UAE News: Hedge Fund Magellan Says Dubai Regulator Ends Probe, Clears Firm - Bloomberg
Magellan Capital Limited said Dubai’s financial regulator has ended an investigation into the hedge fund startup, and found no evidence of impropriety following a months-long probe prompted by complaints from a former employee.
“The outcome of the review, with which Magellan Capital Limited fully cooperated, reaffirms the firm’s strong governance, transparency and commitment to the highest professional standards,” it said in a statement on Wednesday.
The Dubai Financial Services Authority’s findings bring the issue to “a clear and final close,” Magellan said. A representative for the DFSA declined to comment.
The regulator began its investigation after a former trader claimed a senior executive at the hedge fund had concealed investment losses. Magellan denied the allegations at the time.
The fund has been planning to launch this year with about $700 million in capital, making it one of the biggest homegrown hedge funds in Dubai. Its seed capital comes from a wealthy Middle Eastern family.
The development had put a spotlight on the emerging hedge fund boom in the United Arab Emirates. Dubai’s financial hub now houses more than 70 firms from the sector, while neighboring Abu Dhabi is home to giants like Brevan Howard Asset Management and Marshall Wace.
Wednesday, 22 October 2025
#Saudi Fund With $3 Billion Mandate Plans Boosting Private Credit - Bloomberg
Saudi Fund With $3 Billion Mandate Plans Boosting Private Credit - Bloomberg
Saudi state-backed investor, Saudi Venture Capital, is reshaping its $3 billion investment strategy to channel more money into private credit funds, betting the asset class will capture a larger share of business in the kingdom.
SVC — which primarily acts as a fund of funds — plans to allocate half of its investments to private credit and equity, from about a third last year, according to Chief Executive Officer Nabeel Koshak. The rest will back venture funding, he said.
“We are re-designing our portfolio strategy based on the evolution and growth of the ecosystem,” Koshak said in an interview with Bloomberg on Tuesday. “Private credit specifically is at the nascent stage so we also plan to do more to raise awareness on how it actually complements filling the gap on SME financing.”
Companies in Saudi Arabia including small and medium-sized enterprises are increasingly seeking new sources of financing amid tightening liquidity conditions that make it more challenging to secure traditional capital through banks, according to Koshak.
The SVC chief spoke ahead of the Private Capital Forum in Riyadh on Wednesday, where the fund will gather investors and policymakers for discussions on regulatory challenges and financing gaps in the market. Private credit and equity will feature large on the agenda as both witness growing demand across the broader Middle East Gulf region.
The need for financing has become acute in Saudi Arabia as the kingdom seeks to drive spending on Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil and turn it into a hub for everything from entrepreneurship to finance and investing.
Saudi Arabia’s Public Investment Fund has already stepped into private credit with agreement earlier this year to anchor new funds from Goldman Sachs Asset Management focused on the Gulf. Venture debt is also seeing signs of budding, with Stride Ventures among those deploying capital in the kingdom.
SVC only recently began pivoting to private credit and venture debt, with investments in Partners for Growth and Ruya Partners. It has also backed PE giants including General Atlantic and VC funds like Global Ventures.
Launched in 2018, SVC has a mandate to invest $3 billion by 2030 to develop the financing ecosystem for startups and SMEs. It has invested about $300 million a year in each of the last two years and intends to keep the pace in 2026, Koshak said.
Saudi state-backed investor, Saudi Venture Capital, is reshaping its $3 billion investment strategy to channel more money into private credit funds, betting the asset class will capture a larger share of business in the kingdom.
SVC — which primarily acts as a fund of funds — plans to allocate half of its investments to private credit and equity, from about a third last year, according to Chief Executive Officer Nabeel Koshak. The rest will back venture funding, he said.
“We are re-designing our portfolio strategy based on the evolution and growth of the ecosystem,” Koshak said in an interview with Bloomberg on Tuesday. “Private credit specifically is at the nascent stage so we also plan to do more to raise awareness on how it actually complements filling the gap on SME financing.”
Companies in Saudi Arabia including small and medium-sized enterprises are increasingly seeking new sources of financing amid tightening liquidity conditions that make it more challenging to secure traditional capital through banks, according to Koshak.
The SVC chief spoke ahead of the Private Capital Forum in Riyadh on Wednesday, where the fund will gather investors and policymakers for discussions on regulatory challenges and financing gaps in the market. Private credit and equity will feature large on the agenda as both witness growing demand across the broader Middle East Gulf region.
The need for financing has become acute in Saudi Arabia as the kingdom seeks to drive spending on Crown Prince Mohammed bin Salman’s plan to diversify the economy away from oil and turn it into a hub for everything from entrepreneurship to finance and investing.
Saudi Arabia’s Public Investment Fund has already stepped into private credit with agreement earlier this year to anchor new funds from Goldman Sachs Asset Management focused on the Gulf. Venture debt is also seeing signs of budding, with Stride Ventures among those deploying capital in the kingdom.
SVC only recently began pivoting to private credit and venture debt, with investments in Partners for Growth and Ruya Partners. It has also backed PE giants including General Atlantic and VC funds like Global Ventures.
Launched in 2018, SVC has a mandate to invest $3 billion by 2030 to develop the financing ecosystem for startups and SMEs. It has invested about $300 million a year in each of the last two years and intends to keep the pace in 2026, Koshak said.
#Saudi heritage site to offer investors projects worth $1.6 billion | Reuters
-Saudi heritage site to offer investors projects worth $1.6 billion | Reuters
Saudi Arabia's AlUla cultural heritage site plans to offer projects worth 6 billion riyals ($1.6 billion) for private sector participation, a tourism chief said on Wednesday.
AlUla, which attracted 300,000 visitors last year, is mainly funded by the Saudi finance ministry and now hopes to draw in private funds, Phillip Jones, chief tourism officer of the Royal Commission for AlUla (RCU), said in an interview at the Reuters NEXT Gulf Summit in Abu Dhabi.
About 1 million visitors are expected by 2030, Jones said of AlUla, a UNESCO World Heritage Site of which about 60% is designated a national park and cannot be developed.
"We're embarking upon a big initiative to secure private sector investment, and we have about 6 billion SAR worth of investment opportunities with about 21 projects that we'll be floating to the market sometime at the end of the year, early next year," Jones added.
Developing the historical site is part of Vision 2030, which was launched by Crown Prince Mohammed bin Salman in 2016 to diversify Saudi Arabia's economy and cut its reliance on oil.
While an initial public offering is "not yet" planned, it is under consideration, Jones said, adding that while premature to discuss, a listing could come by the end of the decade.
AlUla has not been impacted by a rationalization programme underway across the kingdom and has secured its budget for the next five years, he said.
"We just finished phase one, and we're entering into phase two now and then we have a phase three, so we'll have lots of opportunities for investment," he said, adding he expected phase two to be complete by 2030.
Jones said roughly 70% of AlUla's visitors are from the Gulf region, including Saudi visitors. The other 30% come from countries including the United States, Britain, India, several European countries and China.
To view the live broadcast of the World Stage go to the Reuters NEXT news page: https://www.reuters.com/world/reuters-next-gulf-live-politicians-business-leaders-discuss-challenges-2025-10-21/
Saudi Arabia's AlUla cultural heritage site plans to offer projects worth 6 billion riyals ($1.6 billion) for private sector participation, a tourism chief said on Wednesday.
AlUla, which attracted 300,000 visitors last year, is mainly funded by the Saudi finance ministry and now hopes to draw in private funds, Phillip Jones, chief tourism officer of the Royal Commission for AlUla (RCU), said in an interview at the Reuters NEXT Gulf Summit in Abu Dhabi.
About 1 million visitors are expected by 2030, Jones said of AlUla, a UNESCO World Heritage Site of which about 60% is designated a national park and cannot be developed.
"We're embarking upon a big initiative to secure private sector investment, and we have about 6 billion SAR worth of investment opportunities with about 21 projects that we'll be floating to the market sometime at the end of the year, early next year," Jones added.
Developing the historical site is part of Vision 2030, which was launched by Crown Prince Mohammed bin Salman in 2016 to diversify Saudi Arabia's economy and cut its reliance on oil.
While an initial public offering is "not yet" planned, it is under consideration, Jones said, adding that while premature to discuss, a listing could come by the end of the decade.
AlUla has not been impacted by a rationalization programme underway across the kingdom and has secured its budget for the next five years, he said.
"We just finished phase one, and we're entering into phase two now and then we have a phase three, so we'll have lots of opportunities for investment," he said, adding he expected phase two to be complete by 2030.
Jones said roughly 70% of AlUla's visitors are from the Gulf region, including Saudi visitors. The other 30% come from countries including the United States, Britain, India, several European countries and China.
To view the live broadcast of the World Stage go to the Reuters NEXT news page: https://www.reuters.com/world/reuters-next-gulf-live-politicians-business-leaders-discuss-challenges-2025-10-21/
Classifieds firm Dubizzle postpones #Dubai IPO, to assess timing | Reuters
Classifieds firm Dubizzle postpones Dubai IPO, to assess timing | Reuters
Classifieds firm Dubizzle Group said on Wednesday it had postponed its IPO on the Dubai Financial Market.
Dubizzle, which was planning to offer a 30.34% stake to investors, did not provide further details on the decision or a new timeline for the initial public offering.
It said in a statement that since announcing its intention to float earlier this month it had seen strong interest from investors but "decided to postpone its planned IPO and assess optimal timing for the offering in the future".
Dubizzle said it was focused on growing its business in the United Arab Emirates and expanding its Saudi Arabian footprint.
The group operates online marketplace and classifieds platforms across the Middle East, Africa, South Asia and Europe, mainly centred in the property and automobile markets.
Classifieds firm Dubizzle Group said on Wednesday it had postponed its IPO on the Dubai Financial Market.
Dubizzle, which was planning to offer a 30.34% stake to investors, did not provide further details on the decision or a new timeline for the initial public offering.
It said in a statement that since announcing its intention to float earlier this month it had seen strong interest from investors but "decided to postpone its planned IPO and assess optimal timing for the offering in the future".
Dubizzle said it was focused on growing its business in the United Arab Emirates and expanding its Saudi Arabian footprint.
The group operates online marketplace and classifieds platforms across the Middle East, Africa, South Asia and Europe, mainly centred in the property and automobile markets.
Most Gulf markets higher on earnings, oil; FAB gains lift #AbuDhabi | Reuters
Most Gulf markets higher on earnings, oil; FAB gains lift Abu Dhabi | Reuters
Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab.
FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.
Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - whose trading was suspended ahead of its earnings announcement - was last up 4%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco (2222.SE), opens new tab, its biggest single-day gain since April 2023.
The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.
"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."
Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.
Among other gainers, telecoms firm Etihad Etisalat (7020.SE), opens new tab leapt 3.7%, after reporting a rise in third-quarter profit.
However, Sahara International Petrochemical Company (Sipchem) (2310.SE), opens new tab plunged 3.4%, as the firm turned to quarterly losses.
Dubai's main share index (.DFMGI), opens new tab concluded flat, with Emirates NBD (ENBD.DU), opens new tab rising 1.9%, as the top lender is slated to report its quarterly earnings.
The Qatari index (.QSI), opens new tab reversed early losses to close 0.3% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers (ABUK.CA), opens new tab as the chemical firm traded ex-dividend.
Most Gulf stock markets ended higher on Wednesday, fueled by a slew of upbeat corporate earnings and rising oil prices, with Abu Dhabi’s benchmark topping its peers on First Abu Dhabi Bank’s contribution.
In Abu Dhabi, the index (.FTFADGI), opens new tab advanced 1.1%, boosted by a 5.1% jump in the United Arab Emirates' biggest lender First Abu Dhabi Bank (FAB) (FAB.AD), opens new tab.
FAB - which saw its biggest intraday gain since late-June - reported a 21% rise in third-quarter net profit to 5.39 billion dirhams ($1.47 billion), above analysts' average estimate of 4.54 billion dirhams, according to data compiled by LSEG.
Elsewhere, Abu Dhabi Islamic Bank (ADIB.AD), opens new tab - whose trading was suspended ahead of its earnings announcement - was last up 4%.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.4%, driven by a 3.8% jump in oil behemoth Saudi Aramco (2222.SE), opens new tab, its biggest single-day gain since April 2023.
The energy sector saw positive movement, led by Aramco, supported by a rebound in oil prices, said Milad Azar Market analyst at XTB MENA.
"However, oil’s rebound could be short-lived, given the bearish fundamentals weighing on the overall outlook."
Oil prices - a catalyst for the Gulf's financial markets - pushed higher for a second day on Wednesday, rising by about 2%, buoyed by hopes for progress of a U.S. trade deal with China and India.
Among other gainers, telecoms firm Etihad Etisalat (7020.SE), opens new tab leapt 3.7%, after reporting a rise in third-quarter profit.
However, Sahara International Petrochemical Company (Sipchem) (2310.SE), opens new tab plunged 3.4%, as the firm turned to quarterly losses.
Dubai's main share index (.DFMGI), opens new tab concluded flat, with Emirates NBD (ENBD.DU), opens new tab rising 1.9%, as the top lender is slated to report its quarterly earnings.
The Qatari index (.QSI), opens new tab reversed early losses to close 0.3% higher.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab eased 0.3%, dragged down by a 7% slide in Abu Qir Fertilizers (ABUK.CA), opens new tab as the chemical firm traded ex-dividend.
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