Oaktree Backs Gulf Real Estate Fund Arzan in Private Credit Push - Bloomberg
Oaktree Capital Management is backing a Middle East hospitality investor as private credit interest in the region is gaining traction.
The $209 billion alternative asset manager provided a debt financing commitment to Arzan Investment Management, which focuses on real estate, hospitality, and credit strategies in the Gulf, according to a statement. No financial details were disclosed.
The funding will give AIM the firepower to go out and acquire hospitality assets across cities in the Gulf, including Dubai. AIM, which has already done two hospitality deals in the city valued at about $400 million, has identified $1 billion of additional opportunities across the region.
Dubai, both its real estate and hotel market, has been drawing institutional capital as the emirate further cements its status as a popular tourism and wealth destination.
While asset managers have long turned to the Middle East as a place where they could hoover up more commitments for their funds, a growing number of players are now looking to the region as a place to deploy their private credit funds.
The Oaktree deal marks “an important step in the institutionalization of the region’s market” and underlines the “attractiveness of the GCC’s hospitality sector to global capital,” said AIM’s chairman Talal Al Bahar.
Saudi Arabia’s Public Investment Fund, for instance, recently agreed to anchor a series of new funds brought by Goldman Sachs Group Inc.’s asset management unit that will focus on private credit and public equity strategies across all six states of the Gulf Cooperation Council.
It’s not the first time Oaktree has sought to capitalize on the growing need for private credit in the region. 17Capital, which is majority owned by the asset manager, announced last year it would expand into Dubai.
Monday, 6 October 2025
Adnoc Offers EU Remedies in €12 Billion Covestro Deal Probe - Bloomberg
Adnoc Offers EU Remedies in €12 Billion Covestro Deal Probe - Bloomberg
Abu Dhabi National Oil Co. has offered a slate of concessions to address European Union concerns over its €12 billion ($14 billion) takeover of Covestro AG.
The European Commission confirmed it received remedies on Oct. 2, declining to elaborate on details of the offer. It added that despite the concessions being filed, the regulator hasn’t set a new deadline for a decision after it stopped the clock to request further details.
The package of commitments includes a pledge to maintain Covestro’s intellectual property in Europe as well as concessions on the company’s unlimited state guarantee from the UAE, according to people familiar with the matter who spoke on condition of anonymity.
A takeover of Covestro would give Adnoc — the biggest oil producer in the United Arab Emirates — control over a German company that supplies materials for some of the world’s most prominent phone and carmakers. Adnoc would own Covestro through its investment unit XRG, set up in November as the company’s international platform for natural gas, chemicals and energy solutions.
“Following thorough engagement with the European Commission, we have submitted a robust and proportionate package of proposed commitments,” an XRG spokesperson said in an emailed statement. “They represent our disciplined approach as a long-term investor and underscore the strength of this transaction, and we are confident this will lead to timely clearance.”
In July, the commission, the EU’s antitrust arm, opened a full-scale investigation into the Covestro deal under tough new foreign subsidies rules. These are aimed at preventing sovereign states from using their financial muscle to crush competition in the 27-nation bloc.
Commission officials warned at the time that Adnoc’s state funding may give it an unfair advantage over rivals with less-deep pockets.
Abu Dhabi National Oil Co. has offered a slate of concessions to address European Union concerns over its €12 billion ($14 billion) takeover of Covestro AG.
The European Commission confirmed it received remedies on Oct. 2, declining to elaborate on details of the offer. It added that despite the concessions being filed, the regulator hasn’t set a new deadline for a decision after it stopped the clock to request further details.
The package of commitments includes a pledge to maintain Covestro’s intellectual property in Europe as well as concessions on the company’s unlimited state guarantee from the UAE, according to people familiar with the matter who spoke on condition of anonymity.
A takeover of Covestro would give Adnoc — the biggest oil producer in the United Arab Emirates — control over a German company that supplies materials for some of the world’s most prominent phone and carmakers. Adnoc would own Covestro through its investment unit XRG, set up in November as the company’s international platform for natural gas, chemicals and energy solutions.
“Following thorough engagement with the European Commission, we have submitted a robust and proportionate package of proposed commitments,” an XRG spokesperson said in an emailed statement. “They represent our disciplined approach as a long-term investor and underscore the strength of this transaction, and we are confident this will lead to timely clearance.”
In July, the commission, the EU’s antitrust arm, opened a full-scale investigation into the Covestro deal under tough new foreign subsidies rules. These are aimed at preventing sovereign states from using their financial muscle to crush competition in the 27-nation bloc.
Commission officials warned at the time that Adnoc’s state funding may give it an unfair advantage over rivals with less-deep pockets.
#Saudi Borrowing Spree Accelerates as PIF Debuts Euro Green Bond - Bloomberg
Saudi Borrowing Spree Accelerates as PIF Debuts Euro Green Bond - Bloomberg
Saudi Arabia’s sovereign wealth fund mandated banks for its first euro-denominated green bond sale, signaling no let up in the recent wave of borrowing activity aimed at financing the kingdom’s economic transformation plans.
The Public Investment Fund is looking to sell notes in three and seven year tranches, according to a person familiar, who asked not to be identified discussing private information. It would be the fund’s first sale of notes done in euros and its only green bond sale so far this year.
Any final sale would follow a $2 billion dollar bond issuance last month and come quick on the heels of the PIF’s deal with Silver Lake Management and Affinity Partners to acquire Electronic Arts Inc. in the largest leveraged buyout on record. The PIF was the biggest contributor of equity to the transaction, Bloomberg reported.
The PIF is the main entity tasked with executing Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify revenues away from oil. It has been increasingly diversifying its funding mix to support those goals, having recently launched a commercial paper program on top of regular bond sales.
The fund has also been selling down stakes in portfolio firms and looking to list some of its companies as a means to come up with more cash, Bloomberg has reported.
The PIF is expected to soon unveil a new long-term investment plan as it looks to bolster returns, while also supporting the economy and driving local investment. The International Monetary Fund expects the fund to continue spending at least $40 billion a year on domestic investment.
Any new issuance by the PIF would add to a series of Saudi bond sales this year. The government has already sold $20 billion of dollar- and euro-denominated debt, putting it on course for a record year of issuance and making it one of the heaviest borrowers in emerging markets.
Banks are also borrowing at a rapid clip, while companies are pursuing more syndicated loans. That comes as subdued oil prices add pressure on the kingdom’s finances, complicating efforts to diversify the economy. The government has projected it will run a deeper budget deficit this year than previously expected.
The PIF tapped Crédit Agricole, JPMorgan Chase & Co. and Societe Generale as joint global coordinators on a possible green bond offering, with a series of investor calls organized for today.
Saudi Arabia’s sovereign wealth fund mandated banks for its first euro-denominated green bond sale, signaling no let up in the recent wave of borrowing activity aimed at financing the kingdom’s economic transformation plans.
The Public Investment Fund is looking to sell notes in three and seven year tranches, according to a person familiar, who asked not to be identified discussing private information. It would be the fund’s first sale of notes done in euros and its only green bond sale so far this year.
Any final sale would follow a $2 billion dollar bond issuance last month and come quick on the heels of the PIF’s deal with Silver Lake Management and Affinity Partners to acquire Electronic Arts Inc. in the largest leveraged buyout on record. The PIF was the biggest contributor of equity to the transaction, Bloomberg reported.
The PIF is the main entity tasked with executing Crown Prince Mohammed bin Salman’s Vision 2030 agenda to diversify revenues away from oil. It has been increasingly diversifying its funding mix to support those goals, having recently launched a commercial paper program on top of regular bond sales.
The fund has also been selling down stakes in portfolio firms and looking to list some of its companies as a means to come up with more cash, Bloomberg has reported.
The PIF is expected to soon unveil a new long-term investment plan as it looks to bolster returns, while also supporting the economy and driving local investment. The International Monetary Fund expects the fund to continue spending at least $40 billion a year on domestic investment.
Any new issuance by the PIF would add to a series of Saudi bond sales this year. The government has already sold $20 billion of dollar- and euro-denominated debt, putting it on course for a record year of issuance and making it one of the heaviest borrowers in emerging markets.
Banks are also borrowing at a rapid clip, while companies are pursuing more syndicated loans. That comes as subdued oil prices add pressure on the kingdom’s finances, complicating efforts to diversify the economy. The government has projected it will run a deeper budget deficit this year than previously expected.
The PIF tapped Crédit Agricole, JPMorgan Chase & Co. and Societe Generale as joint global coordinators on a possible green bond offering, with a series of investor calls organized for today.
LG’s India IPO Is Said to Attract #AbuDhabi, Norway, Singapore Wealth Funds - Bloomberg
LG’s India IPO Is Said to Attract Abu Dhabi, Norway, Singapore Wealth Funds - Bloomberg
LG Electronics Inc.’s initial public offering of its India arm has attracted the sovereign wealth funds of Abu Dhabi, Norway and Singapore, according to people familiar with the matter.
Abu Dhabi Investment Authority, Norges Bank Investment Management and GIC Pte. are in talks to buy shares in the $1.3 billion IPO as anchor investors, the people said, asking not to be identified discussing private information. BlackRock Inc. and Fidelity International Ltd. are also slated to be part of the anchor book, they said.
India’s largest fund managers including SBI Mutual Fund, ICICI Prudential Asset Management Co. and Nippon Life India Asset Management Ltd. are set to invest as well, according to the people, who added that the makeup of anchor investors may change as deliberations are ongoing.
Representatives for LG, ADIA, GIC, Norges Bank and Fidelity declined to comment. BlackRock, SBI, ICICI, and Nippon did not respond to email queries for this story.
The South Korean company’s listing would cap a nearly year long process since its December filing that has seen delays amid market volatility and global trade uncertainties. An IPO at the top of the price range would value the India unit at $8.7 billion, significantly below the $15 billion it sought in December.
LG is tapping the market in what is set to be a record month for Indian IPOs, with proceeds expected to cross $5 billion in October. A successful deal would further raise confidence that India’s $5 trillion stock market can absorb large deals even as US tariffs and weak earnings have left equities trailing other Asian markets this year.
LG started taking IPO orders from anchor investors on Monday and will list its shares on Oct. 14.
LG Electronics Inc.’s initial public offering of its India arm has attracted the sovereign wealth funds of Abu Dhabi, Norway and Singapore, according to people familiar with the matter.
Abu Dhabi Investment Authority, Norges Bank Investment Management and GIC Pte. are in talks to buy shares in the $1.3 billion IPO as anchor investors, the people said, asking not to be identified discussing private information. BlackRock Inc. and Fidelity International Ltd. are also slated to be part of the anchor book, they said.
India’s largest fund managers including SBI Mutual Fund, ICICI Prudential Asset Management Co. and Nippon Life India Asset Management Ltd. are set to invest as well, according to the people, who added that the makeup of anchor investors may change as deliberations are ongoing.
Representatives for LG, ADIA, GIC, Norges Bank and Fidelity declined to comment. BlackRock, SBI, ICICI, and Nippon did not respond to email queries for this story.
The South Korean company’s listing would cap a nearly year long process since its December filing that has seen delays amid market volatility and global trade uncertainties. An IPO at the top of the price range would value the India unit at $8.7 billion, significantly below the $15 billion it sought in December.
LG is tapping the market in what is set to be a record month for Indian IPOs, with proceeds expected to cross $5 billion in October. A successful deal would further raise confidence that India’s $5 trillion stock market can absorb large deals even as US tariffs and weak earnings have left equities trailing other Asian markets this year.
LG started taking IPO orders from anchor investors on Monday and will list its shares on Oct. 14.
Thabet Investment and Singapore's Five Keys launch Everbridge Capital with $100mln investment for FinTech innovation
Thabet Investment and Singapore's Five Keys launch Everbridge Capital with $100mln investment for FinTech innovation
In a strategic move aimed at bolstering the Saudi financial sector, Thabet Investment Company has announced a partnership with the Singaporean firm, Five Keys Investment Pte. Ltd., to establish Everbridge Capital, a specialized financial technology company headquartered in Riyadh.
Everbridge Capital, launched with an investment of SR375 million ($100 million), aims to provide innovative financing solutions for small and medium-sized enterprises (SMEs) and contribute to bridging the current financing gap in this sector, which is estimated to be over SR300 billion. This launch aligns with the objectives of the Financial Sector Development Program, a key component of Saudi Vision 2030, which seeks to increase SME financing from its current level of 9.4 percent to 20 percent by 2030.
Dr. Abdulelah bin Ahmed Saleh, who holds a Ph.D. from King Abdullah University of Science and Technology (KAUST), has been appointed CEO of the new company. On this occasion, Abdulrahman bin Ahmed Saleh, CEO of Thabet Investment, stated: "The launch of Everbridge Capital demonstrates our commitment to our national role in achieving Vision 2030 by bridging the financing gap in the FinTech sector and providing a growth engine for this vital industry. Our partnership with Five Keys ensures we can deliver innovative solutions that meet global standards. Empowering SMEs and providing them with the necessary resources to succeed drives innovation and creates new opportunities for economic growth."
Commenting on his appointment, Dr. Abdulelah bin Ahmed Saleh said: "I am honored to lead Everbridge Capital at this pivotal stage of the Kingdom's economic transformation. Our mission is clear: to be the bridge that enables SMEs to cross over to growth and prosperity, turning the SR300 billion financing gap challenge into an opportunity, and actively contributing to the Financial Sector Development Program's goal of reaching 20 percent financing. Our vision is to be the most innovative and trusted financial partner for entrepreneurs in the Kingdom."
In a strategic move aimed at bolstering the Saudi financial sector, Thabet Investment Company has announced a partnership with the Singaporean firm, Five Keys Investment Pte. Ltd., to establish Everbridge Capital, a specialized financial technology company headquartered in Riyadh.
Everbridge Capital, launched with an investment of SR375 million ($100 million), aims to provide innovative financing solutions for small and medium-sized enterprises (SMEs) and contribute to bridging the current financing gap in this sector, which is estimated to be over SR300 billion. This launch aligns with the objectives of the Financial Sector Development Program, a key component of Saudi Vision 2030, which seeks to increase SME financing from its current level of 9.4 percent to 20 percent by 2030.
Dr. Abdulelah bin Ahmed Saleh, who holds a Ph.D. from King Abdullah University of Science and Technology (KAUST), has been appointed CEO of the new company. On this occasion, Abdulrahman bin Ahmed Saleh, CEO of Thabet Investment, stated: "The launch of Everbridge Capital demonstrates our commitment to our national role in achieving Vision 2030 by bridging the financing gap in the FinTech sector and providing a growth engine for this vital industry. Our partnership with Five Keys ensures we can deliver innovative solutions that meet global standards. Empowering SMEs and providing them with the necessary resources to succeed drives innovation and creates new opportunities for economic growth."
Commenting on his appointment, Dr. Abdulelah bin Ahmed Saleh said: "I am honored to lead Everbridge Capital at this pivotal stage of the Kingdom's economic transformation. Our mission is clear: to be the bridge that enables SMEs to cross over to growth and prosperity, turning the SR300 billion financing gap challenge into an opportunity, and actively contributing to the Financial Sector Development Program's goal of reaching 20 percent financing. Our vision is to be the most innovative and trusted financial partner for entrepreneurs in the Kingdom."
Mideast Stocks: Most Gulf markets ease on economic uncertainty
Mideast Stocks: Most Gulf markets ease on economic uncertainty
Most stock markets in the Gulf ended lower on Monday, unsettled by the U.S. government shutdown and economic uncertainty, although prospects of further U.S. Federal Reserve rate cuts and rising oil prices limited losses.
Dubai's main share index dropped 0.2%, with toll operator Salik Company losing 1.5%.
In Abu Dhabi, the index eased 0.1%.
Saudi Arabia's benchmark index, however, gained 0.7%, led by a 4.6% rise in Saudi Arabian Mining Company . Among other gainers, oil behemoth Saudi Aramco added 0.2%.
Oil prices - a key catalyst for the Gulf's financial markets - rose more than 1% after OPEC+'s planned production increase for November was more modest than expected, tempering some concerns about supply additions, though a soft outlook for demand is likely to cap near-term gains.
Market participants likewise evaluated President Donald Trump's blueprint for concluding the two-year-old Gaza war, seeking relief from persistent geopolitical strains.
The Qatari index declined 0.3%, hit by a 1.5% fall in Qatar Gas Transport.
U.S. Federal Reserve Governor Stephen Miran pressed for an aggressive rate-cut trajectory again on Friday, citing the impact of the Trump administration's economic policies.
Investors are now pricing in a 25-basis-point cut at the Fed meeting this month, with an additional 25-bp cut anticipated in December. The Fed's stance carries heavy clout in the Gulf, where most currencies are pegged to the U.S. dollar, anchoring regional monetary policy.
Outside the Gulf, Egypt's blue-chip index fell 0.3%, stepping back from record highs.
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