.
Demand from the Gulf has defied a global slowdown, with regional airlines reporting steady bookings even as trade tensions, currency swings and recession fears weigh on key Western markets.
CEO Badr Mohammed Al-Meer said the company had established strategic partnerships across the industry to enable it to "remain agile in the face of ever-shifting world events, whether political, economic or environmental."
"Our best year commercially in the airline's history was 2024 and we fully expect demand in 2025 to remain as strong," Al-Meer said in a statement.
Revenue and other operating income rose over 6% to 86 billion riyals for the 12 months ended March 31. The airline carried just over 43 million passengers over the year, up 7.8% year-on-year.
Network capacity grew by 4% compared to the previous financial year.
Over the past year, Qatar Airways has acquired a 25% stake in Virgin Australia and a 25% stake in South Africa-based regional carrier Airlink.
It placed an order last week for 160 Boeing (BA.N), opens new tab 777X and 787 planes with GE Aerospace engines worth $96 billion, the largest ever widebody deal for the companies, during U.S. President Donald Trump's high-profile visit to Qatar.
Qatar Airways saw above-market growth in passenger numbers from April 2024 until January this year, a senior executive told Reuters in March, up 9% across its network.
State-owned Qatar Airways posted an annual net profit of a record 7.8 billion riyals ($2.1 billion) for the 2024 financial year ended March 31, up 28% from a year earlier, the company said on Monday, and expects strong demand ahead.
Demand from the Gulf has defied a global slowdown, with regional airlines reporting steady bookings even as trade tensions, currency swings and recession fears weigh on key Western markets.
CEO Badr Mohammed Al-Meer said the company had established strategic partnerships across the industry to enable it to "remain agile in the face of ever-shifting world events, whether political, economic or environmental."
"Our best year commercially in the airline's history was 2024 and we fully expect demand in 2025 to remain as strong," Al-Meer said in a statement.
Revenue and other operating income rose over 6% to 86 billion riyals for the 12 months ended March 31. The airline carried just over 43 million passengers over the year, up 7.8% year-on-year.
Network capacity grew by 4% compared to the previous financial year.
Over the past year, Qatar Airways has acquired a 25% stake in Virgin Australia and a 25% stake in South Africa-based regional carrier Airlink.
It placed an order last week for 160 Boeing (BA.N), opens new tab 777X and 787 planes with GE Aerospace engines worth $96 billion, the largest ever widebody deal for the companies, during U.S. President Donald Trump's high-profile visit to Qatar.
Qatar Airways saw above-market growth in passenger numbers from April 2024 until January this year, a senior executive told Reuters in March, up 9% across its network.
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