Dubai-based property tech platform Prypco has secured pre-series A funding from US venture capital firm General Catalyst. Founder and CEO Amira Sajwani spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche about the partnership and where the capital will be deployed. (Source: Bloomberg)
Tuesday, 9 September 2025
Watch General Catalyst Backs #Dubai-Based Startup Prypco - Bloomberg video
Watch General Catalyst Backs Dubai-Based Startup Prypco - Bloomberg
Dubai-based property tech platform Prypco has secured pre-series A funding from US venture capital firm General Catalyst. Founder and CEO Amira Sajwani spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche about the partnership and where the capital will be deployed. (Source: Bloomberg)
Dubai-based property tech platform Prypco has secured pre-series A funding from US venture capital firm General Catalyst. Founder and CEO Amira Sajwani spoke to Bloomberg’s Horizons Middle East and Africa anchor Joumanna Bercetche about the partnership and where the capital will be deployed. (Source: Bloomberg)
#SaudiArabia Fund PIF to Set New Strategy With View to Local Investment - Bloomberg
Saudi Arabia Fund PIF to Set New Strategy With View to Local Investment - Bloomberg
Saudi Arabia’s $1 trillion sovereign wealth fund plans to unveil a new long-term strategy as it looks to boost investment returns, bolster the local economy and drive the kingdom’s push to diversify away from oil.
“In the coming two months or so, we will set the new strategy for the PIF, which is a continuation from the original one, until 2030 and from 2030 all the way to 2040 and beyond,” Public Investment Fund Governor Yasir Al-Rumayyan said during an interview with David Rubenstein at the Economic Club of Washington D.C. on Monday.
He didn’t offer details but said the PIF continues to prioritize investments in Saudi Arabia as it looks to develop new sectors, create jobs and increase the use of domestically-sourced goods to support the economy.
The PIF is deploying about 80% of its capital locally, while the rest goes abroad, Al-Rumayyan said. The fund is keen on co-investments with international players that help bring money back to Saudi, he added.
“We need to increase and grow our local content and one of the best ways to do so is to get direct foreign investments to the country,” Al-Rumayyan said in a wide-ranging interview on everything from oil to sports and tourism.
The PIF’s current strategy includes growing and diversifying assets internationally, developing so-called giga projects like Neom and drawing in more participation from the private sector. It has also expanded its portfolio of companies and sold off or listed some of those firms to draw in cash.
Domestic Pressure
The sovereign wealth fund is the main entity tasked with driving Crown Prince Mohammed bin Salman’s Vision 2030 agenda — a job that has become more challenging in recent years as lower oil prices weigh on government revenue and inflate the kingdom’s budget deficit.
That has added pressure to the PIF to spend more at home, or focus on international deals that develop the Saudi economy, and led to a shift in business dealings with asset managers and Wall Street heavyweights like Blackstone Inc. and BlackRock Inc.
Financial executives used to regularly trek to Riyadh in search of global investment opportunities backed by PIF checks but now find the fund wants commitments to Saudi Arabia as part of any deals, Bloomberg has reported.
When asked about how Saudi Arabia will deploy $600 billion of investments into the US following President Donald Trump’s visit to the kingdom in May, Al-Rumayyan said details are still being worked out and that “everything” is on the table in terms of areas to deploy capital.
The PIF has said it plans to boost total annual deployment to $70 billion a year after 2025 and emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
The International Monetary Fund said in August that the PIF is expected to continue spending at least $40 billion a year on domestic investment, which would help keep Saudi economic growth “positive and robust.”
The wealth fund is currently working to diversify its sources of funding, including through international bond sales. Assets under management rose to $913 billion in 2024 and its target for 2030 now stands at $2.67 trillion.
The fund’s internal rate of return has averaged about 7.2% since 2015, versus less than 2% prior to that, Al-Rumayyan said.
The PIF currently has about 3,000 employees and offices in Riyadh, New York, Hong Kong, Beijing and Paris. It’s also planning to open regional offices in Egypt, Jordan, Bahrain and Oman.
Al-Rumayyan, who also serves as chairman of Saudi Aramco, noted the state oil giant is currently pumping below 10 million barrels a day but can increase that by 20% within just days.
On the topic of sport, he said he hopes the Saudi upstart league LIV Golf will eventually work with the PGA Tour and DP World Tour. The PGA and LIV agreed to a framework for a merger in 2023, but that deal has since stalled.
“I think hopefully in the future we will be able to bring the game of golf together,” Al-Rumayyan said. “What I’m trying to do is not to claw back from the PGA or the DP World Tour. What I’m trying to do is increase the size of the pie.”
Saudi Arabia’s $1 trillion sovereign wealth fund plans to unveil a new long-term strategy as it looks to boost investment returns, bolster the local economy and drive the kingdom’s push to diversify away from oil.
“In the coming two months or so, we will set the new strategy for the PIF, which is a continuation from the original one, until 2030 and from 2030 all the way to 2040 and beyond,” Public Investment Fund Governor Yasir Al-Rumayyan said during an interview with David Rubenstein at the Economic Club of Washington D.C. on Monday.
He didn’t offer details but said the PIF continues to prioritize investments in Saudi Arabia as it looks to develop new sectors, create jobs and increase the use of domestically-sourced goods to support the economy.
The PIF is deploying about 80% of its capital locally, while the rest goes abroad, Al-Rumayyan said. The fund is keen on co-investments with international players that help bring money back to Saudi, he added.
“We need to increase and grow our local content and one of the best ways to do so is to get direct foreign investments to the country,” Al-Rumayyan said in a wide-ranging interview on everything from oil to sports and tourism.
The PIF’s current strategy includes growing and diversifying assets internationally, developing so-called giga projects like Neom and drawing in more participation from the private sector. It has also expanded its portfolio of companies and sold off or listed some of those firms to draw in cash.
Domestic Pressure
The sovereign wealth fund is the main entity tasked with driving Crown Prince Mohammed bin Salman’s Vision 2030 agenda — a job that has become more challenging in recent years as lower oil prices weigh on government revenue and inflate the kingdom’s budget deficit.
That has added pressure to the PIF to spend more at home, or focus on international deals that develop the Saudi economy, and led to a shift in business dealings with asset managers and Wall Street heavyweights like Blackstone Inc. and BlackRock Inc.
Financial executives used to regularly trek to Riyadh in search of global investment opportunities backed by PIF checks but now find the fund wants commitments to Saudi Arabia as part of any deals, Bloomberg has reported.
When asked about how Saudi Arabia will deploy $600 billion of investments into the US following President Donald Trump’s visit to the kingdom in May, Al-Rumayyan said details are still being worked out and that “everything” is on the table in terms of areas to deploy capital.
The PIF has said it plans to boost total annual deployment to $70 billion a year after 2025 and emphasized that its investments in absolute dollar terms will continue to rise abroad even as it focuses at home.
The International Monetary Fund said in August that the PIF is expected to continue spending at least $40 billion a year on domestic investment, which would help keep Saudi economic growth “positive and robust.”
The wealth fund is currently working to diversify its sources of funding, including through international bond sales. Assets under management rose to $913 billion in 2024 and its target for 2030 now stands at $2.67 trillion.
The fund’s internal rate of return has averaged about 7.2% since 2015, versus less than 2% prior to that, Al-Rumayyan said.
The PIF currently has about 3,000 employees and offices in Riyadh, New York, Hong Kong, Beijing and Paris. It’s also planning to open regional offices in Egypt, Jordan, Bahrain and Oman.
Al-Rumayyan, who also serves as chairman of Saudi Aramco, noted the state oil giant is currently pumping below 10 million barrels a day but can increase that by 20% within just days.
On the topic of sport, he said he hopes the Saudi upstart league LIV Golf will eventually work with the PGA Tour and DP World Tour. The PGA and LIV agreed to a framework for a merger in 2023, but that deal has since stalled.
“I think hopefully in the future we will be able to bring the game of golf together,” Al-Rumayyan said. “What I’m trying to do is not to claw back from the PGA or the DP World Tour. What I’m trying to do is increase the size of the pie.”
#UAE Follow-On Share Sales Near $5 Billion Mark, Eclipsing IPOs - Bloomberg
UAE Follow-On Share Sales Near $5 Billion Mark, Eclipsing IPOs - Bloomberg
United Arab Emirates companies have stepped up follow-on equity offerings in recent weeks, with proceeds nearing $5 billion this year and surpassing initial share sales.
The surge reflects a push by firms to broaden their investor base and strengthen chances of inclusion in global emerging-market indexes, according to bankers. Abu Dhabi’s benchmark’s 6% gain this year and Dubai’s 15% rally have also helped lure international investors.
Abu Dhabi’s Mubadala Investment Co. is paring its stake in Dubai-listed telecom operator Du in a multi-day sale that could raise up to $920 million. The sovereign wealth fund also pledged to take up its full entitlement in Abu Dhabi Commercial Bank PJSC’s upcoming $1.7 billion rights issue. Mubadala is the bank’s largest shareholder with just under 61%.
Other Abu Dhabi government-related entities have also tapped equity markets in recent weeks. G42, the emirate’s main artificial intelligence company, raised $100 million by selling shares in Presight AI Holding Plc. Abu Dhabi National Oil Co. got $317 million by trimming its holding in its logistics arm — its second sell-down this year.
“International investor appetite has been on the rise, and this has led UAE GREs to take advantage by monetizing value through secondary equity sales,” said Majed Al Mesmari, head of Middle East and North Africa investment banking at Jefferies Financial Group Inc., which helped lead the Presight deal.
Including the Du deal, UAE follow-ons are nearing $4.75 billion this year, close to triple 2024’s volumes, driven largely by government-linked sellers. By comparison, just $905 million has been raised through initial public offerings.
Still, the sums are small relative to global markets. Follow-on offerings have totaled about $235 billion in the US this year, $15.7 billion in London despite an IPO slump, and $6.3 billion in Hong Kong, according to data compiled by Bloomberg.
The wave of secondary sales has also added some selling pressure in the broader market, as investors free up cash to participate in deals, said Ahmed Kamal, a portfolio manager at Azimut. Meanwhile, shares of Adnoc Logistics and Services, Presight, and Du have slipped between 1% and 4%.
For Du, the transaction is aimed at boosting liquidity and positioning the stock for potential index inclusion, Chief Financial Officer Kais Ben Hamida told Bloomberg TV. He said the deal had drawn “excellent feedback” from both international and local investors.
Private companies may soon follow state-backed peers, said Prasad Chari, senior managing director for equity capital markets at Emirates NBD Capital, which is arranging the Du deal.
The current market backdrop “presents compelling opportunities for well-managed private companies seeking to optimize their capital structures and enhance liquidity,” he said.
United Arab Emirates companies have stepped up follow-on equity offerings in recent weeks, with proceeds nearing $5 billion this year and surpassing initial share sales.
The surge reflects a push by firms to broaden their investor base and strengthen chances of inclusion in global emerging-market indexes, according to bankers. Abu Dhabi’s benchmark’s 6% gain this year and Dubai’s 15% rally have also helped lure international investors.
Abu Dhabi’s Mubadala Investment Co. is paring its stake in Dubai-listed telecom operator Du in a multi-day sale that could raise up to $920 million. The sovereign wealth fund also pledged to take up its full entitlement in Abu Dhabi Commercial Bank PJSC’s upcoming $1.7 billion rights issue. Mubadala is the bank’s largest shareholder with just under 61%.
Other Abu Dhabi government-related entities have also tapped equity markets in recent weeks. G42, the emirate’s main artificial intelligence company, raised $100 million by selling shares in Presight AI Holding Plc. Abu Dhabi National Oil Co. got $317 million by trimming its holding in its logistics arm — its second sell-down this year.
“International investor appetite has been on the rise, and this has led UAE GREs to take advantage by monetizing value through secondary equity sales,” said Majed Al Mesmari, head of Middle East and North Africa investment banking at Jefferies Financial Group Inc., which helped lead the Presight deal.
Including the Du deal, UAE follow-ons are nearing $4.75 billion this year, close to triple 2024’s volumes, driven largely by government-linked sellers. By comparison, just $905 million has been raised through initial public offerings.
Still, the sums are small relative to global markets. Follow-on offerings have totaled about $235 billion in the US this year, $15.7 billion in London despite an IPO slump, and $6.3 billion in Hong Kong, according to data compiled by Bloomberg.
The wave of secondary sales has also added some selling pressure in the broader market, as investors free up cash to participate in deals, said Ahmed Kamal, a portfolio manager at Azimut. Meanwhile, shares of Adnoc Logistics and Services, Presight, and Du have slipped between 1% and 4%.
For Du, the transaction is aimed at boosting liquidity and positioning the stock for potential index inclusion, Chief Financial Officer Kais Ben Hamida told Bloomberg TV. He said the deal had drawn “excellent feedback” from both international and local investors.
Private companies may soon follow state-backed peers, said Prasad Chari, senior managing director for equity capital markets at Emirates NBD Capital, which is arranging the Du deal.
The current market backdrop “presents compelling opportunities for well-managed private companies seeking to optimize their capital structures and enhance liquidity,” he said.
Permira, Blackstone take $525 million minority stake in #Dubai's Property Finder | Reuters
Permira, Blackstone take $525 million minority stake in Dubai's Property Finder | Reuters
Permira and Blackstone Inc (BX.N), opens new tab are acquiring a $525 million minority stake in Dubai-based classifieds firm Property Finder, according to a joint statement on Tuesday, in a sign of continued investor appetite in the emirate's real estate market.
As part of the transaction, General Atlantic, an early backer of Property Finder since 2018, has partially exited but will remain a significant minority shareholder, the statement said.
The deal will give Property Finder access to the global expertise of all three private equity firms, Permira, Blackstone, and General Atlantic, as it expands its platform and targets growth across the Middle East and North Africa real estate market, the companies said in the joint statement.
The companies did not disclose the valuation for the transaction, which is subject to customary regulatory approvals.
This marks Permira's first investment in the Middle East, and comes just months after the firm opened an office in Dubai's financial district.
Global private equity firms are increasingly establishing a presence in the Gulf region to be closer to sovereign wealth funds and capitalize on a growing pipeline of regional deals.
Founded nearly two decades ago, Property Finder is one of the region's leading real estate classifieds platforms, competing with rivals such as Dubizzle and Bayut.
Last year, Francisco Partners provided $90 million in debt financing to Property Finder to help the company buy out its first institutional investor. Since then, the platform has expanded regionally and is now targeting growth opportunities in Saudi Arabia and Turkey.
Dubai, the Gulf's business and tourism hub, has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms.
Residential real estate prices surged almost 70% in the four years to December 2024, according to Knight Frank.
The rally, however, may be cooling. In a May report, Fitch Ratings forecast double-digit price declines in Dubai's housing market in the second half of 2025 and into 2026.
Permira and Blackstone Inc (BX.N), opens new tab are acquiring a $525 million minority stake in Dubai-based classifieds firm Property Finder, according to a joint statement on Tuesday, in a sign of continued investor appetite in the emirate's real estate market.
As part of the transaction, General Atlantic, an early backer of Property Finder since 2018, has partially exited but will remain a significant minority shareholder, the statement said.
The deal will give Property Finder access to the global expertise of all three private equity firms, Permira, Blackstone, and General Atlantic, as it expands its platform and targets growth across the Middle East and North Africa real estate market, the companies said in the joint statement.
The companies did not disclose the valuation for the transaction, which is subject to customary regulatory approvals.
This marks Permira's first investment in the Middle East, and comes just months after the firm opened an office in Dubai's financial district.
Global private equity firms are increasingly establishing a presence in the Gulf region to be closer to sovereign wealth funds and capitalize on a growing pipeline of regional deals.
Founded nearly two decades ago, Property Finder is one of the region's leading real estate classifieds platforms, competing with rivals such as Dubizzle and Bayut.
Last year, Francisco Partners provided $90 million in debt financing to Property Finder to help the company buy out its first institutional investor. Since then, the platform has expanded regionally and is now targeting growth opportunities in Saudi Arabia and Turkey.
Dubai, the Gulf's business and tourism hub, has experienced a post-pandemic property boom, fuelled by foreign investment and government-led residency reforms.
Residential real estate prices surged almost 70% in the four years to December 2024, according to Knight Frank.
The rally, however, may be cooling. In a May report, Fitch Ratings forecast double-digit price declines in Dubai's housing market in the second half of 2025 and into 2026.
Gulf markets mixed ahead of crucial U.S. jobs data | Reuters
Gulf markets mixed ahead of crucial U.S. jobs data | Reuters
Gulf equities ended mixed on Tuesday as oil-led support was tempered by investor caution ahead of a U.S. employment benchmark that could reshape interest-rate expectations.
A preliminary U.S. nonfarm payrolls revision due later in the day is expected to cut employment figures for the 12 months through March by up to one million, adding uncertainty ahead of the U.S. Federal Reserve’s policy decision.
The Fed’s stance carries weight in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.3% in a choppy trade, pulling back from a nearly two-year low with most sectors closing in the positive territory.
Oil behemoth Saudi Aramco (2222.SE), opens new tab gained 0.2%, bouncing back from multi-year lows.
Dubai's main index (.DFMGI), opens new tab rebounded 0.4%, supported by gains in materials and financials, led by a 2.1% rise in Emirates NBD Bank (ENBD.DU), opens new tab.
While the Abu Dhabi index (.FTFADGI), opens new tab was down 0.1%, continuing its correction phase.
The recent drop opens the door to further losses amid ongoing oil price uncertainty, said Milad Azar, market analyst at XTB MENA.
Abu Dhabi Commercial Bank (ADCB.AD), opens new tab fell 1.2%, extending a steep 7.5% drop in the previous session — its largest single-day decline in over three years — following the announcement of a 6.1 billion dirhams rights issue priced at a 30% discount.
Echoing muted sentiment, the Qatari stock market remained flat amid light trading as it seeks stability after a three-week corrective period.
"However, the risk of further decline persists due to the absence of any positive catalysts," Azar added.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab trended 0.6% down, tracking broader regional downturn.
Real estate firm Emaar Misr (EMFD.CA), opens new tab retreated 1.5% after a 2.2% gain in the previous session on a Red Sea tourism deal it said could draw 900 billion Egyptian pounds ($18.58 billion) in investments.
Gulf equities ended mixed on Tuesday as oil-led support was tempered by investor caution ahead of a U.S. employment benchmark that could reshape interest-rate expectations.
A preliminary U.S. nonfarm payrolls revision due later in the day is expected to cut employment figures for the 12 months through March by up to one million, adding uncertainty ahead of the U.S. Federal Reserve’s policy decision.
The Fed’s stance carries weight in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Saudi Arabia's benchmark index (.TASI), opens new tab added 0.3% in a choppy trade, pulling back from a nearly two-year low with most sectors closing in the positive territory.
Oil behemoth Saudi Aramco (2222.SE), opens new tab gained 0.2%, bouncing back from multi-year lows.
Dubai's main index (.DFMGI), opens new tab rebounded 0.4%, supported by gains in materials and financials, led by a 2.1% rise in Emirates NBD Bank (ENBD.DU), opens new tab.
While the Abu Dhabi index (.FTFADGI), opens new tab was down 0.1%, continuing its correction phase.
The recent drop opens the door to further losses amid ongoing oil price uncertainty, said Milad Azar, market analyst at XTB MENA.
Abu Dhabi Commercial Bank (ADCB.AD), opens new tab fell 1.2%, extending a steep 7.5% drop in the previous session — its largest single-day decline in over three years — following the announcement of a 6.1 billion dirhams rights issue priced at a 30% discount.
Echoing muted sentiment, the Qatari stock market remained flat amid light trading as it seeks stability after a three-week corrective period.
"However, the risk of further decline persists due to the absence of any positive catalysts," Azar added.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab trended 0.6% down, tracking broader regional downturn.
Real estate firm Emaar Misr (EMFD.CA), opens new tab retreated 1.5% after a 2.2% gain in the previous session on a Red Sea tourism deal it said could draw 900 billion Egyptian pounds ($18.58 billion) in investments.
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