Abu Dhabi: BlueFive, CICC Capital Plan Fund for Chinese Firms Eying Mideast - Bloomberg
Abu Dhabi-based BlueFive Capital and the private equity arm of China International Capital Corp. are looking to set up a fund backing Chinese companies seeking to expand in the Middle East.
BlueFive and CICC Capital will negotiate terms on a non-exclusive basis, including fund structure, capital commitments and investment strategy, according to a statement on Tuesday. The vehicle will focus on new economy sectors such as technology, digital transformation, green energy and advanced manufacturing.
The fund is intended to help Chinese businesses use the six-nation Gulf Cooperation Council as both a gateway to local markets and a launchpad for global expansion.
For CICC Capital, which manages 450 billion yuan ($63 billion), the collaboration provides access to a range of geographies and high-potential sectors, Chairman Shan Junbao said.
BlueFive, founded by former Investcorp Holdings executive Hazem Ben-Gacem, manages over $2.6 billion in assets. Earlier this month, it sold a stake to Bahrain’s sovereign wealth fund — just weeks after announcing a $2 billion raise to invest across the GCC in sectors including health care, technology, hospitality and aviation.
For its part, Investcorp has set up a vehicle, backed by China Investment Corp., to capitalize on growing ties between Gulf oil exporters and the world’s second-largest economy. The firm has inked a few deals through that entity, an executive said last year.
Tuesday, 26 August 2025
#Dubai's Sidara lowers bid for Wood Group following UK regulator probe
Dubai's Sidara lowers bid for Wood Group following UK regulator probe
Dubai-based Sidara cut its takeover proposal for Wood Group by about 14% to 30 pence per share, the oilfield services provider said on Tuesday, after Britain's financial regulator launched a probe into its operations.
Wood Group said it will recommend the reduced bid, which values the firm at 207.6 million pounds ($280.45 million) per Reuters calculations - to its shareholders if a firm offer is tabled.
Sidara previously offered 35 pence a share for the British company. In June, Wood Group disclosed that Britain's Financial Conduct Authority (FCA) is investigating its operations after it opened an independent accounting review tied to some contracts and charges last year.
It had earlier delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares.
Sidara said on Tuesday that it is committed to making an offer for the British firm once the remaining pre-conditions linked to Wood Group's debt are satisfied.
Dubai-based Sidara cut its takeover proposal for Wood Group by about 14% to 30 pence per share, the oilfield services provider said on Tuesday, after Britain's financial regulator launched a probe into its operations.
Wood Group said it will recommend the reduced bid, which values the firm at 207.6 million pounds ($280.45 million) per Reuters calculations - to its shareholders if a firm offer is tabled.
Sidara previously offered 35 pence a share for the British company. In June, Wood Group disclosed that Britain's Financial Conduct Authority (FCA) is investigating its operations after it opened an independent accounting review tied to some contracts and charges last year.
It had earlier delayed the publication of its annual results due to a pending audit, leading to a temporary suspension of its shares.
Sidara said on Tuesday that it is committed to making an offer for the British firm once the remaining pre-conditions linked to Wood Group's debt are satisfied.
#AbuDhabi's Lunate to take minority stake in Brevan Howard | Reuters
Abu Dhabi's Lunate to take minority stake in Brevan Howard | Reuters
Abu Dhabi alternative investment manager Lunate is acquiring a minority stake in hedge fund Brevan Howard, the two companies said on Tuesday, the latest high-profile investment by Abu Dhabi in a global asset manager.
The two firms said in a statement they would set up an investment platform based in Abu Dhabi, offering new funds, with an initial commitment of $2 billion by Lunate, with more capital to be raised from local and international investors "over time".
They did not provide further details on the size or value of the stake in Brevan Howard.
A source with knowledge of the matter, speaking on condition of anonymity, said that negotiations took from six months to a year.
Lunate, which manages $110 billion of assets, is part of a business empire steered by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' (UAE) national security adviser and brother of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The deal marks Lunate's strategic expansion into hedge funds and it is the latest investment in asset management by Abu Dhabi, which has become a magnet for the industry in recent years on the back of an influx of millionaires and the presence of some of the world's biggest sovereign wealth funds.
The company invests in areas such as private equity and infrastructure, rather than traditional financial instruments such as equities and bonds, and has signed several partnerships since its launch about two years ago, including with Brookfield (BAM.TO), opens new tab and Blue Owl (OWL.N), opens new tab, where they co-manage funds.
Brevan Howard, founded in 2002 by Alan Howard, and a group of Credit Suisse traders, manages about $34 billion. Headed by CEO Aron Landy, its clients include sovereign wealth funds, corporate and public pension plans.
Its annualised rate of return since 2003 is 8.1%, according to a source close to the matter.
The hedge fund does a significant amount of its crypto trading from the UAE because of the country's "sensible regulations", an executive said at a conference in October.
ABU DHABI EXPANSION
Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast sovereign funds that together manage almost $2 trillion of capital.
Wealth fund Mubadala, through its investment arm, led a consortium that acquired a 68% stake in Fortress last year. It also acquired a significant stake in U.S. private equity firm Silver Lake in 2020.
The emirate has seen a rush of firms setting up in its financial centre ADGM in recent years, including the family office of Bridgewater Associates founder Ray Dalio, who opened a branch in the emirate in 2023, deepening ties with Sheikh Tahnoon's $1.5 trillion financial network.
Brevan Howard also set up a regional headquarters office in ADGM in 2023 and turned it into its largest office by assets managed globally, according to the statement. The hedge fund has seen its performance recover from earlier in the year.
Abu Dhabi alternative investment manager Lunate is acquiring a minority stake in hedge fund Brevan Howard, the two companies said on Tuesday, the latest high-profile investment by Abu Dhabi in a global asset manager.
The two firms said in a statement they would set up an investment platform based in Abu Dhabi, offering new funds, with an initial commitment of $2 billion by Lunate, with more capital to be raised from local and international investors "over time".
They did not provide further details on the size or value of the stake in Brevan Howard.
A source with knowledge of the matter, speaking on condition of anonymity, said that negotiations took from six months to a year.
Lunate, which manages $110 billion of assets, is part of a business empire steered by Sheikh Tahnoun bin Zayed Al Nahyan, the United Arab Emirates' (UAE) national security adviser and brother of UAE President Sheikh Mohammed bin Zayed Al Nahyan.
The deal marks Lunate's strategic expansion into hedge funds and it is the latest investment in asset management by Abu Dhabi, which has become a magnet for the industry in recent years on the back of an influx of millionaires and the presence of some of the world's biggest sovereign wealth funds.
The company invests in areas such as private equity and infrastructure, rather than traditional financial instruments such as equities and bonds, and has signed several partnerships since its launch about two years ago, including with Brookfield (BAM.TO), opens new tab and Blue Owl (OWL.N), opens new tab, where they co-manage funds.
Brevan Howard, founded in 2002 by Alan Howard, and a group of Credit Suisse traders, manages about $34 billion. Headed by CEO Aron Landy, its clients include sovereign wealth funds, corporate and public pension plans.
Its annualised rate of return since 2003 is 8.1%, according to a source close to the matter.
The hedge fund does a significant amount of its crypto trading from the UAE because of the country's "sensible regulations", an executive said at a conference in October.
ABU DHABI EXPANSION
Abu Dhabi, which holds 90% of UAE's oil reserves, has accelerated efforts to diversify its economy, leaning on its vast sovereign funds that together manage almost $2 trillion of capital.
Wealth fund Mubadala, through its investment arm, led a consortium that acquired a 68% stake in Fortress last year. It also acquired a significant stake in U.S. private equity firm Silver Lake in 2020.
The emirate has seen a rush of firms setting up in its financial centre ADGM in recent years, including the family office of Bridgewater Associates founder Ray Dalio, who opened a branch in the emirate in 2023, deepening ties with Sheikh Tahnoon's $1.5 trillion financial network.
Brevan Howard also set up a regional headquarters office in ADGM in 2023 and turned it into its largest office by assets managed globally, according to the statement. The hedge fund has seen its performance recover from earlier in the year.
Brevan's Master Fund ended the first quarter down almost 6% but clawed back performance to the end of June to a negative 0.7%, said a source.
Mideast Stocks: Most Gulf markets in red as Trump's Fed battle heats up
Mideast Stocks: Most Gulf markets in red as Trump's Fed battle heats up
Most stock markets in the Gulf ended lower on Tuesday in line with global peers following U.S. President Donald Trump's removal of Federal Reserve Governor Lisa Cook, a decision that erodes trust in U.S. assets and the independence of the central bank.
Trump took the unprecedented action on Monday of firing Cook, the first African-American woman to serve as a Fed governor, over claims of mortgage borrowing impropriety. Saudi Arabia's benchmark index eased 0.2%, with Al Rajhi Bank losing 0.8%.
Oil prices - a catalyst for the Gulf's financial markets - edged down on Tuesday after surging nearly 2% in the previous session, with traders keeping a close eye on developments surrounding the Ukraine war that could disrupt Russian fuel supplies.
The decline was primarily driven by falling oil prices. Furthermore, a general downturn in global equities weighed on market sentiment, said Milad Azar, Market analyst at XTB MENA.
"Looking ahead, the market is expected to maintain a cautious stance this week in anticipation of the U.S. Personal Consumption Expenditures inflation data due on Friday."
Dubai's main share index dropped 0.5%, hit by a 1.7% fall in blue-chip developer Emaar Properties and a 2% decline in top lender Emirates NBD. World stock markets edged off this month's record highs, with focus on the U.S. after Trump's removal of Cook clouded Fed policy and rate cut expectations.
On Friday, Fed Chair Jerome Powell signalled a possible rate cut at the Fed's meeting next month, saying that risks to the job market were rising but inflation remained a threat, and that a decision wasn't set in stone.
The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
Trump took the unprecedented action on Monday of firing Cook, the first African-American woman to serve as a Fed governor, over claims of mortgage borrowing impropriety. Saudi Arabia's benchmark index eased 0.2%, with Al Rajhi Bank losing 0.8%.
Oil prices - a catalyst for the Gulf's financial markets - edged down on Tuesday after surging nearly 2% in the previous session, with traders keeping a close eye on developments surrounding the Ukraine war that could disrupt Russian fuel supplies.
The decline was primarily driven by falling oil prices. Furthermore, a general downturn in global equities weighed on market sentiment, said Milad Azar, Market analyst at XTB MENA.
"Looking ahead, the market is expected to maintain a cautious stance this week in anticipation of the U.S. Personal Consumption Expenditures inflation data due on Friday."
Dubai's main share index dropped 0.5%, hit by a 1.7% fall in blue-chip developer Emaar Properties and a 2% decline in top lender Emirates NBD. World stock markets edged off this month's record highs, with focus on the U.S. after Trump's removal of Cook clouded Fed policy and rate cut expectations.
On Friday, Fed Chair Jerome Powell signalled a possible rate cut at the Fed's meeting next month, saying that risks to the job market were rising but inflation remained a threat, and that a decision wasn't set in stone.
The Fed's stance holds significant implications for Gulf economies, where most currencies are pegged to the U.S. dollar, making it an anchor for regional monetary stability.
In Abu Dhabi, the index closed 0.4% lower.
The Qatari index advanced 1%, following two sessions of declines, with the Gulf's biggest lender Qatar National Bank jumping 3.5%.
Outside the Gulf, Egypt's blue-chip index declined 1.4%, dragged down by a 2% slide in Commercial International Bank.
The Qatari index advanced 1%, following two sessions of declines, with the Gulf's biggest lender Qatar National Bank jumping 3.5%.
Outside the Gulf, Egypt's blue-chip index declined 1.4%, dragged down by a 2% slide in Commercial International Bank.
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