Saudi Quick Delivery Startup Ninja Said to Seek Banks for IPO - Bloomberg
Saudi Arabia-based quick delivery firm Ninja is looking to hire investment banks to advise on a potential initial public offering that could take place as early as next year, according to people familiar with the matter.
Ninja has requested proposals from prospective underwriters and financial advisers for the deal, the people said, requesting anonymity to discuss private information.
The three-year-old firm joined the kingdom’s growing list of tech unicorns earlier this year after raising $250 million from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion. Based on its growth trajectory, Ninja expects to be able to seek a significantly higher valuation when it eventually lists, one of the people said.
No final decisions on the timing or size of the transaction have been taken, and a deal may not materialize at all. The company could decide to defer the deal to 2027 if investment banks believe that would be better, one of the people said.
Representatives for Ninja declined to comment.
Several startups valued at more than $1 billion have already emerged in Saudi Arabia, including fintech firms Tabby and Tamara. They underscore the kingdom’s push to build a dynamic tech sector as it works to broaden its economy beyond oil.
A listing by Ninja would add to the growing pipeline of technology companies preparing to go public in Riyadh. Tabby, for example, has been working with advisers such as JPMorgan Chase & Co. and Morgan Stanley on its own IPO and fintech Emkan Finance Co. has also hired Morgan Stanley and Al Rajhi Capital for a potential listing.
The kingdom has been the busiest Middle Eastern IPO venue so far this year, with companies raising over $3.5 billion through first-time share sales.
Monday, 1 September 2025
McLaren F1 Team Valued at More Than £3 Billion in Stake Sale - Bloomberg
McLaren F1 Team Valued at More Than £3 Billion in Stake Sale - Bloomberg
McLaren Racing Ltd, the owner of the Formula One team currently leading the championship, will be valued at more than £3 billion ($4.1 billion) in a stake sale, according to two people familiar with the matter, underscoring continued investor bullishness about the sport.
The owners of McLaren Group Limited — Bahrain sovereign wealth fund Mumtalakat and Abu Dhabi-based CYVN Holdings — will take full control of the racing team, the people said, asking not to be named discussing the deal.
They’ll buy out the 30% stake held by MSP Sports Capital and other minority shareholders who bought into McLaren in 2020 at a valuation of £560 million. Walmart Inc. heir Rob Walton was also an investor during the round, Bloomberg previously reported.
McLaren Racing and MSP declined to comment. The stake sale was first reported by Sky News.
It’s the latest bumper valuation for an F1 team amid the growing interest in the sport from fans and investors. The Aston Martin team is in talks to achieve a roughly £2.4 billion valuation in its latest stake sale, even though it’s well behind the frontrunners in the championship table.
The sport has boomed under the ownership of Liberty Media, thanks in part to the success of the Netflix behind-the-scenes show Formula 1: Drive to Survive, which has attracted new fans, particularly in the US. The recent F1: The Movie starring Brad Pitt has further broadened the sport’s appeal.
Led by Chief Executive Officer Zak Brown, McLaren Racing won the team championship last year for the first time in 26 years. The team’s drivers — Oscar Piastri and Lando Norris — are currently the top two contenders to win the drivers’ championship for McLaren for the first time since 2008.
While the F1 team’s been riding high, there’s plenty of work to do at the high-end sports car maker McLaren Automotive Ltd. that’s part of the group.
CYVN is aiming to reverse years of losses at the cash-strapped manufacturer. McLaren has had to tap shareholders for funding on multiple occasions in recent years, sell some of its heritage car collection, offload its advanced technologies arm and completed a sale and leaseback of its Woking headquarters.
McLaren Racing Ltd, the owner of the Formula One team currently leading the championship, will be valued at more than £3 billion ($4.1 billion) in a stake sale, according to two people familiar with the matter, underscoring continued investor bullishness about the sport.
The owners of McLaren Group Limited — Bahrain sovereign wealth fund Mumtalakat and Abu Dhabi-based CYVN Holdings — will take full control of the racing team, the people said, asking not to be named discussing the deal.
They’ll buy out the 30% stake held by MSP Sports Capital and other minority shareholders who bought into McLaren in 2020 at a valuation of £560 million. Walmart Inc. heir Rob Walton was also an investor during the round, Bloomberg previously reported.
McLaren Racing and MSP declined to comment. The stake sale was first reported by Sky News.
It’s the latest bumper valuation for an F1 team amid the growing interest in the sport from fans and investors. The Aston Martin team is in talks to achieve a roughly £2.4 billion valuation in its latest stake sale, even though it’s well behind the frontrunners in the championship table.
The sport has boomed under the ownership of Liberty Media, thanks in part to the success of the Netflix behind-the-scenes show Formula 1: Drive to Survive, which has attracted new fans, particularly in the US. The recent F1: The Movie starring Brad Pitt has further broadened the sport’s appeal.
Led by Chief Executive Officer Zak Brown, McLaren Racing won the team championship last year for the first time in 26 years. The team’s drivers — Oscar Piastri and Lando Norris — are currently the top two contenders to win the drivers’ championship for McLaren for the first time since 2008.
While the F1 team’s been riding high, there’s plenty of work to do at the high-end sports car maker McLaren Automotive Ltd. that’s part of the group.
CYVN is aiming to reverse years of losses at the cash-strapped manufacturer. McLaren has had to tap shareholders for funding on multiple occasions in recent years, sell some of its heritage car collection, offload its advanced technologies arm and completed a sale and leaseback of its Woking headquarters.
Mideast Stocks: Most Gulf markets dip on weak oil prices
Mideast Stocks: Most Gulf markets dip on weak oil prices
Most stock markets in the Gulf ended lower on Monday amid weak oil prices, with the Saudi index falling for a sixth consecutive session.
Saudi Arabia's benchmark index dropped 0.3%, hit by a 0.8% fall in oil behemoth Saudi Aramco and a 0.3% decrease in Al Rajhi Bank. A Reuters poll on Friday showed that oil prices - a catalyst for the Gulf's financial markets - are unlikely to gain much traction from current levels this year, with rising output from top producers.
On Monday, oil prices rose by more than 1% due to concerns over escalated Russia-Ukraine airstrikes and a weaker U.S. dollar. However, the price range remains relatively subdued.
Even with a small rebound in oil prices, the Saudi market remains exposed to risks related to potential oil price declines, as looming oversupply and weaker demand prospects cloud the outlook for oil, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index retreated 1.6%, dragged down by a 2.1% slide in blue-chip developer Emaar Properties . Dahrieh said the Dubai stock market may experience further corrections if no supportive developments emerge.
In Abu Dhabi, the index ended 0.8% lower.
Most stock markets in the Gulf ended lower on Monday amid weak oil prices, with the Saudi index falling for a sixth consecutive session.
Saudi Arabia's benchmark index dropped 0.3%, hit by a 0.8% fall in oil behemoth Saudi Aramco and a 0.3% decrease in Al Rajhi Bank. A Reuters poll on Friday showed that oil prices - a catalyst for the Gulf's financial markets - are unlikely to gain much traction from current levels this year, with rising output from top producers.
On Monday, oil prices rose by more than 1% due to concerns over escalated Russia-Ukraine airstrikes and a weaker U.S. dollar. However, the price range remains relatively subdued.
Even with a small rebound in oil prices, the Saudi market remains exposed to risks related to potential oil price declines, as looming oversupply and weaker demand prospects cloud the outlook for oil, said Joseph Dahrieh, Managing Principal at Tickmill.
Dubai's main share index retreated 1.6%, dragged down by a 2.1% slide in blue-chip developer Emaar Properties . Dahrieh said the Dubai stock market may experience further corrections if no supportive developments emerge.
In Abu Dhabi, the index ended 0.8% lower.
The Qatari index fell 0.4%, with Qatar Islamic Bank losing 0.7%.
Outside the Gulf, Egypt's blue-chip index was flat. Egypt's real gross domestic product grew by 4.5% in the 2024-25 financial year, up from 2.4% the previous year, Finance Minister Ahmed Kouchouk said on Saturday, boosted by reforms tied to IMF financing and increased manufacturing activity.
Outside the Gulf, Egypt's blue-chip index was flat. Egypt's real gross domestic product grew by 4.5% in the 2024-25 financial year, up from 2.4% the previous year, Finance Minister Ahmed Kouchouk said on Saturday, boosted by reforms tied to IMF financing and increased manufacturing activity.
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