Gulf Startup Tabby Nabs $4.5 Billion Valuation in Secondary Sale - Bloomberg
Saudi Arabia-based Tabby said it was valued at $4.5 billion after the fintech allowed early investors to offload their shares in a secondary sale.
The new valuation is up from the $3.3 billion price tag Tabby garnered in a $160 million financing round just eight months ago. The deal allowed firms including HSG and Boyu Capital to buy shares off existing investors, according to a statement.
One of the Middle East’s first fintech unicorns, Tabby is part of a cadre of increasingly popular buy-now, pay-later fintechs that let customers pay for goods in installments. More than 40,000 brands use the Riyadh-based company’s technology to help with sales.
“We’re proud to welcome our new shareholders who share Tabby’s ambitions and the impact we’re making on financial services across the region,” Chief Executive Officer Hosam Arab said in the statement.
Secondary share sales allow private companies to offer existing investors a way to get liquidity for their shares even as IPO markets around the world have remained largely dormant for much of the past three years. A number of big-name fintechs including Revolut Ltd. and Stripe Inc. have also turned to private stock sales to give employees much-needed cash.
Tuesday, 28 October 2025
Oil falls nearly 2% as investors assess Russia sanctions, OPEC+ output plans | Reuters
Oil falls nearly 2% as investors assess Russia sanctions, OPEC+ output plans | Reuters
Oil prices fell by nearly 2% on Tuesday in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
Brent crude futures were down $1.09, or 1.7%, to $64.53 a barrel at 1253 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.24.
"Traders weighed up progress in U.S.-China trade talks and the broader outlook for supply," ANZ said in a morning note.
Brent and WTI last week registered their biggest weekly gain since June, reacting to U.S. President Donald Trump's decision to impose Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft.
Investors continue to chew over how effective those sanctions on Russia might be.
"The oil market is still debating whether the latest sanctions will impact Russian oil exports or not, with market players reducing somewhat the supply risk premium built in last week," said UBS analyst Giovanni Staunovo.
The effect of sanctions on oil-exporting countries will be limited because of surplus capacity, International Energy Agency Executive Director Fatih Birol said on Tuesday.
Following the U.S. sanctions, Russia's second-largest oil producer, Lukoil, said on Monday it would sell its international assets.
This is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia's war in Ukraine, which started in February 2022.
Meanwhile, Indian refiners have not placed new orders for Russian oil purchases since sanctions were imposed, as they await clarity from the government and suppliers, sources told Reuters on Tuesday.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, is leaning toward another modest output boost in December, four sources familiar with the talks told Reuters.
Having curbed production for several years in a bid to support the oil market, the group started reversing those cuts in April.
Investors will watch the prospect of a trade deal between the U.S. and China, the world's two biggest oil consumers, with Trump and President Xi Jinping due to meet on Thursday in South Korea.
Beijing hopes Washington can meet it halfway to "prepare for high-level interactions" between the two countries, Foreign Minister Wang Yi told U.S. Secretary of State Marco Rubio in a phone call on Monday.
Oil prices fell by nearly 2% on Tuesday in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
Brent crude futures were down $1.09, or 1.7%, to $64.53 a barrel at 1253 GMT. U.S. West Texas Intermediate crude futures were down $1.07, or 1.8%, at $60.24.
"Traders weighed up progress in U.S.-China trade talks and the broader outlook for supply," ANZ said in a morning note.
Brent and WTI last week registered their biggest weekly gain since June, reacting to U.S. President Donald Trump's decision to impose Ukraine-related sanctions on Russia for the first time in his second term, targeting oil companies Lukoil and Rosneft.
Investors continue to chew over how effective those sanctions on Russia might be.
"The oil market is still debating whether the latest sanctions will impact Russian oil exports or not, with market players reducing somewhat the supply risk premium built in last week," said UBS analyst Giovanni Staunovo.
The effect of sanctions on oil-exporting countries will be limited because of surplus capacity, International Energy Agency Executive Director Fatih Birol said on Tuesday.
Following the U.S. sanctions, Russia's second-largest oil producer, Lukoil, said on Monday it would sell its international assets.
This is the most consequential action so far by a Russian company in the wake of Western sanctions over Russia's war in Ukraine, which started in February 2022.
Meanwhile, Indian refiners have not placed new orders for Russian oil purchases since sanctions were imposed, as they await clarity from the government and suppliers, sources told Reuters on Tuesday.
OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies including Russia, is leaning toward another modest output boost in December, four sources familiar with the talks told Reuters.
Having curbed production for several years in a bid to support the oil market, the group started reversing those cuts in April.
Investors will watch the prospect of a trade deal between the U.S. and China, the world's two biggest oil consumers, with Trump and President Xi Jinping due to meet on Thursday in South Korea.
Beijing hopes Washington can meet it halfway to "prepare for high-level interactions" between the two countries, Foreign Minister Wang Yi told U.S. Secretary of State Marco Rubio in a phone call on Monday.
#Saudi AI firm Humain eyes dual listing on Saudi, NASDAQ exchanges within four years | Reuters
Saudi AI firm Humain eyes dual listing on Saudi, NASDAQ exchanges within four years | Reuters
Humain, the company Saudi Arabia launched earlier this year to develop artificial intelligence technology, plans to list on the Saudi and NASDAQ exchanges within the next four years, its CEO said on Tuesday.
"I have no doubt in three to four years, this company must be listed, and I hope that it gets listed here and in the NASDAQ as well. So our ambition is really, really massive," Tareq Amin said at a news conference on the sidelines of the Future Investment Initiative, Saudi Arabia's flagship investment conference.
Amin also suggested that one of Humain's major suppliers of AI chips was considering an investment in the company. He did not name the supplier.
Humain sources chips from NVIDIA, AMD, Qualcomm and Groq to power its large-scale data centres and multi-agent AI platform.
PLANS TO EXPAND GLOBALLY
Crown Prince Mohammed bin Salman launched Humain in May under the PIF sovereign wealth fund, as part of the kingdom's drive to become a global hub for AI technology. The effort is part of the multibillion-dollar Vision 2030 programme to diversify Saudi Arabia's economy away from oil.
On Tuesday, the company launched Humain One, a computer operating system that relies on AI technology and shifts away from the icon-based operating systems that computers have used since the 1980s.
"It is the first time since 1985 that we depart from the traditional operating system. This is a true AI operating system with AI agents now to manage everything and anything you need," Amin said.
Humain One is already deployed across the Saudi government and in pilot programmes with three PIF entities, with plans to expand its deployment globally.
The company has a partnership with Google, plans to announce a collaboration with Amazon Web Services, and has met with OpenAI, the company behind ChatGPT, Amin said.
Humain, the company Saudi Arabia launched earlier this year to develop artificial intelligence technology, plans to list on the Saudi and NASDAQ exchanges within the next four years, its CEO said on Tuesday.
"I have no doubt in three to four years, this company must be listed, and I hope that it gets listed here and in the NASDAQ as well. So our ambition is really, really massive," Tareq Amin said at a news conference on the sidelines of the Future Investment Initiative, Saudi Arabia's flagship investment conference.
Amin also suggested that one of Humain's major suppliers of AI chips was considering an investment in the company. He did not name the supplier.
Humain sources chips from NVIDIA, AMD, Qualcomm and Groq to power its large-scale data centres and multi-agent AI platform.
PLANS TO EXPAND GLOBALLY
Crown Prince Mohammed bin Salman launched Humain in May under the PIF sovereign wealth fund, as part of the kingdom's drive to become a global hub for AI technology. The effort is part of the multibillion-dollar Vision 2030 programme to diversify Saudi Arabia's economy away from oil.
On Tuesday, the company launched Humain One, a computer operating system that relies on AI technology and shifts away from the icon-based operating systems that computers have used since the 1980s.
"It is the first time since 1985 that we depart from the traditional operating system. This is a true AI operating system with AI agents now to manage everything and anything you need," Amin said.
Humain One is already deployed across the Saudi government and in pilot programmes with three PIF entities, with plans to expand its deployment globally.
The company has a partnership with Google, plans to announce a collaboration with Amazon Web Services, and has met with OpenAI, the company behind ChatGPT, Amin said.
Most Gulf markets gain on easing US-China trade woes | Reuters
Most Gulf markets gain on easing US-China trade woes | Reuters
Major Gulf equity markets ended higher on Tuesday, supported by growing optimism over easing trade tensions that boosted risk appetite, with market focus shifting to the upcoming Federal Reserve policy meeting. Corporate results, however, contributed only limited support to market sentiment.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, led by a 1.7% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, Leejam Sports (1830.SE), opens new tab plunged 10% to be the biggest loser on the Saudi index, following a steep fall in third-quarter profit.
The sports firm, which recorded its biggest intraday fall in nearly six-months, also slashed its quarterly dividend to 0.95 riyal per share from 2.14 riyals.
Dubai's main share index (.DFMGI), opens new tab added 0.5%, bolstered by a 1.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.3%, hit by a 2.8% fall in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, even as the lender reported a rise in third-quarter profit. The country's sovereign wealth fund Mubadala, the bank's largest shareholder, plans to exercise all of its rights to subscribe in full for its proportional entitlement of the new shares in a rights issue.
Oil prices - a catalyst for the Gulf's financial markets - fell by more than 1% in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
The Qatari index (.QSI), opens new tab rose 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab gaining 1.5%, ahead of its earnings announcement later in the day.
On the other hand, Qatar Aluminum Manufacturing Company (QAMC.QA), opens new tab dropped more than 3%, after reporting a mere 0.5% increase in quarterly profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.4% higher, with tobacco monopoly Eastern Company (EAST.CA), opens new tab jumping 4.3%, rising for a fourth consecutive session.
Last week, Eastern reported an annual net profit of 9.71 billion Egyptian pounds ($204.42 million), up from 9.18 billion Egyptian pounds a year earlier.
Major Gulf equity markets ended higher on Tuesday, supported by growing optimism over easing trade tensions that boosted risk appetite, with market focus shifting to the upcoming Federal Reserve policy meeting. Corporate results, however, contributed only limited support to market sentiment.
Top Chinese and U.S. economic officials hashed out the framework of a deal for U.S. President Donald Trump and Chinese President Xi Jinping to decide on later this week, easing fears that tariffs and export curbs between the world's top two oil consumers could dent global growth.
Saudi Arabia's benchmark index (.TASI), opens new tab rose 0.5%, led by a 1.7% rise in Saudi National Bank (1180.SE), opens new tab, the country's biggest lender by assets.
However, Leejam Sports (1830.SE), opens new tab plunged 10% to be the biggest loser on the Saudi index, following a steep fall in third-quarter profit.
The sports firm, which recorded its biggest intraday fall in nearly six-months, also slashed its quarterly dividend to 0.95 riyal per share from 2.14 riyals.
Dubai's main share index (.DFMGI), opens new tab added 0.5%, bolstered by a 1.7% rise in blue-chip developer Emaar Properties (EMAR.DU), opens new tab.
In Abu Dhabi, the index (.FTFADGI), opens new tab dropped 0.3%, hit by a 2.8% fall in Abu Dhabi Commercial Bank (ADCB.AD), opens new tab, even as the lender reported a rise in third-quarter profit. The country's sovereign wealth fund Mubadala, the bank's largest shareholder, plans to exercise all of its rights to subscribe in full for its proportional entitlement of the new shares in a rights issue.
Oil prices - a catalyst for the Gulf's financial markets - fell by more than 1% in a third day of declines as investors assess the effect of U.S. sanctions on Russia's two biggest oil companies along with a potential OPEC+ plan to raise output.
The Qatari index (.QSI), opens new tab rose 0.3%, with petrochemical maker Industries Qatar (IQCD.QA), opens new tab gaining 1.5%, ahead of its earnings announcement later in the day.
On the other hand, Qatar Aluminum Manufacturing Company (QAMC.QA), opens new tab dropped more than 3%, after reporting a mere 0.5% increase in quarterly profit.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab finished 0.4% higher, with tobacco monopoly Eastern Company (EAST.CA), opens new tab jumping 4.3%, rising for a fourth consecutive session.
Last week, Eastern reported an annual net profit of 9.71 billion Egyptian pounds ($204.42 million), up from 9.18 billion Egyptian pounds a year earlier.
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