Brookfield Said to Near First Deal in Oman With Telco Firm Stake - Bloomberg
Brookfield Asset Management Ltd. is nearing a deal to invest in a telecommunications tower operator in Oman, according to people familiar with the matter, marking the firm’s first foray into the sultanate.
The global investment manager is close to buying a majority stake in Oman Tower Co., which operates around 2,400 telecom sites across the country, the people said, requesting anonymity as the information is not yet public.
Investment bank PJT deNovo is advising the sellers, the people added. Financial terms of the potential transaction were not immediately available.
Representatives for Brookfield and PJT deNovo declined to comment, while OTC did not respond to requests for comment.
The deal for OTC is the latest commitment by Brookfield in the Gulf region where it has become one of the biggest foreign investors in recent years. The firm has been deploying money in sectors ranging from infrastructure to real estate and private equity.
Globally, Brookfield owns and operates assets across the utilities, transport, midstream and data infrastructure sectors — including the world’s second-largest portfolio of telecom towers.
OTC, established in 2018, works with Oman’s major mobile network operators. Burooj Telecommunication Networks and Al Surooh Investment will remain strategic investors, the people said.
Oman has long lagged regional peers such as the United Arab Emirates and Saudi Arabia in overhauling its domestic economy. But in recent years, it has stepped up efforts to sell state-owned assets and deepen capital markets as part of a broader push to diversify away from oil dependence. Earlier this month, the sultanate announced plans to impose income tax, becoming the first Gulf state to do so.
Thursday, 26 June 2025
Convenience Store Retailer Trolley Plans Rare IPO in #Kuwait - Bloomberg
Convenience Store Retailer Trolley Plans Rare IPO in Kuwait - Bloomberg
Kuwaiti convenience store Trolley is planning an initial public offering, according to people familiar with the matter, a rare transaction in one of the Gulf’s quietest markets for new share sales.
EFG Hermes and National Investments Co. are advising on the transaction, which could take place as early as this year, according to the people, who asked not to be named discussing information that isn’t public. No final decisions have been made on the listing, and details such as the size and exact timing have yet to be finalized, the people said.
Representatives for Trolley and NIC did not respond to requests for comment, while representatives for EFG declined to comment.
While Middle Eastern bourses like Saudi Arabia and the United Arab Emirates have seen a flurry of listings over the past four years, Kuwait has largely stayed on the sidelines. Only two companies have gone public in the Gulf state in that time - Beyout Investment Group Holding raised about $146 million in 2024, while Ali Alghanim Sons Automotive drew $322 million in 2022.
Still, Trolley’s planned listing comes as Kuwait’s bourse outperforms regional peers – its main share index is up more than 14% this year, outpacing Dubai’s 8.9% gain. Both gauges briefly dipped after the conflict between Israel and Iran flared up this month, but have since erased those losses and are nearing new highs as a truce appears to hold.
Trolley was founded in 2010 and has 170 stores in Kuwait, according to its website.
Investors have welcomed moves by ruler Sheikh Mishaal Al-Ahmed Al-Sabah to cut through political gridlock, including the suspension of parliament last year. That step cleared the path for long-awaited economic and fiscal reforms, which are yet to materialize.
The OPEC-member state in March approved a new debt law set to re-open international bond markets for Kuwait for the first time since 2017.
The country has already started the process of sending a request for proposal to banks to raise about $6 billion from international debt markets, Bloomberg News reported earlier this week.
The Gulf nation, home to a sovereign wealth fund valued at over $1 trillion, has long been hampered by a unique political structure—combining an elected parliament with a government appointed by the ruling family —that often resulted in legislative deadlock. That gridlock delayed key bills such as the public debt law, forcing the government to rely on the General Reserve Fund to cover budget deficits.
Kuwaiti convenience store Trolley is planning an initial public offering, according to people familiar with the matter, a rare transaction in one of the Gulf’s quietest markets for new share sales.
EFG Hermes and National Investments Co. are advising on the transaction, which could take place as early as this year, according to the people, who asked not to be named discussing information that isn’t public. No final decisions have been made on the listing, and details such as the size and exact timing have yet to be finalized, the people said.
Representatives for Trolley and NIC did not respond to requests for comment, while representatives for EFG declined to comment.
While Middle Eastern bourses like Saudi Arabia and the United Arab Emirates have seen a flurry of listings over the past four years, Kuwait has largely stayed on the sidelines. Only two companies have gone public in the Gulf state in that time - Beyout Investment Group Holding raised about $146 million in 2024, while Ali Alghanim Sons Automotive drew $322 million in 2022.
Still, Trolley’s planned listing comes as Kuwait’s bourse outperforms regional peers – its main share index is up more than 14% this year, outpacing Dubai’s 8.9% gain. Both gauges briefly dipped after the conflict between Israel and Iran flared up this month, but have since erased those losses and are nearing new highs as a truce appears to hold.
Trolley was founded in 2010 and has 170 stores in Kuwait, according to its website.
Investors have welcomed moves by ruler Sheikh Mishaal Al-Ahmed Al-Sabah to cut through political gridlock, including the suspension of parliament last year. That step cleared the path for long-awaited economic and fiscal reforms, which are yet to materialize.
The OPEC-member state in March approved a new debt law set to re-open international bond markets for Kuwait for the first time since 2017.
The country has already started the process of sending a request for proposal to banks to raise about $6 billion from international debt markets, Bloomberg News reported earlier this week.
The Gulf nation, home to a sovereign wealth fund valued at over $1 trillion, has long been hampered by a unique political structure—combining an elected parliament with a government appointed by the ruling family —that often resulted in legislative deadlock. That gridlock delayed key bills such as the public debt law, forcing the government to rely on the General Reserve Fund to cover budget deficits.
#UAE Overtakes #SaudiArabia in Project Awards as Kingdom Eases Up - Bloomberg
UAE Overtakes Saudi Arabia in Project Awards as Kingdom Eases Up - Bloomberg
The United Arab Emirates is on track to surpass Saudi Arabia in the value of awarded construction projects this year as the kingdom slows down on some developments and refocuses its priorities.
The UAE has awarded an estimated $31 billion in projects so far in 2025, outpacing Saudi Arabia’s $20.6 billion, according to data provided by Middle East intelligence platform MEED. If the UAE maintains its lead through year-end, it will be the first time it comes out ahead since 2018.
The shift comes as the kingdom eases up on projects as it faces funding pressures and also adjusts to market demand and rising costs, MEED said on Wednesday. The Gulf nation is also reprioritizing to focus on events it’s hosting, like the 2029 Asian Winter Games and the 2034 FIFA World Cup, MEED added.
The UAE is meanwhile pressing ahead with infrastructure and real estate projects. Still, construction across the Gulf has broadly slowed from previous years due to factors including global economic headwinds. Oil prices, which remain too low to balance many Gulf budgets, may also be contributing, adding pressure to regional finances.
The kingdom has awarded just $4 billion for so-called giga projects in 2025 that are designed to back Crown Prince Mohammed bin Salman’s Vision 2030 diversification agenda. That compares with $24 billion last year. Across 2024, the kingdom granted a record $152 billion in construction contracts.
To be sure, the current lead held by the UAE may shift in the second half as Saudi Arabia is expected to grant awards for stadiums related to the 2034 FIFA World Cup.
Saudi Arabia also still holds the strongest pipeline of planned developments, with around $1.6 trillion worth of projects announced but not yet awarded, MEED said.
The United Arab Emirates is on track to surpass Saudi Arabia in the value of awarded construction projects this year as the kingdom slows down on some developments and refocuses its priorities.
The UAE has awarded an estimated $31 billion in projects so far in 2025, outpacing Saudi Arabia’s $20.6 billion, according to data provided by Middle East intelligence platform MEED. If the UAE maintains its lead through year-end, it will be the first time it comes out ahead since 2018.
The shift comes as the kingdom eases up on projects as it faces funding pressures and also adjusts to market demand and rising costs, MEED said on Wednesday. The Gulf nation is also reprioritizing to focus on events it’s hosting, like the 2029 Asian Winter Games and the 2034 FIFA World Cup, MEED added.
The UAE is meanwhile pressing ahead with infrastructure and real estate projects. Still, construction across the Gulf has broadly slowed from previous years due to factors including global economic headwinds. Oil prices, which remain too low to balance many Gulf budgets, may also be contributing, adding pressure to regional finances.
The kingdom has awarded just $4 billion for so-called giga projects in 2025 that are designed to back Crown Prince Mohammed bin Salman’s Vision 2030 diversification agenda. That compares with $24 billion last year. Across 2024, the kingdom granted a record $152 billion in construction contracts.
To be sure, the current lead held by the UAE may shift in the second half as Saudi Arabia is expected to grant awards for stadiums related to the 2034 FIFA World Cup.
Saudi Arabia also still holds the strongest pipeline of planned developments, with around $1.6 trillion worth of projects announced but not yet awarded, MEED said.
IMF raises forecast for #Saudi GDP growth to 3.5% in 2025 | Reuters
IMF raises forecast for Saudi GDP growth to 3.5% in 2025 | Reuters
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
Lower oil prices have weighed on Saudi Arabia's revenue, with the kingdom projected to post a fiscal deficit of around $27 billion this year.
Still, the kingdom has pushed forward with spending on a massive economic transformation program known as Vision 2030 that aims to wean the economy off its dependence on oil.
Under the program, Saudi Arabia has invested heavily in sports, tourism, and entertainment in recent years.
Government spending and domestic demand are expected to fuel growth despite lower oil prices.
"Robust domestic demand - including from government-led projects - will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook," said the IMF report.
Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported in May.
Still, the kingdom is committed to hosting several large international events, each of which requires significant spending on construction and development.
These include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated.
The kingdom's fiscal deficit will largely be financed by borrowing, said the IMF report.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the kingdom has room to continue borrowing, with its net debt around 17% of GDP, making it one of the least indebted nations globally, according to the IMF.
The IMF had lowered the kingdom's GDP growth forecast to 3% in April from an initial January estimate of 3.3%.
The fund on Thursday added that non-oil real GDP growth is projected at 3.4% in 2025, about 0.8% lower than last year.
The International Monetary Fund on Thursday raised its 2025 GDP growth forecast for Saudi Arabia to 3.5% from 3%, partly on the back of demand for government-led projects, and supported by the OPEC+ group's plan to phase out oil production cuts.
Lower oil prices have weighed on Saudi Arabia's revenue, with the kingdom projected to post a fiscal deficit of around $27 billion this year.
Still, the kingdom has pushed forward with spending on a massive economic transformation program known as Vision 2030 that aims to wean the economy off its dependence on oil.
Under the program, Saudi Arabia has invested heavily in sports, tourism, and entertainment in recent years.
Government spending and domestic demand are expected to fuel growth despite lower oil prices.
"Robust domestic demand - including from government-led projects - will continue to drive growth despite heightened global uncertainty and a weakened commodity price outlook," said the IMF report.
Saudi Finance Minister Mohammed Al-Jadaan said the kingdom would "take stock" of its spending priorities in response to a significant decline in oil revenue, the Financial Times reported in May.
Still, the kingdom is committed to hosting several large international events, each of which requires significant spending on construction and development.
These include the 2029 Asian Winter Games, set to feature artificial snow and a man-made freshwater lake, and the 2034 World Cup, for which 11 new stadiums will be built and others renovated.
The kingdom's fiscal deficit will largely be financed by borrowing, said the IMF report.
Saudi Arabia was the largest emerging market dollar debt issuer last year, but the kingdom has room to continue borrowing, with its net debt around 17% of GDP, making it one of the least indebted nations globally, according to the IMF.
The IMF had lowered the kingdom's GDP growth forecast to 3% in April from an initial January estimate of 3.3%.
The fund on Thursday added that non-oil real GDP growth is projected at 3.4% in 2025, about 0.8% lower than last year.
Gulf shares up as Israel-Iran ceasefire holds, #Dubai hits 17-year high | Reuters
Gulf shares up as Israel-Iran ceasefire holds, Dubai hits 17-year high | Reuters
Stock markets in the Gulf closed higher on Thursday amid steady oil prices as a ceasefire between Israel and Iran appeared to be holding for a second day.
Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank (DISB.DU), opens new tab climbed 4.9% and tolls operator Salik (SALIK.DU), opens new tab advanced 2.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.8%, aided by a 7.6% surge in RAK Properties (RAKPROP.AD), opens new tab and a 4.3% gain for Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco (2222.SE), opens new tab added 0.7%.
Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand.
Brent was trading at $67.98 a barrel by 1230 GMT
The Qatari benchmark index (.QSI), opens new tab was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains.
AlRayan Bank (MARK.QA), opens new tab advanced 1.4% and Industries Qatar (IQCD.QA), opens new tab added 0.5%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
"Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill.
"This has led to increased demand for stocks in the region and a greater focus on market fundamentals".
Markets have been soothed by the ceasefire after 12 days of strikes on each other's territory. U.S. President Donald Trump said on Wednesday he would likely seek a commitment from Iran to end its nuclear ambitions at talks next week.
Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a fifth straight session, rising 1.3% to 5,684, its highest level in 17 years. Dubai Islamic Bank (DISB.DU), opens new tab climbed 4.9% and tolls operator Salik (SALIK.DU), opens new tab advanced 2.2%.
The Abu Dhabi benchmark index (.FTFADGI), opens new tab rose 0.8%, aided by a 7.6% surge in RAK Properties (RAKPROP.AD), opens new tab and a 4.3% gain for Abu Dhabi Islamic Bank (ADIB.AD), opens new tab.
Fitch Ratings affirmed the UAE's rating at "AA-" with a stable outlook on Tuesday, while S&P Global assigned the same rating last week.
Saudi Arabia's benchmark stock index (.TASI), opens new tab extended its gains to a fourth straight session, rising 0.9%, with most sectors in the green. Al Rajhi Bank (1120.SE), opens new tab, the world's largest Islamic lender, gained 0.9% and oil major Saudi Aramco (2222.SE), opens new tab added 0.7%.
Elsewhere, Saudi Arabia's trade surplus fell sharply in April, even as non-oil exports surged and imports rose, according to new government data issued Wednesday.
Oil prices, a catalyst for the Gulf's financial markets, rose 0.4% as a larger-than-expected draw in U.S. crude stocks signalled firm demand.
Brent was trading at $67.98 a barrel by 1230 GMT
The Qatari benchmark index (.QSI), opens new tab was up for a consecutive fifth day, rising 0.4% with almost all its constituents posting gains.
AlRayan Bank (MARK.QA), opens new tab advanced 1.4% and Industries Qatar (IQCD.QA), opens new tab added 0.5%.
Qatar Investment Authority and Canadian asset manager Fiera Capital have launched a $200 million fund to boost foreign and local investment into the Gulf state's stock market, QIA said on Wednesday.
"Markets are benefiting from favorable market sentiment following the easing of geopolitical risks", said Joseph Dahrieh, managing principal at Tickmill.
"This has led to increased demand for stocks in the region and a greater focus on market fundamentals".
Subscribe to:
Comments (Atom)