Hedge Fund Tyrus Shutters London Office to Relocate to #AbuDhabi #UAE - Bloomberg

Hedge Fund Tyrus Shutters London Office to Relocate to Abu Dhabi - Bloomberg

Tony Chedraoui’s hedge fund Tyrus Capital is in the process of shutting down operations in London and relocating to Abu Dhabi.

The money manager is relocating its office to the growing Middle Eastern hub and some London based staff have been offered the chance to move to Abu Dhabi, Monaco or Spain, according to a representative. Tyrus’s Abu Dhabi Global Market entity was incorporated earlier this month, according to a filing.

The hedge fund firm, founded by Chedraoui, has applied to cancel its authorization with UK’s Financial Conduct Authority, a separate filing shows. Tyrus has an existing office in Monaco where Chedraoui is based, as well as an outpost in Barcelona, according to the company’s website.

Tyrus joins the flood of investment firms setting up in Abu Dhabi and Dubai to take advantage of the region’s tax-free status, deep-pocketed sovereign wealth funds and family offices, favorable trading time zones and a growing ecosystem of money managers. The hubs host some of the world’s biggest hedge funds from Brevan Howard Asset Management and Millennium Management to Balyasny Asset Management.

The UK has been particularly vulnerable to that exodus, as tax hikes and the removal of tax breaks on international earnings for non-domiciled residents has provoked some to move.

Chedraoui, a former Lehman Brothers proprietary trader and head of event-driven strategies at Deephaven Capital Management, founded Tyrus in London in 2009. The firm is best known for structuring trades for European corporates, event-driven trading and its private equity fund.

#Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO - Bloomberg

Saudi Foodtech Startup Raises $64 Million on Path to 2027 IPO - Bloomberg

Saudi foodtech startup Calo has raised $64 million in Series B funding as the company expands beyond the Middle East and aims for a public listing by 2027.

Calo, specializing in subscription-based meal services, drew capital from investors including Nuwa Capital, Saudi Technology Ventures and AlJazira Capital.

It plans to use the funding to expand offerings to include long life snacks and frozen meals for retail shelves, according to Ahmed Alrawi, founder and chief executive officer.

Calo is also preparing to launch on-demand delivery, which will require building out dark kitchens — commercial cooking spaces designed for food delivery — and potentially its own logistics network, Alrawi said in an interview.

The company expanded into the UK earlier this year after acquiring and integrating meal-subscription brands Fresh Fitness Food and Detox Kitchen. It plans to pursue an IPO in Saudi Arabia by 2027, Alrawi said, without disclosing further details.

Calo’s funding comes as startups in the Middle East draw increasing amounts of venture capital investment, driven by sovereign players and the launch of new funds. Saudi Arabia continues to lead the region, having raised more investment capital than any of its neighbors for the third straight year in the first half of 2025.

Started in 2019, Calo operates in Saudi Arabia, the UAE, Bahrain, Qatar and Kuwait. It has also launched in Oman and said UK operations are “underway,” according to a statement on a Tuesday.

Dar Al Majed: #Saudi Arabian Developer’s $336 Million IPO Sells Out in Minutes - Bloomberg

Dar Al Majed: Saudi Arabian Developer’s $336 Million IPO Sells Out in Minutes - Bloomberg

Saudi Arabia’s Dar Al Majed Real Estate Co. saw demand for all shares on offer in its 1.26 billion riyals ($336 million) initial public offering within minutes of books opening on the deal in Riyadh, according to people familiar with the matter.

The real estate developer’s shareholders will sell a 30% stake, or about 90 million shares, at between 13.5 and 14 riyals apiece, the people said, declining to be identified discussing private information. The top end of the range values the firm — better known as Almajdiah — at 4.2 billion riyals.

Institutional bookbuilding will be open until Aug. 4, while the retail subscription period will run from Aug. 14 to 18.

Saudi Arabia has been the most active venue for new share sales in the Middle East so far this year, with companies raising more than $3 billion. Still, recent listings have seen mixed performance as valuations in the kingdom come into focus amid a lower-for-longer oil price environment.

Developers like Almajdiah stand to benefit as Saudi Arabia loosens rules around foreign property investment and works to boost local home ownership rates under its broad economic diversification drive.

Al Ramz is another real estate firm that has regulatory approval to list. Building materials supplier Marketing Home Group is also set to go public in the next few weeks.

Established in 1999, Almajdiah develops residential communities primarily in Riyadh. BSF Capital, the investment banking arm of Banque Saudi Fransi, is arranging the transaction.

#AbuDhabi developer Aldar posts 24% rise in first-half profit, doubles down on #UAE market | Reuters

Abu Dhabi developer Aldar posts 24% rise in first-half profit, doubles down on UAE market | Reuters

Abu Dhabi’s largest developer Aldar Properties (ALDAR.AD), opens new tab reported a 24% jump in first-half profit on Tuesday, driven by a record development backlog and surging international demand — led by Chinese buyers.

Aldar, the builder behind Ferrari World and lavish island properties in Abu Dhabi, made a net profit of 4.1 billion UAE dirhams ($1.12 billion) in the half ended June 30, as the group's development sales grew 31% to 18.3 billion dirhams.

The growth in sales was driven by "a growing stream of international buyers" in the United Arab Emirates, with Chinese investors at the forefront, Chief Financial and Sustainability Officer Faisal Falaknaz told reporters.

Sales to Chinese buyers hit 1.7 billion dirhams in the first half of 2025, already exceeding the 1.5 billion dirhams recorded for all of 2024, Falaknaz said.

The UAE’s real estate market continues to build momentum, drawing interest from institutional investors and private equity firms alike as they seek stable returns and the Gulf's low taxes, political stability and luxury properties draw investors from countries like China and Russia.

International buyers and expats made up 84% of Aldar’s UAE sales in the first half of 2025, up from 78% in 2024 and 66% in 2023.

The firm, which recently acquired developers in Egypt and the UK, said it has no plans for further international expansion and is focusing instead on its domestic operations.

"The UAE, Abu Dhabi, Dubai, Ras Al Khaimah will continue to be the primary focus going forward," Falaknaz said. Aldar launched five new projects in the Emirates in the first half.

Aldar's development backlog rose to 62.3 billion dirham by the end of June, 53.4 billion of which is in the UAE.

Earnings drag #Saudi, #AbuDhabi down, while lifting #Dubai amid cautious trade outlook | Reuters

Earnings drag Saudi, Abu Dhabi down, while lifting Dubai amid cautious trade outlook | Reuters

Saudi Arabia and Abu Dhabi edged lower on Tuesday on lacklustre second-quarter results, while Dubai advanced, bucking major Gulf peers, supported by strong corporate performance and optimism around future positive earnings announcements.

Saudi Arabia's benchmark index (.TASI), opens new tab eased 0.6%, pressured by a string of disappointing earnings across key sectors.

Arabian Drilling (2381.SE), opens new tab plunged 10% after posting a sharp drop in second-quarter profit, well below analysts' expectations, and announcing a suspension of cash dividends for 2025.

Arabian Pipes (2200.SE), opens new tab fell more than 3.5% after missing quarterly estimates, while Jamjoom Pharmaceuticals (4015.SE), opens new tab dropped nearly 5% as its shares traded ex-dividend.

Dubai's benchmark index (.DFMGI), opens new tab rose 0.2% to hit over a 17-1/2-year high, logging its fifth consecutive session of gains, as hopes remain high ahead of key earnings, mainly from the real estate sector. Gains were driven by a 1% jump in toll operator Salik (SALIK.DU), opens new tab maintaining the same stretch of wins.

Elsewhere, Dubai Taxi Company (DTC.DU), opens new tab climbed nearly 7.5% after its second-quarter results topped market expectations and it announced a higher half-year dividend than last year.

The Abu Dhabi index (.FTFADGI), opens new tab edged down 0.2% as mixed corporate earnings offset optimism from the previous week's strong performance that was expected to sustain momentum.

Abu Dhabi's largest developer, Aldar Properties (ALDAR.AD), opens new tab, slipped over 3% after announcing a marginal second-quarter revenue decline sequentially, despite reporting a record order backlog of 62.3 billion dirhams as of the end of June.

Among other laggards, IHC-owned investment firm Multiply Group (MULTIPLY.AD), opens new tab sank 3.3% after its quarterly profit halved year-on-year.

Qatar's benchmark index (.QSI), opens new tab fell 0.6%, weighed down by broad-based sectoral declines, as investors booked profits following a multi-year rally, with Qatar Islamic Bank (QISB.QA), opens new tab losing nearly 2%.

Investors remained focused on global trade risks following the U.S. and European Union's weekend deal, which reduced the threat of a 30% tariff to a 15% levy on most EU imports.

While the agreement eased immediate fears, sentiment remained cautious as markets weighed the higher duties against the 1% to 2% level before Trump returned to the White House.

Trump's ongoing tariff policies continue to fuel worries over global growth, with potential slowdowns in trade and consumption threatening energy demand and the fiscal stability of oil-dependent Gulf economies.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab was flat following a recent record peak.