Abu Dhabi’s 2PointZero to Buy US Firm for $2.25 Billion Despite Iran War - Bloomberg
One of Abu Dhabi’s newest investing giants is picking up the pace of dealmaking in the face of an escalating war in the region, unveiling an investment in fitness band maker Whoop Inc. and agreeing to buy a US gas infrastructure firm.
2PointZero Group PJSC, part of a business empire overseen by Sheikh Tahnoon bin Zayed Al Nahyan, said it is among investors in Boston-based Whoop’s new funding round that values the firm at $10.1 billion. Less than a day earlier, the Emirati firm agreed to acquire a 100% stake in Traverse Midstream Partners LLC for $2.25 billion.
The region is showcasing a continued appetite for dealmaking despite the ongoing war. Whoop’s Series G round also included other marquee names from the Middle East, including Qatar Investment Authority and Abu Dhabi’s Mubadala Investment Co.
Earlier this month, Savvy Games Group — a unit of Saudi Arabia’s $1 trillion Public Investment Fund — agreed to buy Moonton from ByteDance Ltd., valuing the game maker at about $6 billion. Abu Dhabi Investment Authority has also been active this month, while the QIA and a Bahraini aluminum producer both announced large transactions in the first week of the war.
Just days ago, the UAE’s ambassador to the US said the Gulf nation’s $1.4 trillion investment and economic framework with America remained on track. The top official at Saudi Arabia’s wealth fund has also confirmed it remains committed to investments around the world despite growing concerns over the mounting economic costs of the war.
For 2PointZero, which was created from a restructuring of Abu Dhabi’s corporate landscape last year, the twin deals are among the firm’s most significant since it was created last year. The firm was formed after International Holding Co. PJSC, the emirate’s largest listed firm and chaired by Sheikh Tahnoon, combined Multiply Group PJSC, 2PointZero and Ghitha Holding PJSC.
The firm has about $33 billion of assets and is overseen by Sheikh Zayed bin Hamdan Al Nahyan as chairman, while Samia Bouazza is its chief executive officer.
It’s among a constellation of sovereign and private investment firms in Abu Dhabi that together control more than $2 trillion and have each been prolific dealmakers. Many of them are overseen by Sheikh Tahnoon, one of Abu Dhabi’s two deputy rulers and a brother to the country’s president.
Traverse Midstream Partners is a portfolio company of The Energy & Minerals Group and owns minority stakes in US natural gas infrastructure assets, including the Rover Pipeline and Ohio River System. The assets help move gas from the Utica and Marcellus shale regions to demand centers in the Midwest, the Gulf Coast and eastern Canada.
Tuesday, 31 March 2026
Omani banks resilient despite Middle East tensions: S&P
Omani banks resilient despite Middle East tensions: S&P
Omani banks are well positioned to navigate potential challenges arising from the Middle East conflict, supported by diversified lending portfolios, strong capital buffers and stable funding profiles, even as private sector credit growth is expected to moderate in 2026, according to a new report by S&P Global Ratings.
The agency forecasts private sector credit growth in Oman will slow to around 3% in 2026, compared with an estimated 6–7% expansion in 2025, reflecting the current geopolitical backdrop and a more subdued investment environment. However, credit growth is expected to recover to about 5% in 2027 as economic conditions improve.
S&P Global on Friday affirmed Oman’s investment-grade sovereign credit ratings at ‘BBB-’ for the long term and ‘A-3’ for the short term, maintaining a stable outlook. The agency cited the sultanate’s strong fiscal buffers and continued resilience despite heightened geopolitical risks in the Middle East.
The agency noted that Omani banks’ asset quality has continued to improve from its peak in 2020. The non-performing loan (NPL) ratio stabilised at approximately 4.3% as of September 30, 2025, edging slightly higher to 4.4% by December 31, 2025.
‘This improvement reflects favourable oil sector dynamics in recent years, alongside stronger non-hydrocarbon output. Some of this was driven by domestic demand, while improved performance in key sectors such as transportation and utilities has also strengthened the quality of banks’ exposures’, S&P Global said.
The agency expects Omani banks’ credit losses to remain within 55–65 basis points over 2026–2027, close to Oman’s cyclical low.
‘While geopolitical risks could present challenges, Omani banks are well positioned with diversified lending portfolios and solid capital buffers, which we expect will help them manage potential pressures,’ S&P Global added.
Given the sultanate’s currency peg, S&P Global anticipates that the Central Bank of Oman will continue to follow the US Federal Reserve’s interest rate policy. In the fourth quarter of 2025, the CBO cut its key policy rate – the repurchase rate – to 4.25%.
‘The CBO is working to establish a more robust interbank market to support the use of open market operations. This is widely expected to be tested in 2026 and could improve the transmission of policy rates over time,’ the rating agency said.
S&P Global highlighted that the CBO has a strong track record of taking proactive and corrective measures to reduce banks’ vulnerability to financial stress.
‘Omani banks also benefit from a stable core deposit base, with limited reliance on external funding. As a result, funding risks remain well covered by robust liquidity buffers, as demonstrated in our stress test in February 2026,’ it said.
Commending Oman’s banking framework, S&P said regulations are broadly in line with international standards, while supervisory oversight remains adequate.
However, it noted that Oman’s monetary policy flexibility is constrained by the rial’s peg to the US dollar. ‘Nevertheless, as with the rest of the GCC, the peg has served as an anchor for inflation expectations, given that oil contracts are typically priced in US dollars.’
S&P forecasts that Oman’s inflation will remain moderate, averaging about 1.5% annually over 2025–2028, after remaining stable at 1.5% in 2025.
Omani banks are well positioned to navigate potential challenges arising from the Middle East conflict, supported by diversified lending portfolios, strong capital buffers and stable funding profiles, even as private sector credit growth is expected to moderate in 2026, according to a new report by S&P Global Ratings.
The agency forecasts private sector credit growth in Oman will slow to around 3% in 2026, compared with an estimated 6–7% expansion in 2025, reflecting the current geopolitical backdrop and a more subdued investment environment. However, credit growth is expected to recover to about 5% in 2027 as economic conditions improve.
S&P Global on Friday affirmed Oman’s investment-grade sovereign credit ratings at ‘BBB-’ for the long term and ‘A-3’ for the short term, maintaining a stable outlook. The agency cited the sultanate’s strong fiscal buffers and continued resilience despite heightened geopolitical risks in the Middle East.
The agency noted that Omani banks’ asset quality has continued to improve from its peak in 2020. The non-performing loan (NPL) ratio stabilised at approximately 4.3% as of September 30, 2025, edging slightly higher to 4.4% by December 31, 2025.
‘This improvement reflects favourable oil sector dynamics in recent years, alongside stronger non-hydrocarbon output. Some of this was driven by domestic demand, while improved performance in key sectors such as transportation and utilities has also strengthened the quality of banks’ exposures’, S&P Global said.
The agency expects Omani banks’ credit losses to remain within 55–65 basis points over 2026–2027, close to Oman’s cyclical low.
‘While geopolitical risks could present challenges, Omani banks are well positioned with diversified lending portfolios and solid capital buffers, which we expect will help them manage potential pressures,’ S&P Global added.
Given the sultanate’s currency peg, S&P Global anticipates that the Central Bank of Oman will continue to follow the US Federal Reserve’s interest rate policy. In the fourth quarter of 2025, the CBO cut its key policy rate – the repurchase rate – to 4.25%.
‘The CBO is working to establish a more robust interbank market to support the use of open market operations. This is widely expected to be tested in 2026 and could improve the transmission of policy rates over time,’ the rating agency said.
S&P Global highlighted that the CBO has a strong track record of taking proactive and corrective measures to reduce banks’ vulnerability to financial stress.
‘Omani banks also benefit from a stable core deposit base, with limited reliance on external funding. As a result, funding risks remain well covered by robust liquidity buffers, as demonstrated in our stress test in February 2026,’ it said.
Commending Oman’s banking framework, S&P said regulations are broadly in line with international standards, while supervisory oversight remains adequate.
However, it noted that Oman’s monetary policy flexibility is constrained by the rial’s peg to the US dollar. ‘Nevertheless, as with the rest of the GCC, the peg has served as an anchor for inflation expectations, given that oil contracts are typically priced in US dollars.’
S&P forecasts that Oman’s inflation will remain moderate, averaging about 1.5% annually over 2025–2028, after remaining stable at 1.5% in 2025.
Gulf stocks mixed on report Trump weighing end to Iran war | Reuters
Gulf stocks mixed on report Trump weighing end to Iran war | Reuters
Gulf stock markets ended mixed on Tuesday as investors weighed the possibility of U.S. President Donald Trump ending the Iran war.
Trump is ready to end the Iran campaign even if the Strait of Hormuz remains largely closed, the Wall Street Journal reported, after the president warned earlier he would "obliterate" Iran's energy infrastructure if Tehran kept the waterway shut.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.1% and petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab closing 1.7% higher.
Elsewhere, oil major Saudi Aramco (2222.SE), opens new tab added 0.4%.
Saudi Arabia has rerouted its Gulf crude exports from the Strait of Hormuz, with some 4.658 million barrels per day sent to the Red Sea port of Yanbu, Kpler data showed, a sharp rise from an average of 770,000 bpd in January and February.
Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors assessed Iran war de-escalation against Strait of Hormuz supply risks.
Defying most of regional peers, the Saudi index weathered the war and rose 5.1% for the month.
In Qatar, the index (.QSI), opens new tab rose 0.9%, led by a 2.2% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.5% increase in Qatar Gas Transport (QGTS.QA), opens new tab.
With a loss of more than 8%, the Qatari index saw its worst monthly performance since December 2020.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.2% lower, with top lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.
A fully laden crude oil tanker off Dubai was attacked and set ablaze by Iran early on Tuesday, following Trump's warning that the U.S. would obliterate Iran's energy infrastructure if the Strait of Hormuz remained closed.
Dubai has approved economic facilitation measures worth 1 billion dirhams ($272.26 million) to support business sector, with implementation set to begin on April 1 for a period of three to six months, Dubai crown prince posted on X on Monday.
The emirate's stock index, in the Middle East's travel and tourism hub, was the worst performer in the region, sliding 16.4% for the month, its biggest decline since March 2020.
Dubai's stock market may be supported by continued government efforts to sustain economic momentum, helping offset external headwinds, said Joseph Dahrieh, managing director at Tickmill.
The Abu Dhabi index (.FTFADGI), opens new tab slipped 0.1%, taking its monthly loss to about 9%.
In Abu Dhabi, higher oil prices are offering underlying support despite weaker crude export volumes. Overall, resilient domestic fundamentals continue to anchor UAE markets, said Dahrieh.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, although it ended the month down 7.9%—its first monthly loss since December 2024.
Gulf stock markets ended mixed on Tuesday as investors weighed the possibility of U.S. President Donald Trump ending the Iran war.
Trump is ready to end the Iran campaign even if the Strait of Hormuz remains largely closed, the Wall Street Journal reported, after the president warned earlier he would "obliterate" Iran's energy infrastructure if Tehran kept the waterway shut.
Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.7%, with Al Rajhi Bank (1120.SE), opens new tab rising 1.1% and petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab closing 1.7% higher.
Elsewhere, oil major Saudi Aramco (2222.SE), opens new tab added 0.4%.
Saudi Arabia has rerouted its Gulf crude exports from the Strait of Hormuz, with some 4.658 million barrels per day sent to the Red Sea port of Yanbu, Kpler data showed, a sharp rise from an average of 770,000 bpd in January and February.
Brent oil futures headed for their largest monthly gain in volatile trading on Tuesday, as investors assessed Iran war de-escalation against Strait of Hormuz supply risks.
Defying most of regional peers, the Saudi index weathered the war and rose 5.1% for the month.
In Qatar, the index (.QSI), opens new tab rose 0.9%, led by a 2.2% rise in the Gulf's biggest lender Qatar National Bank (QNBK.QA), opens new tab and a 3.5% increase in Qatar Gas Transport (QGTS.QA), opens new tab.
With a loss of more than 8%, the Qatari index saw its worst monthly performance since December 2020.
Dubai's main share index (.DFMGI), opens new tab gave up early gains to close 0.2% lower, with top lender Emirates NBD (ENBD.DU), opens new tab declining 0.6%.
A fully laden crude oil tanker off Dubai was attacked and set ablaze by Iran early on Tuesday, following Trump's warning that the U.S. would obliterate Iran's energy infrastructure if the Strait of Hormuz remained closed.
Dubai has approved economic facilitation measures worth 1 billion dirhams ($272.26 million) to support business sector, with implementation set to begin on April 1 for a period of three to six months, Dubai crown prince posted on X on Monday.
The emirate's stock index, in the Middle East's travel and tourism hub, was the worst performer in the region, sliding 16.4% for the month, its biggest decline since March 2020.
Dubai's stock market may be supported by continued government efforts to sustain economic momentum, helping offset external headwinds, said Joseph Dahrieh, managing director at Tickmill.
The Abu Dhabi index (.FTFADGI), opens new tab slipped 0.1%, taking its monthly loss to about 9%.
In Abu Dhabi, higher oil prices are offering underlying support despite weaker crude export volumes. Overall, resilient domestic fundamentals continue to anchor UAE markets, said Dahrieh.
Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab added 0.3%, although it ended the month down 7.9%—its first monthly loss since December 2024.
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