Saudi PIF-Backed Digital Bank Courts Investors for Funding - Bloomberg
D360, a digital bank backed by Saudi Arabia’s Public Investment Fund, is in early-stage talks with potential investors for a planned funding round in the second half of the year.
The lender, which began operations in December, is targeting the first quarter of 2026 to close the Series A funding, Chief Executive Officer Eze Szafir said in an interview last week.
While Szafir declined to disclose how much D360 aims to raise, the funds will help expand services to small and medium enterprises, aligning with the kingdom’s broader economic diversification strategy. The bank has already raised around $500 million from existing shareholders, including the PIF and Derayah Financial Co.
D360 plans to roll out full lending services for individuals and SMEs later this year.
“We’re looking for new investors in the international landscape, most probably from Europe or the US, with the same quality we have here with the PIF AND Derayah,” Szafir said.
The company has named former JPMorgan Chase & Co. banker Mohammed Nazer its chief financial officer to lead the fund-raising effort. Nazer said D360 expects to mandate banks to run the Series A process by the end of July.
D360 was among the first institutions to get a digital bank license in Saudi Arabia. It has over one million users and aims to reach around four million before a potential public listing in four years.
Tuesday, 3 June 2025
KIA Joins Microsoft (MSFT), BlackRock (BLK) and MGX’s AI Partnership - Bloomberg #Kuwait
KIA Joins Microsoft (MSFT), BlackRock (BLK) and MGX’s AI Partnership - Bloomberg
Kuwait’s sovereign wealth fund is joining a Microsoft Corp.-backed initiative to bankroll $30 billion in artificial intelligence infrastructure globally, as the oil-rich Gulf nation looks to tap into the booming sector.
The Kuwait Investment Authority will become the first non-founder financial anchor in the AI Infrastructure Partnership, according to a statement on Tuesday that didn’t disclose any financial commitment. Microsoft, Abu Dhabi’s MGX and BlackRock Inc. had in March added Elon Musk’s xAI and chipmaker Nvidia Corp. to the initiative.
The investment marks the $1 trillion wealth fund’s first major move into AI under its new managing director, Sheikh Saoud Salem Al-Sabah. Gulf peers have already bet heavily on the technology: MGX counts Abu Dhabi’s Mubadala Investment Co. as a founding partner, while Saudi Arabia’s Public Investment Fund recently launched an AI firm, Humain, which has struck deals with major players including Nvidia.
BlackRock and Microsoft announced the partnership last year alongside MGX and Global Infrastructure Partners, the firm founded by Bayo Ogunlesi. The companies said at the time they would seek $30 billion of private equity capital over an unspecified time frame and eventually leverage as much as $100 billion in potential investments. The consortium is also collaborating with energy suppliers NextEra Energy Inc. and GE Vernova Inc.
The KIA is among the largest sovereign funds globally and the second-biggest in the Middle East. Its roots predate the modern state of Kuwait, and it plays a central role in diversifying the country’s economy, with investments spanning ports, airports and power distribution networks worldwide.
Kuwait’s sovereign wealth fund is joining a Microsoft Corp.-backed initiative to bankroll $30 billion in artificial intelligence infrastructure globally, as the oil-rich Gulf nation looks to tap into the booming sector.
The Kuwait Investment Authority will become the first non-founder financial anchor in the AI Infrastructure Partnership, according to a statement on Tuesday that didn’t disclose any financial commitment. Microsoft, Abu Dhabi’s MGX and BlackRock Inc. had in March added Elon Musk’s xAI and chipmaker Nvidia Corp. to the initiative.
The investment marks the $1 trillion wealth fund’s first major move into AI under its new managing director, Sheikh Saoud Salem Al-Sabah. Gulf peers have already bet heavily on the technology: MGX counts Abu Dhabi’s Mubadala Investment Co. as a founding partner, while Saudi Arabia’s Public Investment Fund recently launched an AI firm, Humain, which has struck deals with major players including Nvidia.
BlackRock and Microsoft announced the partnership last year alongside MGX and Global Infrastructure Partners, the firm founded by Bayo Ogunlesi. The companies said at the time they would seek $30 billion of private equity capital over an unspecified time frame and eventually leverage as much as $100 billion in potential investments. The consortium is also collaborating with energy suppliers NextEra Energy Inc. and GE Vernova Inc.
The KIA is among the largest sovereign funds globally and the second-biggest in the Middle East. Its roots predate the modern state of Kuwait, and it plays a central role in diversifying the country’s economy, with investments spanning ports, airports and power distribution networks worldwide.
#AbuDhabi's XRG targets gas, LNG capacity of 20-25 million tons a year by 2035 | Reuters
Abu Dhabi's XRG targets gas, LNG capacity of 20-25 million tons a year by 2035 | Reuters
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.
XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.
On Tuesday, its board, whose members include former BP (BP.L), opens new tab CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan. Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America.
ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in U.S. natural gas in coming months.
The United Arab Emirates, a key ally of U.S. President Donald Trump, plans to raise its U.S. energy investments to $440 billion in the next decade from $70 billion, Jaber said last month.
XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.
The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.
ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.
XRG, the international investment arm of Abu Dhabi National Oil Company (ADNOC), is aiming to have a gas and LNG business with a capacity of between 20 million and 25 million metric tons a year by 2035, the company said in a statement on Tuesday.
XRG was set up last year as an investment company focused on lower-carbon energy, gas and chemicals, with assets of more than $80 billion.
On Tuesday, its board, whose members include former BP (BP.L), opens new tab CEO Bernard Looney and Blackstone's Jon Gray, approved the capacity target and a new five-year business plan. Board members also supported the assessment of potential gas acquisitions and LNG opportunities in North America.
ADNOC's current US investments already sit under XRG, and the oil giant's Chief Executive Sultan Al Jaber said in March that XRG would make a significant investment in U.S. natural gas in coming months.
The United Arab Emirates, a key ally of U.S. President Donald Trump, plans to raise its U.S. energy investments to $440 billion in the next decade from $70 billion, Jaber said last month.
XRG has also changed the name of its low carbon energies platform to Energy Solutions to reflect the full scope of the company's strategy, including energy demand linked to artificial intelligence and the digital economy, a company spokesperson said on Tuesday.
The board "endorsed the company's ambition to create a top three global chemicals platform," XRG said.
ADNOC had agreed in October to buy German chemicals maker Covestro for 14.7 billion euros ($16.73 billion) including debt. Jaber later said it would sit under XRG.
#Dubai's stock index rises, logs second straight session of gains | Reuters
Dubai's stock index rises, logs second straight session of gains | Reuters
Most Gulf stock markets settled higher on Tuesday, with Dubai's main share index (.DFMGI), opens new tab marking a second consecutive session of gains and settling up 0.68%.
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab finished up 0.46%, snapping two consecutive session of losses. The financial sector led gains on the Abu Dhabi stock market with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab up 2.6% and First Abu Dhabi bank up 1.53%.
Oil prices - a catalyst for markets in the Gulf - edged up on Tuesday, supported by a rise in geopolitical tensions and supply concerns. Brent crude futures was up 0.7%, at $65.08 a barrel by 1154 GMT.
Ukraine and Russia ramped up the ongoing war this weekend with one of the biggest drone battles of their conflict, despite peace talks in Turkey. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute. If talks fail, Iran could face continued sanctions, limiting oil supply to the country.
Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.16% lower. United Carton Industries (1323.SE), opens new tab was the top loser on the index, losing 3.98%.
"Sector performance was mixed. These movements suggest uncertainty at current levels, as investors await further developments, particularly upcoming US economic data releases that could influence the Saudi market. Ongoing trade tensions also continue to impact investor sentiment," said Azar.
Qatar's benchmark stock index (.QSI), opens new tab settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport (QGTS.QA), opens new tab. The index logged its highest intraday gain since April 30.
"In Dubai, the market continued its upward trajectory, demonstrating healthy momentum and potential for further gains, with the financial sector significantly influencing performance, led by stocks such as Dubai Islamic Bank and Emirates NBD," said Milad Azar, market analyst at XTB MENA.
"This performance is underpinned by strong fundamentals and a solid economic outlook for the year."
"This performance is underpinned by strong fundamentals and a solid economic outlook for the year."
In Abu Dhabi, the benchmark index (.FTFADGI), opens new tab finished up 0.46%, snapping two consecutive session of losses. The financial sector led gains on the Abu Dhabi stock market with Abu Dhabi Islamic Bank (ADIB.AD), opens new tab up 2.6% and First Abu Dhabi bank up 1.53%.
Oil prices - a catalyst for markets in the Gulf - edged up on Tuesday, supported by a rise in geopolitical tensions and supply concerns. Brent crude futures was up 0.7%, at $65.08 a barrel by 1154 GMT.
Ukraine and Russia ramped up the ongoing war this weekend with one of the biggest drone battles of their conflict, despite peace talks in Turkey. Iran, meanwhile, was poised to reject a U.S. proposal to end a decades-old nuclear dispute. If talks fail, Iran could face continued sanctions, limiting oil supply to the country.
Saudi Arabia's benchmark stock index (.TASI), opens new tab settled 0.16% lower. United Carton Industries (1323.SE), opens new tab was the top loser on the index, losing 3.98%.
"Sector performance was mixed. These movements suggest uncertainty at current levels, as investors await further developments, particularly upcoming US economic data releases that could influence the Saudi market. Ongoing trade tensions also continue to impact investor sentiment," said Azar.
Qatar's benchmark stock index (.QSI), opens new tab settled up 1.28%, helped by a 3.44% rise in Qatar Gas Transport (QGTS.QA), opens new tab. The index logged its highest intraday gain since April 30.
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