Saudi Arabia, Kuwait Pursue Energy Deals Despite Regional Conflict - Bloomberg
Saudi Arabia and Kuwait are attempting to press on with planned multibillion-dollar energy deals despite a widening conflict that’s seen Iran target oil and gas infrastructure across the Middle East over the past three weeks.
Kuwait Petroleum Corp.’s attempts to lease part of its pipeline network has drawn interest from large private equity and infrastructure funds, according to people familiar with the matter. The suitors remain committed and the energy giant is carrying on with the plans for now, the people said, declining to identified as the information is private.
Saudi Aramco too plans to launch a process to sell a stake in its oil export and storage terminals business in coming weeks, some of the people said. It had had picked Citigroup Inc. to help arrange a deal for the business that’s particularly significant now with the kingdom racing to reroute shipments to the Red Sea as the Strait of Hormuz remains at a standstill.
Kuwait Petroleum, meanwhile, is working with Centerview Partners LLC to lease part of its pipeline network and hoped to raise as much as $7 billion to help fund an investment plan.
Their attempts to carry on with the plans indicate Gulf states are keen to portray a business-as-usual approach despite Iran’s attacks. Still, there have been concerns that the war could dampen the process, some of the people said.
Representatives for Aramco and Kuwait Petroleum didn’t respond to requests for comment. Citigroup and Centerview declined to comment.
Deals like the ones being considered by Aramco and KPC have become increasingly popular with Gulf governments looking to diversify their economies. Such transactions are typically structured to allow regional oil behemoths to tap into global institutional capital while still retaining control over key assets.
But the regional war, now in its fourth week, has caused some uncertainty.
President Donald Trump said on Monday that the US had held productive conversations regarding a total resolution of hostilities in the Middle East. However, Iran hasn’t had “direct or indirect communication with Trump,” the country’s semi-official Fars news agency reported, citing an anonymous Iranian source.
Tehran has hit energy assets across the region since the war started, including Saudi Arabia’s biggest oil refinery at Ras Tanura, and repeatedly targeted the kingdom’s Shaybah oil field, which has the capacity to produce 1 million barrels of crude a day.
Saudi Arabia’s storage terminals have also been in focus as the near-closure of the Strait of Hormuz forces the kingdom to send more of its oil into tanks. Kuwait is facing similar concerns as storage fills up, forcing it to cut oil production to levels seen in the early 1990s after the Iraqi invasion.
Despite the conflict, Gulf sovereign investors more broadly are pressing ahead with global dealmaking. Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, was particularly active this month, while Qatar’s wealth fund and a Bahraini aluminum firm both announced large deals in the first week of the war.
Monday, 23 March 2026
#Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg
Saudi Unicorn Ninja Said to Gauge IPO Appetite Despite Iran War - Bloomberg
Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.
Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.
Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.
The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.
Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.
Representatives for the firm declined to comment.
Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.
A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.
Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.
Saudi Arabian quick-delivery firm Ninja has been gauging investor appetite for a potential listing in Riyadh, despite volatility from a regional conflict that’s now in its fourth week.
Its executives have met with investors in recent weeks, including at a banking conference in London earlier this month, people familiar with the matter said, declining to be identified discussing private information. The firm is in the final stages of selecting investment banks to steer an initial public offering, the people said.
Ninja is expected to make a decision on whether to commit to an IPO and appoint underwriters in the coming weeks, with a stock market debut penciled in for later this year or early next, the people said. It could also to raise capital privately should executives decide against a listing in the near term, the people said.
The four-year-old firm raised $250 million in 2025 from a group of local investors led by asset manager Riyad Capital at a valuation of $1.5 billion.
Buoyed by a rapid rise in sales, Ninja could potentially seek a much higher valuation when it goes public. It notched up revenue of $1 billion last year and is looking to generate about $1.6 billion in 2026, the people said.
Representatives for the firm declined to comment.
Founded in 2022, Riyadh-based Ninja operates as an online supermarket for groceries, medicines and other products, according to its website.
A successful listing by Ninja could help rekindle momentum at Saudi Arabia’s bourse after a multi-year rush of IPOs slowed in recent months. Since the war started, the kingdom’s stock market has held up better than its neighboring United Arab Emirates, as higher oil prices have supported energy stocks such as Aramco and the country has faced fewer direct Iranian missile and drone hits.
Saudi Arabian miner Saleh Abdulaziz Al Rashed & Sons Co., the kingdom’s only listing so far this year, has defied conflict-linked volatility and is up about 8% since its debut earlier in March.
Mideast Stocks: #UAE equities slip on Iran's retaliation warning on Gulf energy, water sites
Mideast Stocks: UAE equities slip on Iran's retaliation warning on Gulf energy, water sites
Stock markets in the United Arab Emirates tumbled on Monday after Iran warned it could target energy and water infrastructure across the Gulf if U.S. President Donald Trump carries out his threat to strike the country's electricity grid.
After Gulf markets closed, world stocks rallied after Trump said he would order the U.S. military to postpone any strikes against Iranian power plants and energy infrastructure.
Trump on Saturday had threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Dubai's main share index dropped 3% on Monday, led by a decline in heavyweight real estate and telecom stocks. Blue-chip developer Emaar Properties slumped 4.6%, while telecom operator Emirates Integrated Telecommunications fell 4.5%. Top lender Emirates NBD Bank and low cost carrier Air Arabia both dropped 4.9%.
Abu Dhabi's benchmark index slipped 1.5% with real estate giant Aldar properties and biggest lender First Abu Dhabi Bank falling 5% each.
The Abu Dhabi-listed water and Electricity firm Abu Dhabi National Energy Company (better known as TAQA) declined 4.8%. Heightened uncertainty fuelled risk aversion, triggering broad declines across most sectors as heavyweight stocks dragged on the overall market, said Joseph Dahrieh, managing director at Tickmill.
"Firms in the banking, real estate, and other sectors continue to maintain strong financial positions, leaving the market well-placed for a recovery once risk aversion fades and investor appetite for risk begins to improve," he said.
ADNOC Gas settled 1.5% lower after the firm said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. "Operations are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said.
"Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity." The Dubai index has now fallen 11% year-to-date, while Abu Dhabi's has declined 5.7%, according to LSEG data.
Stock markets in the United Arab Emirates tumbled on Monday after Iran warned it could target energy and water infrastructure across the Gulf if U.S. President Donald Trump carries out his threat to strike the country's electricity grid.
After Gulf markets closed, world stocks rallied after Trump said he would order the U.S. military to postpone any strikes against Iranian power plants and energy infrastructure.
Trump on Saturday had threatened to "obliterate" Iran's power plants if Tehran did not fully reopen the Strait of Hormuz within 48 hours. Dubai's main share index dropped 3% on Monday, led by a decline in heavyweight real estate and telecom stocks. Blue-chip developer Emaar Properties slumped 4.6%, while telecom operator Emirates Integrated Telecommunications fell 4.5%. Top lender Emirates NBD Bank and low cost carrier Air Arabia both dropped 4.9%.
Abu Dhabi's benchmark index slipped 1.5% with real estate giant Aldar properties and biggest lender First Abu Dhabi Bank falling 5% each.
The Abu Dhabi-listed water and Electricity firm Abu Dhabi National Energy Company (better known as TAQA) declined 4.8%. Heightened uncertainty fuelled risk aversion, triggering broad declines across most sectors as heavyweight stocks dragged on the overall market, said Joseph Dahrieh, managing director at Tickmill.
"Firms in the banking, real estate, and other sectors continue to maintain strong financial positions, leaving the market well-placed for a recovery once risk aversion fades and investor appetite for risk begins to improve," he said.
ADNOC Gas settled 1.5% lower after the firm said it made temporary adjustments to its production of liquefied natural gas and export-traded liquids in response to ongoing shipping disruption in the Strait of Hormuz. "Operations are continuing safely across ADNOC Gas plc's asset base," ADNOC Gas said.
"Following debris falling near certain facilities, inspections confirmed no injuries and no impact to core processing integrity." The Dubai index has now fallen 11% year-to-date, while Abu Dhabi's has declined 5.7%, according to LSEG data.
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