BlackRock Looks to Double Saudi Investments in Fresh Deal Boom - Bloomberg
BlackRock Inc. aims to rapidly grow its investments in Saudi Arabia and the wider Middle East in the next few years as it looks to tap into a rush of activity in areas from infrastructure to artificial intelligence.
The world’s largest asset manager has already invested more than $35 billion in the kingdom across equities, fixed income and infrastructure, and now has four investment teams in Riyadh focused on strategies across the Middle East, according to Kashif Riaz, who heads BlackRock’s Financial Markets Advisory business in the Middle East and its Riyadh-based investment management platform.
“We think we’ve just gotten started with the theme of the Middle East as an investment destination,” he said in an interview in the Saudi capital on Monday night. When asked about the expected level of future Saudi investments, he said that “double to triple is kind of the range I would talk about.”
Riaz sees the strongest opportunities in infrastructure as Saudi Arabia shells out hundreds of billions of dollars on projects to develop the non-oil economy and serve a growing population. The kingdom is, for example, expanding the Riyadh metro, building one of the world’s largest airports and rushing to build data centers through its new AI champion Humain.
“The bulk of capital deployment has been in energy infrastructure but I think that’ll broaden to transportation, things around digital infrastructure, data centers, et cetera,” Riaz said.
That suggests more Saudi deals to come for BlackRock and its Global Infrastructure Partners division, which recently led an $11 billion deal involving Saudi Aramco’s natural gas facilities. The unit also recently partnered with investors including Abu Dhabi’s MGX to buy Aligned Data Centers in a $40 billion deal, as BlackRock and Middle East nations race to claim a stake in the global AI boom.
BlackRock established itself in Saudi Arabia in 2019 and began accelerating its growth in the kingdom last year after striking a $5 billion deal with the Saudi sovereign wealth fund to build a Riyadh-based investments platform. The PIF has also agreed to anchor funds by Goldman Sachs Group Inc. and State Street as part of Saudi Arabia’s broader efforts to deepen the asset management industry, financial markets and pool of foreign investment.
As part of the PIF deal, BlackRock has grown its Saudi team to about 40 people, with investment teams focused on strategies including equities and fixed income, Riaz said. He declined to comment on the team’s assets under management but said the Riyadh operation will soon grow to include multi-asset strategies.
It’s also set to soon roll out a range of new mutual funds and is actively working with the kingdom on developing the market for residential-mortgage backed securities.
BlackRock and other Wall Street heavyweights are becoming ever-more critical to Saudi Arabia as the kingdom’s need for external capital and financing for economic diversification projects grows. Riaz sees the role of private capital and capital markets — across both equities and debt — growing in prominence in the years ahead.
Tuesday, 25 November 2025
#Qatar Telecom Share Sale Stirs Hope for Equity Market Revival - Bloomberg
Qatar Telecom Share Sale Stirs Hope for Equity Market Revival - Bloomberg
A sizable follow-on equity offering in Qatar, one of the Middle East’s quietest markets for share sales, is stirring tentative hopes for a pickup in activity on Doha’s bourse.
The Abu Dhabi Investment Authority raised $552 million last week by selling a 5% stake in Ooredoo QPSC, Qatar’s biggest telecom operator, through a fully-marketed secondary offering — the country’s first of its kind.
The transaction shows that Qatar is “open for business” and willing to engage with international investors, said Miguel Azevedo, vice-chair of investment banking for Middle East and Africa at Citigroup Inc., one of the deal’s arrangers.
“It may not trigger an immediate wave of IPOs, but it’s a necessary first step, proof that it can be done,” Azevedo said.
Doha has largely been left out of the wave of share sales sweeping the Gulf in recent years, as governments seek to deepen capital markets by listing assets and encouraging private sector IPOs.
Only $372 million has been raised through two listings in Doha since 2020, and there were no secondary share sales until the Ooredoo transaction, data compiled by Bloomberg show. This is in stark contrast to the UAE, where such offerings have eclipsed IPO volumes this year to raise close to $5 billion. Some now see signs of change.
Rudy Saadi, head of Middle East and Africa (ex-SA) equity capital markets at Citigroup, said that a significant proportion of the book in the Ooredoo transaction was allocated to international investors, with some providing anchor-sized commitments during early marketing.
The deal will lift Ooredoo’s free float to at least 27% from 22%, driving demand by a re-weighting within indexes, Chief Executive Officer Aziz Aluthman Fakhroo told Bloomberg News last week.
Qatar, with its vast natural gas wealth, faces less pressure than Saudi Arabia or the United Arab Emirates to raise funds through equity sales to finance diversification plans. Still, officials have been taking steps to boost market liquidity and broaden participation, including allowing short-selling and offering incentives for firms to relocate to the country as it competes with Dubai and Riyadh to attract financial activity.
The stock exchange’s new chief executive officer, Abdulla Mohammed Al Ansari - who took over last year after serving as director of Qatar Funds at the $524 billion Qatar Investment Authority - may potentially signal a stronger push to activate the market, as wealth funds have been key drivers of privatization programs elsewhere in the Gulf.
There are some signs of more ECM activity in the pipeline. State-backed Gulf International Services has announced plans to list its unit Al Koot Insurance and Reinsurance and Amwaj Catering Services on the local bourse.
But Qatar’s path toward a more active equity market will depend on regulatory adaptation, local market champions, and a steady pipeline of offerings to sustain investor interest, Citigroup’s Azevedo said.
“Other Gulf capitals have pursued listings to improve governance, management quality, and attract talent,” he added. “Qatar could follow a similar model - pursuing listings out of conviction, not necessity.”
A sizable follow-on equity offering in Qatar, one of the Middle East’s quietest markets for share sales, is stirring tentative hopes for a pickup in activity on Doha’s bourse.
The Abu Dhabi Investment Authority raised $552 million last week by selling a 5% stake in Ooredoo QPSC, Qatar’s biggest telecom operator, through a fully-marketed secondary offering — the country’s first of its kind.
The transaction shows that Qatar is “open for business” and willing to engage with international investors, said Miguel Azevedo, vice-chair of investment banking for Middle East and Africa at Citigroup Inc., one of the deal’s arrangers.
“It may not trigger an immediate wave of IPOs, but it’s a necessary first step, proof that it can be done,” Azevedo said.
Doha has largely been left out of the wave of share sales sweeping the Gulf in recent years, as governments seek to deepen capital markets by listing assets and encouraging private sector IPOs.
Only $372 million has been raised through two listings in Doha since 2020, and there were no secondary share sales until the Ooredoo transaction, data compiled by Bloomberg show. This is in stark contrast to the UAE, where such offerings have eclipsed IPO volumes this year to raise close to $5 billion. Some now see signs of change.
Rudy Saadi, head of Middle East and Africa (ex-SA) equity capital markets at Citigroup, said that a significant proportion of the book in the Ooredoo transaction was allocated to international investors, with some providing anchor-sized commitments during early marketing.
The deal will lift Ooredoo’s free float to at least 27% from 22%, driving demand by a re-weighting within indexes, Chief Executive Officer Aziz Aluthman Fakhroo told Bloomberg News last week.
Qatar, with its vast natural gas wealth, faces less pressure than Saudi Arabia or the United Arab Emirates to raise funds through equity sales to finance diversification plans. Still, officials have been taking steps to boost market liquidity and broaden participation, including allowing short-selling and offering incentives for firms to relocate to the country as it competes with Dubai and Riyadh to attract financial activity.
The stock exchange’s new chief executive officer, Abdulla Mohammed Al Ansari - who took over last year after serving as director of Qatar Funds at the $524 billion Qatar Investment Authority - may potentially signal a stronger push to activate the market, as wealth funds have been key drivers of privatization programs elsewhere in the Gulf.
There are some signs of more ECM activity in the pipeline. State-backed Gulf International Services has announced plans to list its unit Al Koot Insurance and Reinsurance and Amwaj Catering Services on the local bourse.
But Qatar’s path toward a more active equity market will depend on regulatory adaptation, local market champions, and a steady pipeline of offerings to sustain investor interest, Citigroup’s Azevedo said.
“Other Gulf capitals have pursued listings to improve governance, management quality, and attract talent,” he added. “Qatar could follow a similar model - pursuing listings out of conviction, not necessity.”
#Saudi wealth fund PIF to sell 3.3% stake in Mecca project developer | Reuters
Saudi wealth fund PIF to sell 3.3% stake in Mecca project developer | Reuters
Saudi Arabia's public wealth fund PIF plans to sell 3.3% of its stake in Umm Al Qura for Development and Construction Co (4325.SE), opens new tab through an accelerated bookbuild, one of the banks arranging the deal said on Tuesday.
The sale to institutional investors covers up to 48 million shares in the company, which is developing the Masar Destination in Mecca.
Pricing will be set through the bookbuilding process, with results due later on Tuesday, SNB Capital, one of the bookrunners, said.
Masar shares closed at 21.98 riyals, valuing the stake at about 1.06 billion riyals ($281.3 million).
PIF will retain around 16.3% of Masar after the transaction. The bookrunner said the offering was fully covered, with demand exceeding the deal size.
Umm Al Qura's Masar redevelopment project in Mecca is valued at 100 billion riyals ($26.66 billion). The company listed in March after raising $523 million in its initial public offering.
Saudi Arabia's market regulator this year allowed foreign investment in listed companies that own real estate within Islam's two holiest sites of Mecca and Medina, as the Gulf country looks to attract more investment.
Saudi Arabia's public wealth fund PIF plans to sell 3.3% of its stake in Umm Al Qura for Development and Construction Co (4325.SE), opens new tab through an accelerated bookbuild, one of the banks arranging the deal said on Tuesday.
The sale to institutional investors covers up to 48 million shares in the company, which is developing the Masar Destination in Mecca.
Pricing will be set through the bookbuilding process, with results due later on Tuesday, SNB Capital, one of the bookrunners, said.
Masar shares closed at 21.98 riyals, valuing the stake at about 1.06 billion riyals ($281.3 million).
PIF will retain around 16.3% of Masar after the transaction. The bookrunner said the offering was fully covered, with demand exceeding the deal size.
Umm Al Qura's Masar redevelopment project in Mecca is valued at 100 billion riyals ($26.66 billion). The company listed in March after raising $523 million in its initial public offering.
Saudi Arabia's market regulator this year allowed foreign investment in listed companies that own real estate within Islam's two holiest sites of Mecca and Medina, as the Gulf country looks to attract more investment.
Softer oil price prompts fall in most Gulf markets | Reuters
Softer oil price prompts fall in most Gulf markets | Reuters
Most Gulf stock markets ended lower on weak oil prices on Tuesday, although revived expectations of a U.S. interest rate cut in December limited losses.
Oil prices - a catalyst for the Gulf's financial markets - eased as oversupply concerns outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive.
Saudi Arabia's benchmark index (.TASI), opens new tab was down 1.5%, dragged lower by a 2.7% fall in Saudi Aramco (2222.SE), opens new tab shares. Bloomberg News reported that the oil giant is exploring options to raise several billion dollars through asset sales.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.1% lower, with Emaar Properties (EMAR.DU), opens new tab falling 1.1%.
Dubai approved a 2026-2028 budget with 302.7 billion dirhams ($82.42 billion) in expenditure and 329.2 billion dirhams in revenue, the state news agency said on Sunday.
In Abu Dhabi, the index (.FTFADGI), opens new tab ended 0.1% lower.
The Qatari index (.QSI), opens new tab declined 0.9%, with shares in Qatar Islamic Bank (QISB.QA), opens new tab losing 1.1%.
U.S. Federal Reserve Governor Christopher Waller said on Monday that the labor market has softened sufficiently to justify a 25-basis-point rate cut at the December meeting, but any further easing will hinge on a wave of economic data that was delayed by the recent government shutdown.
His remarks follow New York Fed President John Williams' comment on Friday that interest rates are likely to decline "in the near term".
Investors are now pricing in an 81% chance of a rate cut in December, up from 40% last week, the CME FedWatch Tool shows.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Commercial International Bank (COMI.CA), opens new tab rising 3.2%.
Most Gulf stock markets ended lower on weak oil prices on Tuesday, although revived expectations of a U.S. interest rate cut in December limited losses.
Oil prices - a catalyst for the Gulf's financial markets - eased as oversupply concerns outweighed worries that Russian shipments will remain under sanctions as talks to end the Ukraine war remain inconclusive.
Saudi Arabia's benchmark index (.TASI), opens new tab was down 1.5%, dragged lower by a 2.7% fall in Saudi Aramco (2222.SE), opens new tab shares. Bloomberg News reported that the oil giant is exploring options to raise several billion dollars through asset sales.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.1% lower, with Emaar Properties (EMAR.DU), opens new tab falling 1.1%.
Dubai approved a 2026-2028 budget with 302.7 billion dirhams ($82.42 billion) in expenditure and 329.2 billion dirhams in revenue, the state news agency said on Sunday.
In Abu Dhabi, the index (.FTFADGI), opens new tab ended 0.1% lower.
The Qatari index (.QSI), opens new tab declined 0.9%, with shares in Qatar Islamic Bank (QISB.QA), opens new tab losing 1.1%.
U.S. Federal Reserve Governor Christopher Waller said on Monday that the labor market has softened sufficiently to justify a 25-basis-point rate cut at the December meeting, but any further easing will hinge on a wave of economic data that was delayed by the recent government shutdown.
His remarks follow New York Fed President John Williams' comment on Friday that interest rates are likely to decline "in the near term".
Investors are now pricing in an 81% chance of a rate cut in December, up from 40% last week, the CME FedWatch Tool shows.
U.S. monetary policy shifts have a significant impact on Gulf markets, where most currencies are pegged to the dollar.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.5%, with Commercial International Bank (COMI.CA), opens new tab rising 3.2%.
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