Qatar’s QIA Takes $500 Million Stake in Copper Miner Ivanhoe - Bloomberg
Qatar’s sovereign wealth fund will acquire a $500 million stake in copper producer Ivanhoe Mines Ltd., deepening its push into the global mining industry.
The Qatar Investment Authority — which oversees $524 billion — will take on the shares via a private placement, giving it a 4% stake in the Canadian miner, Ivanhoe and the QIA said in a joint statement on Wednesday. Bloomberg reported earlier that the fund was close to a deal to acquire a minority holding.
The investment in Ivanhoe is one of the QIA’s largest forays into the mining industry since it purchased a stake in Glencore Plc several years ago. Under newly appointed Chief Executive Officer Mohammed Al Sowaidi, the wealth fund is expected to more aggressively deploy the billions of dollars it’s likely to receive from an expansion of the country’s gas projects.
Ivanhoe, run by billionaire Robert Friedland, operates the Kamoa-Kakula complex in the Democratic Republic of Congo, one of the world’s top sources of copper. That flagship project was hit by a major setback earlier this year, after seismic activity triggered flooding that forced the company to slash its full-year output guidance.
The private placement will be priced at C$12 a share, a 9% discount to Ivanhoe’s closing share price in Toronto on Tuesday. On Wednesday, the stock swung between gains and losses and traded 1.3% higher at C$13.36 as of 11:21 a.m. local time.
The shares are down more than 20% this year, giving Ivanhoe a market value of about C$18 billion ($13 billion) despite a 14% lift in copper prices over the same period.
On closing, the QIA and Ivanhoe will enter into an investor agreement that would give the fund the right to board representation if its holding rises above 10%. The pair also intend to collaborate on further strategic partnerships, they said.
“This strategic investment reflects QIA’s conviction not only in Ivanhoe Mines’ world-class portfolio of tier-one assets, but more importantly, in supporting its team in finding, developing, and sustainably supplying the critical minerals essential to the global energy transition and advanced technology applications,” Al Sowaidi said in the statement.
The QIA plans to deploy an additional $500 billion in the US over the next decade, Al Sowaidi said in an interview in May. That echoes the US-focused investment strategy that some of its Gulf peers such as the Saudi Arabia’s Public Investment Fund and state-owned entities in the United Arab Emirates have embarked on.
Ivanhoe is already backed by Chinese investors, counting CITIC Metal as its largest shareholder. Zijin Mining Group Co. also has a major stake. They both have the right to buy additional shares at the same price as the QIA to avoid dilution of their holdings, according to the statement.
The share count would increase by as much as 6.5% if CITIC and Zijin exercise their anti-dilution rights versus about 4% with QIA only, Jefferies analysts Fahad Tariq and David Hove wrote in a note to clients.
Wednesday, 17 September 2025
#Dubai Investments plans IPO of real estate unit Dubai Investments Park | Reuters
Dubai Investments plans IPO of real estate unit Dubai Investments Park | Reuters
Dubai Investments (DINV.DU), opens new tab is planning an initial public offering of its Dubai Investments Park real estate business, it said on Wednesday, as more companies pursue public listings amid a real estate boom in the Gulf's tourism and financial hub.
The investment company plans to sell a stake of up to 25% in DIP and is in talks with banks on the possible listing, it said in a bourse filing, without disclosing further details.
DIP could be valued up to $2.5 billion and Dubai Investments is looking to launch the IPO in the first quarter of next year, said two sources familiar with the matter, adding no final decisions had been made and the timing might change.
A spokesperson for Dubai Investments told Reuters that the company currently did not have any further information to share on the valuation of DIP and the timing of the IPO.
The UAE's IPO market has seen a string of listings from both state-backed entities and private companies in recent years, including contracting and real estate firms that are benefiting from robust housing demand and higher infrastructure spending.
Home to the world's tallest skyscraper, Dubai has become one of the world's fastest-growing cities, surpassing a population of four million in August, according to government estimates.
Dubai Holding, one of the country's largest landowners and real estate developers, raised around $585 million in May through an IPO of its residential REIT (DUBAIRESI.DU), opens new tab, while construction firm ALEC said on Monday it would float a 20% stake on the Dubai Financial Market.
Dubai Investments (DINV.DU), opens new tab is planning an initial public offering of its Dubai Investments Park real estate business, it said on Wednesday, as more companies pursue public listings amid a real estate boom in the Gulf's tourism and financial hub.
The investment company plans to sell a stake of up to 25% in DIP and is in talks with banks on the possible listing, it said in a bourse filing, without disclosing further details.
DIP could be valued up to $2.5 billion and Dubai Investments is looking to launch the IPO in the first quarter of next year, said two sources familiar with the matter, adding no final decisions had been made and the timing might change.
The 2,300-hectare development consists of industrial, commercial and residential spaces, including offices, hotels and homes that host over 160,000 residents and more than 5,000 tenants, according to DIP's website.
A spokesperson for Dubai Investments told Reuters that the company currently did not have any further information to share on the valuation of DIP and the timing of the IPO.
The UAE's IPO market has seen a string of listings from both state-backed entities and private companies in recent years, including contracting and real estate firms that are benefiting from robust housing demand and higher infrastructure spending.
Home to the world's tallest skyscraper, Dubai has become one of the world's fastest-growing cities, surpassing a population of four million in August, according to government estimates.
Dubai Holding, one of the country's largest landowners and real estate developers, raised around $585 million in May through an IPO of its residential REIT (DUBAIRESI.DU), opens new tab, while construction firm ALEC said on Monday it would float a 20% stake on the Dubai Financial Market.
#AbuDhabi Investment Authority publishes 2024 Review (link)
Abu Dhabi Investment Authority publishes 2024 Review
The Abu Dhabi Investment Authority (ADIA) today published its 2024 ADIA Review, providing a thorough overview of its activities over the past year and outlook for the year ahead.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
The 2024 ADIA Review includes a detailed analysis of market conditions across the many asset classes in which we invest and significant developments within each of our investing departments.
In 2024, global markets were a study in contrasts. Economic, earnings, and technology-related optimism propelled risk assets to their second consecutive year of significant gains, even as geopolitical and structural risks mounted.
Against this backdrop, ADIA’s diversification, agility and emphasis on total portfolio management enabled it to deliver a strong performance throughout 2024.
In recent years, ADIA has implemented a scientific approach across the organisation and has invested significantly in its in-house quantitative and data analysis capabilities. This has allowed for more dynamic adjustments at the total portfolio level to capitalise on time-bound opportunities, while also enhancing ADIA’s ability to capture long-term trends.
As at 31 December 2024, ADIA’s 20-year and 30-year annualised rates of return, on a point-to-point basis, were respectively 6.3% and 7.1%, compared to 6.4% and 6.8% in 2023.
The Operational Review includes a more detailed look at some of ADIA’s major initiatives last year, including:
• The evolution of ADIA’s middle and back office (MBO): ADIA’s MBO functions have moved beyond traditional support activities to become drivers of innovation and agility across the organisation. They now act as a critical enabler of total portfolio management through transparency and swift, streamlined execution.
• Embedding quant, data and AI skills across the organization: ADIA has embraced a scientific mindset across the organisation, drawing on the latest technologies and approaches and cultivating a dynamic work environment that supports innovation. Meanwhile, developing its UAE national talent remains a cornerstone of ADIA’s recruitment strategy.
• ADIA Lab’s contribution to Abu Dhabi’s digital ecosystem: ADIA Lab, the independent institution engaged in basic and applied research in data and computational sciences, expanded its annual Symposium to a three-day event, bringing together an esteemed group of global experts to focus on key issues shaping the development and adoption of artificial intelligence. The Symposium’s success represents just one of the ways that ADIA Lab is contributing to Abu Dhabi’s growth as a global hub for cutting-edge research, while also promoting education opportunities aimed at nurturing Abu Dhabi’s future talent.
Established in 1976, ADIA is a globally-diversified investment institution that prudently invests funds on behalf of the Government of Abu Dhabi through a strategy focused on long-term value creation.
The 2024 ADIA Review includes a detailed analysis of market conditions across the many asset classes in which we invest and significant developments within each of our investing departments.
In 2024, global markets were a study in contrasts. Economic, earnings, and technology-related optimism propelled risk assets to their second consecutive year of significant gains, even as geopolitical and structural risks mounted.
Against this backdrop, ADIA’s diversification, agility and emphasis on total portfolio management enabled it to deliver a strong performance throughout 2024.
In recent years, ADIA has implemented a scientific approach across the organisation and has invested significantly in its in-house quantitative and data analysis capabilities. This has allowed for more dynamic adjustments at the total portfolio level to capitalise on time-bound opportunities, while also enhancing ADIA’s ability to capture long-term trends.
As at 31 December 2024, ADIA’s 20-year and 30-year annualised rates of return, on a point-to-point basis, were respectively 6.3% and 7.1%, compared to 6.4% and 6.8% in 2023.
The Operational Review includes a more detailed look at some of ADIA’s major initiatives last year, including:
• The evolution of ADIA’s middle and back office (MBO): ADIA’s MBO functions have moved beyond traditional support activities to become drivers of innovation and agility across the organisation. They now act as a critical enabler of total portfolio management through transparency and swift, streamlined execution.
• Embedding quant, data and AI skills across the organization: ADIA has embraced a scientific mindset across the organisation, drawing on the latest technologies and approaches and cultivating a dynamic work environment that supports innovation. Meanwhile, developing its UAE national talent remains a cornerstone of ADIA’s recruitment strategy.
• ADIA Lab’s contribution to Abu Dhabi’s digital ecosystem: ADIA Lab, the independent institution engaged in basic and applied research in data and computational sciences, expanded its annual Symposium to a three-day event, bringing together an esteemed group of global experts to focus on key issues shaping the development and adoption of artificial intelligence. The Symposium’s success represents just one of the ways that ADIA Lab is contributing to Abu Dhabi’s growth as a global hub for cutting-edge research, while also promoting education opportunities aimed at nurturing Abu Dhabi’s future talent.
Mideast Stocks: Middle East shares mixed ahead of highly anticipated US Fed decision
Mideast Stocks: Middle East shares mixed ahead of highly anticipated US Fed decision
Middle East equities were mixed on Wednesday, as investors priced in a U.S. rate cut later in the day and turned cautious ahead of Federal Reserve Chair Jerome Powell's speech that could throw light on the central bank's future rate path.
Traders expect a 25-basis-point cut, but Powell's speech is expected to reveal the Fed's stance, which 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 inched up 1.3%, extending the previous session's gains, supported by sector-wide strength. Oil behemoth Saudi Aramco gained 3.2%, marking its sharpest single-day rise in nearly two-and-a-half years and extending its winning streak to a third session amid renewed confidence in regional energy shares on steady oil prices.
Dubai's main share index fell 0.1%, with selling concentrated in the real estate sector. Blue-chip company Emaar Properties slid 1.1%. Mashreqbank, however, jumped more than 1.5% as the lender launched a full-service digital retail bank in Pakistan. Shares of Dubai Investments gave up early losses to finish 0.7% higher, after the firm announced plans to sell up to 25% stake in its Dubai Investments Park real estate business through an initial public offering.
Middle East equities were mixed on Wednesday, as investors priced in a U.S. rate cut later in the day and turned cautious ahead of Federal Reserve Chair Jerome Powell's speech that could throw light on the central bank's future rate path.
Traders expect a 25-basis-point cut, but Powell's speech is expected to reveal the Fed's stance, which 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 inched up 1.3%, extending the previous session's gains, supported by sector-wide strength. Oil behemoth Saudi Aramco gained 3.2%, marking its sharpest single-day rise in nearly two-and-a-half years and extending its winning streak to a third session amid renewed confidence in regional energy shares on steady oil prices.
Dubai's main share index fell 0.1%, with selling concentrated in the real estate sector. Blue-chip company Emaar Properties slid 1.1%. Mashreqbank, however, jumped more than 1.5% as the lender launched a full-service digital retail bank in Pakistan. Shares of Dubai Investments gave up early losses to finish 0.7% higher, after the firm announced plans to sell up to 25% stake in its Dubai Investments Park real estate business through an initial public offering.
In Abu Dhabi, the benchmark index edged down 0.3%, ending a four-day winning streak.
Abu Dhabi Commercial Bank declined 3%, as investors locked in profits from the recent rally, while First Abu Dhabi Bank lost more than 1%. Elsewhere, XRG, the international investment arm of Abu Dhabi National Oil Company, announced that it, along with consortium partners, has withdrawn a non-binding $18.7 billion offer to acquire Australian gas producer Santos, capping a takeover saga that lasted months.
Qatar's stock index rose 0.9%, supported by broad-based strength. Shares of Qatar National Bank, the region's largest lender, and Qatar International Islamic Bank climbed 1.3% and 2.1%, respectively. "Fed's dovish tone could signal further rate cuts this year, and could act as a catalyst for a regional market rebound following a recent period of losses," said Joseph Dahrieh, Managing Principal at Tickmill.
Outside the Gulf, Egypt's blue-chip index advanced 0.4%, boosted by a 1.4% jump in Commercial International Bank . Separately, New York-listed Chevron signed a deal with state-owned pipeline operator Israel Natural Gas Lines to kick-start construction of the Nitzana natural gas pipeline to transport gas from the Leviathan gasfield to Egypt.
Abu Dhabi Commercial Bank declined 3%, as investors locked in profits from the recent rally, while First Abu Dhabi Bank lost more than 1%. Elsewhere, XRG, the international investment arm of Abu Dhabi National Oil Company, announced that it, along with consortium partners, has withdrawn a non-binding $18.7 billion offer to acquire Australian gas producer Santos, capping a takeover saga that lasted months.
Qatar's stock index rose 0.9%, supported by broad-based strength. Shares of Qatar National Bank, the region's largest lender, and Qatar International Islamic Bank climbed 1.3% and 2.1%, respectively. "Fed's dovish tone could signal further rate cuts this year, and could act as a catalyst for a regional market rebound following a recent period of losses," said Joseph Dahrieh, Managing Principal at Tickmill.
Outside the Gulf, Egypt's blue-chip index advanced 0.4%, boosted by a 1.4% jump in Commercial International Bank . Separately, New York-listed Chevron signed a deal with state-owned pipeline operator Israel Natural Gas Lines to kick-start construction of the Nitzana natural gas pipeline to transport gas from the Leviathan gasfield to Egypt.
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