UAE: Abu Dhabi’s Lunate Weighs $1 Billion Commitment to AI Firm MGX - Bloomberg
Abu Dhabi asset manager Lunate is in discussions to commit as much as $1 billion to state-backed artificial intelligence investor MGX, according to people familiar with the matter.
Lunate deploys capital through four distinct fund strategies, niche partnerships, and also manages money on behalf of other investors. Details on the exact structure of its planned MGX investment were not immediately available.
Discussions are ongoing and no final decisions have been made, the people said, asking not to be identified as the information is private. Representatives for Lunate declined to comment, while MGX couldn’t immediately be reached for comment.
MGX, founded by Abu Dhabi AI firm G42 and wealth fund Mubadala Investment Co., has been considering plans to raise billions of dollars in third-party capital through a fund structure. The firm is looking to ramp up AI investments, after having already backed OpenAI and xAI, while teaming up with BlackRock Inc. and Microsoft Corp. on a $30 billion plan to build data warehouses and energy infrastructure.
It’s looking to raise as much as $25 billion for the new vehicle, which would rank as one of the largest entities of its kind, Bloomberg News reported has reported. As part of their plans, MGX executives were weighing raising money from financial and strategic investors in Abu Dhabi and beyond.
Overseen by Sheikh Tahnoon bin Zayed Al Nahyan, MGX has become central to Abu Dhabi’s AI ambitions since it was set up last year. Lunate, for its part, has also done a few deals that dovetail into those efforts, including an investment into OpenAI.
The asset manager works with many of the world’s largest firms including BlackRock, Blackstone Inc., CVC Capital Partners Plc, and Brookfield Asset Management. It commits capital both as a limited partner and as a general partner, and has deployed $13.5 billion since being set up two years ago.
It raised about $17 billion in 2024 for its flagship funds and is targeting a higher amount for funds launching in 2026, Bloomberg News has reported. The firm counts Abu Dhabi sovereign wealth fund ADQ and Chimera Investment, which are both ultimately overseen by Sheikh Tahnoon, as anchor limited partners.
Lunate’s three managing partners hold stakes in the firm, which describes itself as independently-managed with Chimera Investment as a majority owner.
Monday, 24 November 2025
#AbuDhabi's ADNOC plans $150 billion in capital investments between 2026-2030 | Reuters
Abu Dhabi's ADNOC plans $150 billion in capital investments between 2026-2030 | Reuters
Abu Dhabi state oil company ADNOC plans $150 billion of investment between 2026 and 2030, it said on Monday, seeking to maintain existing operations, drive growth and meet global energy demand.
During a meeting on Monday, the board of directors welcomed the company's increased oil reserves at 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves of 297 trillion standard cubic feet (scf) from 290 trillion scf, it said.
The Emirati oil giant has been attracting new global partners to unconventional exploration concessions to speed up development, support the Gulf state's gas self-sufficiency and meet growing global gas demand.
Abu Dhabi's unconventional resources, those that require advanced extraction methods, are estimated at 160 tcf of gas and 22 billion stb of oil, the statement said.
ADNOC also said the enterprise value of international investment arm XRG had increased to $151 billion from about $80 billion after its launch in November last year.
XRG aims to pursue global deals in chemicals, natural gas and renewables as the emirate seeks to build a globe-spanning portfolio in those areas and rely less on oil export revenue.
The ADNOC board also gave the green light for a new operating company for its Ghasha concession, an offshore project expected to produce 1.8 billion scf of gas and 150,000 barrels per day of oil and condensates.
Abu Dhabi state oil company ADNOC plans $150 billion of investment between 2026 and 2030, it said on Monday, seeking to maintain existing operations, drive growth and meet global energy demand.
During a meeting on Monday, the board of directors welcomed the company's increased oil reserves at 120 billion stock tank barrels (stb), up from 113 billion stb, and natural gas reserves of 297 trillion standard cubic feet (scf) from 290 trillion scf, it said.
The Emirati oil giant has been attracting new global partners to unconventional exploration concessions to speed up development, support the Gulf state's gas self-sufficiency and meet growing global gas demand.
Abu Dhabi's unconventional resources, those that require advanced extraction methods, are estimated at 160 tcf of gas and 22 billion stb of oil, the statement said.
ADNOC also said the enterprise value of international investment arm XRG had increased to $151 billion from about $80 billion after its launch in November last year.
XRG aims to pursue global deals in chemicals, natural gas and renewables as the emirate seeks to build a globe-spanning portfolio in those areas and rely less on oil export revenue.
The ADNOC board also gave the green light for a new operating company for its Ghasha concession, an offshore project expected to produce 1.8 billion scf of gas and 150,000 barrels per day of oil and condensates.
Gulf markets mixed on softer oil prices, Fed rate cut bets | Reuters
Gulf markets mixed on softer oil prices, Fed rate cut bets | Reuters
Stock markets in the Gulf ended mixed on Monday, weighed down by weaker oil prices, while investors awaited further clarity on the U.S. interest rate outlook.
Oil prices, a catalyst for the Gulf's financial markets, dropped on Monday, extending losses from last week, as Russia-Ukraine peace talks edged closer to a solution and the greenback strengthened.
Hopes for a Russia-Ukraine deal raised the prospect of easing sanctions, potentially freeing up more Russian supply.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 1.4%, with Al Rajhi Bank (1120.SE), opens new tab declining 2.6% and oil behemoth Saudi Aramco (2222.SE), opens new tab losing 1.4%.
Market sentiment was dampened by lower oil prices and oversupply concerns. Reports of potential progress toward peace in Eastern Europe raised the prospect of Russian crude returning to the market, adding further pressure on crude prices, said Hani Abuagla Senior Market Analyst at XTB MENA.
Dubai Financial Market delayed the start of the trading session on Monday due to connectivity issues affecting participants.
In Abu Dbabi, the index (.FTFADGI), opens new tab was down 0.2%.
The probability of a Fed rate cut next month inched lower to 69% on Monday, after jumping to 74% in the previous session, according to the CME FedWatch Tool.
Investors await the release of U.S. retail sales and producer prices data, due later in the week.
Bets of rate cuts had surged to 74% from 40% on Friday following dovish comments from New York Fed President John Williams.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari index (.QSI), opens new tab rose 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab gaining 1.3%.
According to Abuagla, the high probability of a Fed rate cut is aiding sentiment, the market will likely need further positive developments to sustain a recovery.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab tumbled 1.8%, with tobacco monopoly Eastern Company (EAST.CA), opens new tab dropping 6.3%.
Oil prices, a catalyst for the Gulf's financial markets, dropped on Monday, extending losses from last week, as Russia-Ukraine peace talks edged closer to a solution and the greenback strengthened.
Hopes for a Russia-Ukraine deal raised the prospect of easing sanctions, potentially freeing up more Russian supply.
Saudi Arabia's benchmark index (.TASI), opens new tab retreated 1.4%, with Al Rajhi Bank (1120.SE), opens new tab declining 2.6% and oil behemoth Saudi Aramco (2222.SE), opens new tab losing 1.4%.
Market sentiment was dampened by lower oil prices and oversupply concerns. Reports of potential progress toward peace in Eastern Europe raised the prospect of Russian crude returning to the market, adding further pressure on crude prices, said Hani Abuagla Senior Market Analyst at XTB MENA.
Dubai's main share index (.DFMGI), opens new tab inched 0.1% lower.
Dubai Financial Market delayed the start of the trading session on Monday due to connectivity issues affecting participants.
In Abu Dbabi, the index (.FTFADGI), opens new tab was down 0.2%.
The probability of a Fed rate cut next month inched lower to 69% on Monday, after jumping to 74% in the previous session, according to the CME FedWatch Tool.
Investors await the release of U.S. retail sales and producer prices data, due later in the week.
Bets of rate cuts had surged to 74% from 40% on Friday following dovish comments from New York Fed President John Williams.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
The Qatari index (.QSI), opens new tab rose 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab gaining 1.3%.
According to Abuagla, the high probability of a Fed rate cut is aiding sentiment, the market will likely need further positive developments to sustain a recovery.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab tumbled 1.8%, with tobacco monopoly Eastern Company (EAST.CA), opens new tab dropping 6.3%.
#SaudiArabia’s Aramco Said to Weigh Raising Billions From Biggest Disposals Yet - Bloomberg
Saudi Arabia’s Aramco Said to Weigh Raising Billions From Biggest Disposals Yet - Bloomberg
Saudi Aramco is considering plans to raise billions of dollars by selling a range of assets, people familiar with the matter said, deals that could rank as its most significant disposals ever.
The firm is weighing the sale of a stake in its oil export and storage terminals as part of the plans, the people said, declining to be identified as the information is confidential. Banks have been asked to pitch for roles on feasibility studies for the disposals, which could fetch more than $10 billion, they said.
Aramco is eying options including raising fresh equity from the deal, the people said. It could also pursue a structure similar to the recent $11 billion lease transaction with a group led by BlackRock Inc.’s Global Infrastructure Partners for assets linked to the Jafurah gas project, they said.
That sale drew interest from firms around the world and bankers have since pitched several asset disposal plans given increasing demand from investors, one of the people said. Aramco’s terminals business is seen as a lucrative asset and the company could kick off a formal sales process as soon as early next year, the person said.
At the same time, the oil giant is considering selling part of its real estate portfolio, some of the people said. Those assets will also likely be worth billions of dollars and will be seen as attractive at a time when the kingdom is advancing plans to allow foreign ownership.
Discussions are at an early stage and no final decisions have been made. Representatives for Aramco didn’t immediately respond to a request for comment.
Aramco’s main oil storage and export infrastructure is located at Ras Tanura on the Persian Gulf and the company has similar terminals on the Red Sea. Internationally, the firm owns stakes in product terminals in the Netherlands and leases crude as well as product storage at main trade hubs in Egypt and at Okinawa in Japan.
Oil prices have dropped by roughly a fifth this year and while that decline has somewhat been tempered by higher output, Aramco has delayed some projects and looked to sell assets to free up cash for investments.
The deals now being considered would mark a step up from previous transactions that were focused on stakes in pipeline infrastructure.
The world’s biggest oil exporter is a lynchpin of the Saudi economy. Revenue from energy sales and the firm’s hefty dividend payouts help support the kingdom’s expensive economic revamp, some elements of which have been hamstrung by growing costs.
Meanwhile, Aramco is continuing to invest in big-ticket projects like Jafurah, which is set to start production this year and reach full capacity in 2030.
Saudi Aramco is considering plans to raise billions of dollars by selling a range of assets, people familiar with the matter said, deals that could rank as its most significant disposals ever.
The firm is weighing the sale of a stake in its oil export and storage terminals as part of the plans, the people said, declining to be identified as the information is confidential. Banks have been asked to pitch for roles on feasibility studies for the disposals, which could fetch more than $10 billion, they said.
Aramco is eying options including raising fresh equity from the deal, the people said. It could also pursue a structure similar to the recent $11 billion lease transaction with a group led by BlackRock Inc.’s Global Infrastructure Partners for assets linked to the Jafurah gas project, they said.
That sale drew interest from firms around the world and bankers have since pitched several asset disposal plans given increasing demand from investors, one of the people said. Aramco’s terminals business is seen as a lucrative asset and the company could kick off a formal sales process as soon as early next year, the person said.
At the same time, the oil giant is considering selling part of its real estate portfolio, some of the people said. Those assets will also likely be worth billions of dollars and will be seen as attractive at a time when the kingdom is advancing plans to allow foreign ownership.
Discussions are at an early stage and no final decisions have been made. Representatives for Aramco didn’t immediately respond to a request for comment.
Aramco’s main oil storage and export infrastructure is located at Ras Tanura on the Persian Gulf and the company has similar terminals on the Red Sea. Internationally, the firm owns stakes in product terminals in the Netherlands and leases crude as well as product storage at main trade hubs in Egypt and at Okinawa in Japan.
Oil prices have dropped by roughly a fifth this year and while that decline has somewhat been tempered by higher output, Aramco has delayed some projects and looked to sell assets to free up cash for investments.
The deals now being considered would mark a step up from previous transactions that were focused on stakes in pipeline infrastructure.
The world’s biggest oil exporter is a lynchpin of the Saudi economy. Revenue from energy sales and the firm’s hefty dividend payouts help support the kingdom’s expensive economic revamp, some elements of which have been hamstrung by growing costs.
Meanwhile, Aramco is continuing to invest in big-ticket projects like Jafurah, which is set to start production this year and reach full capacity in 2030.
#Dubai Property Frenzy Sets Developers on a $6 Billion Debt Spree - Bloomberg
Dubai Property Frenzy Sets Developers on a $6 Billion Debt Spree - Bloomberg
Property developers in the United Arab Emirates are raising billions through a growing arsenal of funding tools - from Islamic bonds to private credit - as they ride one of the Gulf country’s longest real estate booms in years.
Data compiled by Bloomberg show dollar bond and sukuk issuance alone has grown more than twelve-fold to $6 billion since 2021, underscoring how widely developers have accessed the market in a short time.
Names once unknown to international debt capital markets, including Arada Developments, Binghatti Holding and Omniyat Holdings, are now regular sukuk issuers, joining heavyweights like Emaar Properties, Aldar Properties, and DAMAC Properties.
More new names like Samana Developers are planning to test capital markets, and Arada is even weighing a convertible sukuk, a rare move in a region still new to equity-linked financing.
Many firms are racing to get more cash to buy land as the competition to secure prime locations in the UAE intensifies. Their push into new pockets of the credit market highlights a growing role for local and international bond investors in Dubai real estate. Property prices have already risen more than 70% since 2019 in the city, and are also surging in the emirates of Abu Dhabi and Sharjah.
Still, the flood of issuances has created a growing wall of maturities, with about $8 billion due by 2030. Some analysts have flagged rising risks from Dubai’s extended boom, though most say the sector’s fundamentals remain solid for now. The emirate continues to see record pre-sales and strong inflows from wealthy overseas buyers, boosting developers’ profitability and cash buffers.
“The demand for UAE real estate bonds and sukuk is unlikely to dry up anytime soon,” said Apostolos Bantis, managing director of fixed income advisory at Union Bancaire Privée. “Global investors remain attracted to higher-quality developers offering yields that stand out compared to developed markets.”
At the same time, a global slowdown, regional unrest, or a drop in oil prices could sap confidence and leave some homebuyers exposed if any developers struggle to deliver. A wave of new property supply has also led Fitch Ratings to forecast a “moderate correction” in late 2025 into 2026.
UBS Group AG has warned that Dubai’s bubble risk has surged since 2022, though the city still sits below the bank’s “high-risk” category, helped by strong rental yields and comparatively affordable home prices.
In debt markets, the flood of new real-estate sukuk deals could test market appetite, particularly as investors look to avoid over-exposure to a single sector. Fady Gendy, fixed-income portfolio manager at Arqaam Capital, said the large volume of deals this year has led to some signs of “investor fatigue,” apparent in how some recent deals have been trading below their re-offer price and with higher new issue premiums paid.
“This is to be expected after the large volume printed from the sector this year, and that being concentrated across a few names,” he said.
None of that is deterring developers who want to raise money in the short term. For many, private credit has emerged as a vital new source of liquidity as traditional banks approach their real estate exposure limits.
Omniyat tapped Nomura for a $100 million private credit facility earlier this year, and private credit specialists say most of the current demand in the UAE is coming from developers.
“Banks have hit sector limits and are prioritizing lending to large, government-backed developers,” said David Beckett, head of origination and Middle East business development at asset manager SC Lowy. “That leaves private developers underfunded, but they’re seeing strong returns and are willing to pay private credit spreads.”
Some firms are looking beyond debt markets to potential listings, although no definitive plans have been announced yet. Binghatti, Samana and Arada are among those weighing possible initial public offerings.
Gendy would see a rise in IPOs as a welcome shift, not only to potentially provide fresh injections of capital, but also to strengthen transparency and corporate governance. One key risk to watch, he added, will be dividend policy, to ensure developers maintain sufficient buffers for any future downturns. Investors are no strangers to the Dubai property sector’s swings: Damac Properties was taken private in 2022 at a sharp discount to its original listing value.
Despite potential challenges, real estate investors and developers are counting on demand to hold up, partly because expats continue to pour into Dubai and the nearby emirates.
Gendy stressed that near-term sector fundamentals remain intact, and concerns about a potential supply glut in 2026 or 2027 may be overblown, as actual new developments typically fall short of projections.
“That said, if there is a more severe correction, we would expect to see some dispersion in market pricing between the various real estate issuers, on account of differences in their business models, and operating and financial metrics,” Gendy said about the bonds the builders are issuing.
Property developers in the United Arab Emirates are raising billions through a growing arsenal of funding tools - from Islamic bonds to private credit - as they ride one of the Gulf country’s longest real estate booms in years.
Data compiled by Bloomberg show dollar bond and sukuk issuance alone has grown more than twelve-fold to $6 billion since 2021, underscoring how widely developers have accessed the market in a short time.
Names once unknown to international debt capital markets, including Arada Developments, Binghatti Holding and Omniyat Holdings, are now regular sukuk issuers, joining heavyweights like Emaar Properties, Aldar Properties, and DAMAC Properties.
More new names like Samana Developers are planning to test capital markets, and Arada is even weighing a convertible sukuk, a rare move in a region still new to equity-linked financing.
Many firms are racing to get more cash to buy land as the competition to secure prime locations in the UAE intensifies. Their push into new pockets of the credit market highlights a growing role for local and international bond investors in Dubai real estate. Property prices have already risen more than 70% since 2019 in the city, and are also surging in the emirates of Abu Dhabi and Sharjah.
Still, the flood of issuances has created a growing wall of maturities, with about $8 billion due by 2030. Some analysts have flagged rising risks from Dubai’s extended boom, though most say the sector’s fundamentals remain solid for now. The emirate continues to see record pre-sales and strong inflows from wealthy overseas buyers, boosting developers’ profitability and cash buffers.
“The demand for UAE real estate bonds and sukuk is unlikely to dry up anytime soon,” said Apostolos Bantis, managing director of fixed income advisory at Union Bancaire Privée. “Global investors remain attracted to higher-quality developers offering yields that stand out compared to developed markets.”
At the same time, a global slowdown, regional unrest, or a drop in oil prices could sap confidence and leave some homebuyers exposed if any developers struggle to deliver. A wave of new property supply has also led Fitch Ratings to forecast a “moderate correction” in late 2025 into 2026.
UBS Group AG has warned that Dubai’s bubble risk has surged since 2022, though the city still sits below the bank’s “high-risk” category, helped by strong rental yields and comparatively affordable home prices.
In debt markets, the flood of new real-estate sukuk deals could test market appetite, particularly as investors look to avoid over-exposure to a single sector. Fady Gendy, fixed-income portfolio manager at Arqaam Capital, said the large volume of deals this year has led to some signs of “investor fatigue,” apparent in how some recent deals have been trading below their re-offer price and with higher new issue premiums paid.
“This is to be expected after the large volume printed from the sector this year, and that being concentrated across a few names,” he said.
None of that is deterring developers who want to raise money in the short term. For many, private credit has emerged as a vital new source of liquidity as traditional banks approach their real estate exposure limits.
Omniyat tapped Nomura for a $100 million private credit facility earlier this year, and private credit specialists say most of the current demand in the UAE is coming from developers.
“Banks have hit sector limits and are prioritizing lending to large, government-backed developers,” said David Beckett, head of origination and Middle East business development at asset manager SC Lowy. “That leaves private developers underfunded, but they’re seeing strong returns and are willing to pay private credit spreads.”
Some firms are looking beyond debt markets to potential listings, although no definitive plans have been announced yet. Binghatti, Samana and Arada are among those weighing possible initial public offerings.
Gendy would see a rise in IPOs as a welcome shift, not only to potentially provide fresh injections of capital, but also to strengthen transparency and corporate governance. One key risk to watch, he added, will be dividend policy, to ensure developers maintain sufficient buffers for any future downturns. Investors are no strangers to the Dubai property sector’s swings: Damac Properties was taken private in 2022 at a sharp discount to its original listing value.
Despite potential challenges, real estate investors and developers are counting on demand to hold up, partly because expats continue to pour into Dubai and the nearby emirates.
Gendy stressed that near-term sector fundamentals remain intact, and concerns about a potential supply glut in 2026 or 2027 may be overblown, as actual new developments typically fall short of projections.
“That said, if there is a more severe correction, we would expect to see some dispersion in market pricing between the various real estate issuers, on account of differences in their business models, and operating and financial metrics,” Gendy said about the bonds the builders are issuing.
#UAE Plans to Invest $1 Billion in African AI Infrastructure - Bloomberg
UAE Plans to Invest $1 Billion in African AI Infrastructure - Bloomberg
The United Arab Emirates plans to invest $1 billion to expand artificial intelligence infrastructure and services across Africa, bolstering its influence on a continent that’s lagged behind the rest of the world in adopting the technology.
The investment will help develop digital infrastructure, improve government services and enhance productivity, Saeed bin Mubarak Al Hajeri, UAE minister of state at the Ministry of Foreign Affairs, said at the Group of 20 summit in Johannesburg on Saturday.
“It will provide access to AI computing power, technical expertise, and global partnerships,” he said. “It aims to support developing countries to overcome key developmental challenges by integrating AI technologies into these sectors.”
The UAE, which is spending billions of dollars on AI at home and in the US, is now the fourth-largest investor in Africa, according to Al Hajeri. Its investments span renewable energy and logistics to critical minerals.
The AI plan will support African nations in delivering projects in education, agriculture, health care, digital identity and climate adaptation, according to the minister.
“Our goal now is to ensure these capabilities benefit partners across the global South, and that no country is left behind in the AI age,” he said.
The United Arab Emirates plans to invest $1 billion to expand artificial intelligence infrastructure and services across Africa, bolstering its influence on a continent that’s lagged behind the rest of the world in adopting the technology.
The investment will help develop digital infrastructure, improve government services and enhance productivity, Saeed bin Mubarak Al Hajeri, UAE minister of state at the Ministry of Foreign Affairs, said at the Group of 20 summit in Johannesburg on Saturday.
“It will provide access to AI computing power, technical expertise, and global partnerships,” he said. “It aims to support developing countries to overcome key developmental challenges by integrating AI technologies into these sectors.”
The UAE, which is spending billions of dollars on AI at home and in the US, is now the fourth-largest investor in Africa, according to Al Hajeri. Its investments span renewable energy and logistics to critical minerals.
The AI plan will support African nations in delivering projects in education, agriculture, health care, digital identity and climate adaptation, according to the minister.
“Our goal now is to ensure these capabilities benefit partners across the global South, and that no country is left behind in the AI age,” he said.
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