Oman Fertilizer Firm Is Said to Prepare for Possible Muscat IPO - Bloomberg
Oman India Fertiliser Co SAOC has started early preparations for a potential listing in Muscat, marking a renewed push by the sultanate to privatize companies and deepen its capital markets.
OMIFCO, as the fertilizer producer is known, has sent out requests for proposals to banks for the listing it is considering, according to people familiar with the matter, who asked not to be identified because the information is private.
Oman’s main energy firm OQ SAOC owns 50% of the venture, with the remainder equally split between IFFCO and Kribhco, two Indian agricultural cooperatives.
The plans are at an early stage and may not result in a transaction. It’s unclear which shareholders — if any — would pare their stakes in the offering.
A spokesperson for OQ declined to comment. Representatives for OMIFCO and the Indian cooperatives were not immediately available for comment.
A rally in Omani shares this summer has revived optimism after a string of lackluster listings cast doubt on the government’s ability to push ahead with a sweeping privatization program.
OQ has been central to that effort. The firm raised more than $2.5 billion across two listings last year, sales that catapulted IPO volumes in Muscat’s bourse above London’s.
OQ told Bloomberg News in December it was considering further listings, building on those deals to deepen the local market and broaden investor access to state assets.
OMIFCO was set up in 1994 between the governments of Oman and India and operates ammonia and urea plants in Oman, according to its website.
Tuesday, 16 September 2025
AI Deals: #SaudiArabia Eyes Artificial Intelligence Partnership With PE Firms - Bloomberg
AI Deals: Saudi Arabia Eyes Artificial Intelligence Partnership With PE Firms - Bloomberg
Saudi Arabia’s new artificial intelligence company, Humain, is in early-stage talks with global private equity firms on a partnership to plow significant capital into data centers and related infrastructure, people familiar with the matter said.
The company has held preliminary talks with heavyweights including Blackstone Inc. and BlackRock Inc., the people said, declining to be identified as the information is private. The firms have explored the possibility of committing billions of dollars to Humain’s efforts, the people said.
No final decisions have been made on the structure or the eventual size of the partnership. Representatives for Humain, Blackstone and BlackRock declined to comment.
The kingdom has historically been a big backer of private equity firms, though it has more recently focused on partnerships that support its own goals for the local economy.
AI has emerged as a central plank of Riyadh’s efforts, and Humain — owned by the $1 trillion Saudi Public Investment Fund and set up in May — is a key cog. Blackstone Chief Executive Officer Steve Schwarzman has been playing a role in discussions with the firm, signaling the significance of the potential transaction to the alternative investing giant, people familiar with the matter said.
While lower energy prices and sluggish foreign direct investment have hamstrung outlays on some aspects of Crown Prince Mohammed bin Salman’s Vision 2030 plan, officials intend to continue supporting Humain’s efforts, according to some of the people.
The firm recently broke ground on its first data centers in the kingdom and plans to have them running in early 2026. It’s in the process of procuring semiconductors from US chipmakers, including Nvidia Corp., and plans to add 1.9 gigawatts’ worth of data centers by 2030.
Humain counts companies like Qualcomm Inc. and Cisco Systems Inc. as partners, and is in early talks with Elon Musk’s xAI on a data center deal in Saudi Arabia. Humain Ventures, a $10 billion fund, launched this summer and has started deploying capital.
The potential partnership illustrates the importance of the region’s sovereign wealth for the capital-intensive AI sector. Qatar, Saudi Arabia, and the United Arab Emirates have pledged trillions of dollars to the US, and a portion of this is expected to flow into the technology industry.
Recently, the $524 billion Qatar Investment Authority invested in Anthropic’s $13 billion financing round. Abu Dhabi is home to MGX, which plans to bankroll US President Donald Trump’s Stargate plan, has backed OpenAI and xAI, and teamed up with BlackRock and Microsoft Corp. on a $30 billion plan to build data warehouses and energy infrastructure.
Saudi Arabia’s new artificial intelligence company, Humain, is in early-stage talks with global private equity firms on a partnership to plow significant capital into data centers and related infrastructure, people familiar with the matter said.
The company has held preliminary talks with heavyweights including Blackstone Inc. and BlackRock Inc., the people said, declining to be identified as the information is private. The firms have explored the possibility of committing billions of dollars to Humain’s efforts, the people said.
No final decisions have been made on the structure or the eventual size of the partnership. Representatives for Humain, Blackstone and BlackRock declined to comment.
The kingdom has historically been a big backer of private equity firms, though it has more recently focused on partnerships that support its own goals for the local economy.
AI has emerged as a central plank of Riyadh’s efforts, and Humain — owned by the $1 trillion Saudi Public Investment Fund and set up in May — is a key cog. Blackstone Chief Executive Officer Steve Schwarzman has been playing a role in discussions with the firm, signaling the significance of the potential transaction to the alternative investing giant, people familiar with the matter said.
While lower energy prices and sluggish foreign direct investment have hamstrung outlays on some aspects of Crown Prince Mohammed bin Salman’s Vision 2030 plan, officials intend to continue supporting Humain’s efforts, according to some of the people.
The firm recently broke ground on its first data centers in the kingdom and plans to have them running in early 2026. It’s in the process of procuring semiconductors from US chipmakers, including Nvidia Corp., and plans to add 1.9 gigawatts’ worth of data centers by 2030.
Humain counts companies like Qualcomm Inc. and Cisco Systems Inc. as partners, and is in early talks with Elon Musk’s xAI on a data center deal in Saudi Arabia. Humain Ventures, a $10 billion fund, launched this summer and has started deploying capital.
The potential partnership illustrates the importance of the region’s sovereign wealth for the capital-intensive AI sector. Qatar, Saudi Arabia, and the United Arab Emirates have pledged trillions of dollars to the US, and a portion of this is expected to flow into the technology industry.
Recently, the $524 billion Qatar Investment Authority invested in Anthropic’s $13 billion financing round. Abu Dhabi is home to MGX, which plans to bankroll US President Donald Trump’s Stargate plan, has backed OpenAI and xAI, and teamed up with BlackRock and Microsoft Corp. on a $30 billion plan to build data warehouses and energy infrastructure.
Mideast Stocks: Most Gulf markets firm on US rate cut bets, oil strength
Mideast Stocks: Most Gulf markets firm on US rate cut bets, oil strength
Most Gulf equities edged higher on Tuesday amid renewed confidence in energy stocks on the back of steady oil prices, and investor optimism ahead of a widely expected U.S. Federal Reserve interest rate cut on Wednesday.
Markets have fully priced in a quarter-point rate cut from the Fed to 4.00%–4.25%, with investors closely watching policymakers' updated "dot plot" on potential future moves and guidance from Chair Jerome Powell. The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Saudi Arabia's benchmark stock index rebounded 0.9% from a nearly two-year low in the previous session. Shares of Fawaz Abdulaziz Al Hokair surged 10% after UAE-based Al-Futtaim completed a 2.52 billion riyal acquisition of a 49.95% stake in the retailer. ADES Holding advanced 2.3% after raising its offer to buy Oslo-listed rival Shelf Drilling, while oil giant Saudi Aramco gained 0.6%.
Crude - a key driver of Gulf economies - was firmer at $67.97 a barrel at 1221 GMT, underpinned by supply disruption risks from Ukrainian attacks on Russian energy facilities.
Dubai's main share index finished 0.7% lower, ending a three-day winning streak, dragged down by financials. Dubai Islamic Bank fell nearly 4%, while telecom monopoly Emirates Integrated Telecommunications, better known as "du", declined 4.2% after shareholder Mamoura Diversified Global Holding sold a 7.55% stake via a secondary share offering worth 3.15 billion dirhams ($858 million).
Abu Dhabi's main index rose 0.3%, marking fourth consecutive session of gains, led by energy shares. ADNOC Gas jumped nearly 2%, while ADNOC Drilling surged more than 2.5%. ADNOC Logistics climbed 2.2% following the appointment of an interim chief financial officer.
Abu Dhabi's flagship energy firm ADNOC said on Thursday it had transferred its stakes in several listed units, including ADNOC Distribution, ADNOC Drilling, ADNOC Gas, and ADNOC Logistics & Services, to its international investment arm, XRG.
Qatar's stock index rebounded 0.2%, with most sectors closing in positive territory, supported by a 0.8% increase in Qatar National Bank, the region's largest lender.
Outside the Gulf, Egypt's blue-chip index slipped 0.9%, halting a four-session advance as investors locked in profits from the recent rally, hit by a 1% drop in Commercial International Bank. The pullback appears to be a brief pause, with the upward trend likely to resume as market fundamentals seem increasingly supportive, said Daniel Takieddine, co-founder and CEO of Sky Links Capital Group.
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