Kuwait Said to Tap JPMorgan for Up to $7 Billion Pipeline Deal - Bloomberg
Kuwait Petroleum Corp. is hiring JPMorgan Chase & Co. to help lease part of its pipeline network, according to people familiar with the matter.
KPC aims to raise as much as $7 billion through the deal which would help bankroll the company’s vast investment plan, Bloomberg previously reported. Centerview Partners LLC is already working with the state-backed firm as independent financial adviser, people familiar with the matter have said.
KPC and JPMorgan declined to comment.
The KPC transaction will likely resemble similar deals involving state-owned energy entities in neighboring Gulf states, the people said. Typically, investors such as major infrastructure funds acquire a minority stake in a pipelines subsidiary and obtain leasing rights over the network, while the issuer retains majority ownership and operational control.
Deliberations are ongoing and no final decisions have been made, the people said. The plan would also still require the final approval of the government of Kuwait, which is OPEC’s fifth-biggest producer.
KPC’s pipeline plans coincide with a surge of foreign interest in the Gulf state, which is taking steps toward opening up its economy. Global heavyweights including Goldman Sachs Group Inc. and Carlyle Group Inc. are looking to set up offices in Kuwait, joining Blackrock Inc., Bloomberg reported this week.
KPC’s investment program, which began in April 2024, includes plans to spend as much as $50 billion on boosting oil production capacity toward a 4 million barrel-a-day target by 2035.
Chief Executive Officer Sheikh Nawaf Al-Sabah told Bloomberg News this week that funding for KPC’s $55 billion investment plan will be supported by cash reserves, conventional loans, potential lease and leaseback deals, in addition to profits retained from the previous two fiscal years.
Progress on the KPC deal comes just weeks after BlackRock Inc.’s Global Infrastructure Partners signed a $11 billion deal to lease the infrastructure serving the Jafurah gas project and then rent it back to Aramco for 20 years.
Abu Dhabi National Oil Co. sold a 40% stake in its oil pipeline network to BlackRock Inc. and KKR & Co. in 2019, though an entity based in the emirate bought back that stake. Adnoc also sold a stake in its gas pipeline unit to an investor group led by GIP, while an investor group led by BlackRock acquired 49% of Aramco Gas Pipelines Co. some years ago. Earlier this week, KKR bought a stake in Adnoc’s gas pipelines subsidiary.
Thursday, 2 October 2025
#SaudiArabia Seeks to Scrap Foreign Equity Investor Requirements - Bloomberg
Saudi Arabia Seeks to Scrap Foreign Equity Investor Requirements - Bloomberg
Saudi Arabia is proposing to open its equities to all foreign investors by easing existing restrictions, as the regulators seek to boost flows into one of the region’s biggest markets.
The Capital Market Authority known as CMA is seeking feedback on a draft law that would open the main market to all categories of non-resident investors, it said in a statement on its website on Wednesday.
Current rules stipulate that foreigners must meet certain qualifications, such as having at least $500 million in assets under management, and that those from most other countries trade Saudi equities through swap agreements.
“This draft aligns with the CMA’s gradual approach to opening the market, building on previous phases and paving the way for complementary steps aimed at further liberalizing the capital market,” the regulator said
The statement didn’t include any proposed changes to rules that limit foreign investors to owning a 49% stake in Saudi companies, and the regulator said in an interview last month that those adjustments are expected in the coming months. The latest move could complement those, which analysts say would attract more flows to the Saudi market from passive and active fund managers. That’s in line with the objectives of the kingdom’s efforts to fully open equities to foreign investors and develop robust financial markets as part of its broader economic diversification agenda.
Regulators are also looking to revive the stock market. Saudi benchmark Tadawul All Share Index pared its year-to-date loss to about 4% after a rally last week, but is still underperforming major emerging-market peer. The index was little changed at the open on Thursday morning.
The need for foreign inflows is becoming increasingly pronounced as high spending and low oil revenues drive the government into deeper budget deficits, threatening to slow investment in the economy.
A move to completely remove so-called QFI restrictions would be among the latest in a rush of market reforms taken by the Saudis, including giving foreign firms the option to launch depositary receipts and easing rules for funds and asset managers dealing in Saudi equities.
Saudi Arabia is proposing to open its equities to all foreign investors by easing existing restrictions, as the regulators seek to boost flows into one of the region’s biggest markets.
The Capital Market Authority known as CMA is seeking feedback on a draft law that would open the main market to all categories of non-resident investors, it said in a statement on its website on Wednesday.
Current rules stipulate that foreigners must meet certain qualifications, such as having at least $500 million in assets under management, and that those from most other countries trade Saudi equities through swap agreements.
“This draft aligns with the CMA’s gradual approach to opening the market, building on previous phases and paving the way for complementary steps aimed at further liberalizing the capital market,” the regulator said
The statement didn’t include any proposed changes to rules that limit foreign investors to owning a 49% stake in Saudi companies, and the regulator said in an interview last month that those adjustments are expected in the coming months. The latest move could complement those, which analysts say would attract more flows to the Saudi market from passive and active fund managers. That’s in line with the objectives of the kingdom’s efforts to fully open equities to foreign investors and develop robust financial markets as part of its broader economic diversification agenda.
Regulators are also looking to revive the stock market. Saudi benchmark Tadawul All Share Index pared its year-to-date loss to about 4% after a rally last week, but is still underperforming major emerging-market peer. The index was little changed at the open on Thursday morning.
The need for foreign inflows is becoming increasingly pronounced as high spending and low oil revenues drive the government into deeper budget deficits, threatening to slow investment in the economy.
A move to completely remove so-called QFI restrictions would be among the latest in a rush of market reforms taken by the Saudis, including giving foreign firms the option to launch depositary receipts and easing rules for funds and asset managers dealing in Saudi equities.
#AbuDhabi's IHC to buy 43.5% stake in India's Sammaan Capital for $1 billion | Reuters
Abu Dhabi's IHC to buy 43.5% stake in India's Sammaan Capital for $1 billion | Reuters
Abu Dhabi's International Holding Co (IHC) (IHC.AD), opens new tab will acquire a 43.5% stake in Sammaan Capital (SMMN.NS), opens new tab for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.
Sammaan, a non-banking financial company focused on mortgage-lending, said on Thursday it will issue 330 million equity shares and 306.7 million convertible warrants to Avenir Investment RSC, an IHC affiliate, at 139 rupees apiece.
Following the deal, Avenir will be classified as a promoter and will take control of the company. The transaction is subject to approvals from the Reserve Bank of India and the Competition Commission of India, and will trigger a mandatory open offer to existing shareholders.
"IHC's $1 billion investment underscores its conviction in the long-term potential of India's financial sector and its commitment to expanding access to capital," the company said in a statement.
India's housing finance market is expected to more than double by fiscal year 2030, from 33 trillion rupees (nearly $372 billion) in fiscal 2024, driven by improved affordability, rising urbanisation, and government-led housing initiatives, according to CareEdge Ratings.
IHC has been increasingly active in India, the world’s fifth-largest economy, with investments including deals with conglomerate Adani Group, opens new tab and snack company Haldiram's.
Abu Dhabi's International Holding Co (IHC) (IHC.AD), opens new tab will acquire a 43.5% stake in Sammaan Capital (SMMN.NS), opens new tab for 88.50 billion rupees ($997.7 million), in a major bet on India's fast-growing housing finance market.
Sammaan, a non-banking financial company focused on mortgage-lending, said on Thursday it will issue 330 million equity shares and 306.7 million convertible warrants to Avenir Investment RSC, an IHC affiliate, at 139 rupees apiece.
Following the deal, Avenir will be classified as a promoter and will take control of the company. The transaction is subject to approvals from the Reserve Bank of India and the Competition Commission of India, and will trigger a mandatory open offer to existing shareholders.
"IHC's $1 billion investment underscores its conviction in the long-term potential of India's financial sector and its commitment to expanding access to capital," the company said in a statement.
India's housing finance market is expected to more than double by fiscal year 2030, from 33 trillion rupees (nearly $372 billion) in fiscal 2024, driven by improved affordability, rising urbanisation, and government-led housing initiatives, according to CareEdge Ratings.
IHC has been increasingly active in India, the world’s fifth-largest economy, with investments including deals with conglomerate Adani Group, opens new tab and snack company Haldiram's.
Mideast Stocks: Gulf markets end mixed on weak oil, US rate cut hopes
Mideast Stocks: Gulf markets end mixed on weak oil, US rate cut hopes
Stock markets in the Gulf ended mixed on Thursday, as declining oil prices weighed on sentiment, while a weak private U.S. labour market report fuelled optimism for potential Federal Reserve interest rate cuts.
The U.S. government shutdown made it a near certainty that crucial monthly payrolls data will not be released on Friday, but overnight the private ADP employment report showed the economy unexpectedly shed jobs in September, with the prior month also revised to a decline.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index dropped 0.3%, hit by a 1.1% fall in Al Rajhi Bank and a 1.8% decrease in the biggest lender by assets, Saudi National Bank.
Stock markets in the Gulf ended mixed on Thursday, as declining oil prices weighed on sentiment, while a weak private U.S. labour market report fuelled optimism for potential Federal Reserve interest rate cuts.
The U.S. government shutdown made it a near certainty that crucial monthly payrolls data will not be released on Friday, but overnight the private ADP employment report showed the economy unexpectedly shed jobs in September, with the prior month also revised to a decline.
Monetary policy shifts in the U.S. have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Saudi Arabia's benchmark index dropped 0.3%, hit by a 1.1% fall in Al Rajhi Bank and a 1.8% decrease in the biggest lender by assets, Saudi National Bank.
Overall market sentiment remains positive, and further gains are possible given the solid fundamentals, said Milad Azar, Market Analyst at XTB MENA.
However, lower oil prices pose a risk, as additional losses could negatively impact investor confidence, he said.
The Saudi Capital Market Authority called for a public consultation on opening its main stock market to all categories of non-resident foreign investors and enabling them to directly invest in it, the regulator said on Wednesday.
However, lower oil prices pose a risk, as additional losses could negatively impact investor confidence, he said.
The Saudi Capital Market Authority called for a public consultation on opening its main stock market to all categories of non-resident foreign investors and enabling them to directly invest in it, the regulator said on Wednesday.
Dubai's main share index gained 0.5%, with blue-chip developer Emaar Properties rising 1.9%.
In Abu Dhabi, the index rose 0.4%.
In Abu Dhabi, the index rose 0.4%.
The Qatari index fell 0.8%, weighed down by a 1.5% fall in Qatar Islamic Bank .
Oil prices - a catalyst for the Gulf's financial markets - edged lower, extending declines into a fourth day due to concerns about oversupply.
Outside the Gulf, Egypt's blue-chip index concluded 0.4% higher, with Commercial International Bank rising 1.3%.
Outside the Gulf, Egypt's blue-chip index concluded 0.4% higher, with Commercial International Bank rising 1.3%.
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