Saudi IT Firm to Press Ahead with IPO Despite War Uncertainty - Bloomberg
Saudi Arabian information technology services firm Dar Al Balad Business Solutions Co. is pressing ahead with plans to list on the kingdom’s stock exchange despite the disruptions caused by the regional conflict.
A shareholder of the firm plans to offer 21 million shares, representing a 30% stake, according to a statement Tuesday. The institutional book-building will run between Apr. 26 and Apr. 30, with AlJazira Capital and Emirates NBD arranging the offering.
The first-time share sale is expected to fetch less than $75 million, according to people familiar with the matter. Representatives for the firm did not respond to a request for comment.
Dar Al Balad is the first in the Gulf to launch a share sale since the war broke out on Feb. 28.
Saudi Arabian stocks proved to be resilient throughout the conflict, with higher oil prices boosting heavyweights such as Aramco, even as production and exports have been hampered by a series of strikes on critical energy infrastructure.
Leading stock markets across the region have rebounded since the US and Iran agreed to a ceasefire earlier this month, though they’ve pared some of those gains amid uncertainty over the future of the peace talks.
Other Saudi firms, including a contractor and a real estate developer, are also pressing ahead with plans to list before their regulatory approvals expire in June, Bloomberg News has reported.
Initial public offering volumes have slumped across the Gulf so far this year — a slowdown that began even before the Iran war started.
Still, two smaller Gulf companies that have listed since the conflict began have posted strong gains: Kuwaiti convenience store operator Trolley General Trading Co. and Saudi Arabian miner Saleh Abdulaziz Al Rashed & Co., which are up about 42% and 30%, respectively.
Dar Al Balad was founded in 2001 by a former executive at chemicals giant Saudi Basic Industries Corp. and provides IT services and business solutions. It reported 315 million riyals ($84 million) in revenue and 51 million riyals in net profit in 2025, according to its prospectus.
Tuesday, 21 April 2026
KKR Wins Investment From #UAE’s $30 Billion Alterra Climate Finance Fund - Bloomberg
KKR Wins Investment From UAE’s $30 Billion Alterra Climate Finance Fund - Bloomberg
A $30 billion fund backed by the United Arab Emirates has committed to invest in KKR & Co. Inc’s global climate transition fund.
Alterra, an Abu Dhabi-based investment vehicle that operates as a fund of funds, is overseen by the UAE and focused on clean energy investments. The vehicle, which has already announced deals with BlackRock Inc., Brookfield Asset Management Ltd. and TPG Inc., said in a statement on Tuesday the partnership with KKR is part of its commitment to invest in real assets that can accelerate decarbonization.
Details of the size of the financial commitment weren’t included in the statement.
Introduced at the COP28 climate summit in Dubai in 2023, Alterra is designed to enable blended finance by making it more appealing for private finance to back the energy transition through the use of de-risking structures. The UAE has said the model has the potential to unleash $250 billion of climate finance by 2030, much of which will be channeled into developing markets.
Growing demand for energy and an increased focus on the security of energy supply, as well as the increasing cost competitiveness of clean technologies, are driving investor demand for infrastructure across electrification, grid resilience and industrial decarbonization, Alterra said. KKR’s climate transition strategy invests in a number of companies that play into those themes from renewables, to energy storage and sustainable fuels, according to the statement.
The strategy is managed by KKR’s Charlie Gailliot and Emmanuel Lagarrigue.
A $30 billion fund backed by the United Arab Emirates has committed to invest in KKR & Co. Inc’s global climate transition fund.
Alterra, an Abu Dhabi-based investment vehicle that operates as a fund of funds, is overseen by the UAE and focused on clean energy investments. The vehicle, which has already announced deals with BlackRock Inc., Brookfield Asset Management Ltd. and TPG Inc., said in a statement on Tuesday the partnership with KKR is part of its commitment to invest in real assets that can accelerate decarbonization.
Details of the size of the financial commitment weren’t included in the statement.
Introduced at the COP28 climate summit in Dubai in 2023, Alterra is designed to enable blended finance by making it more appealing for private finance to back the energy transition through the use of de-risking structures. The UAE has said the model has the potential to unleash $250 billion of climate finance by 2030, much of which will be channeled into developing markets.
Growing demand for energy and an increased focus on the security of energy supply, as well as the increasing cost competitiveness of clean technologies, are driving investor demand for infrastructure across electrification, grid resilience and industrial decarbonization, Alterra said. KKR’s climate transition strategy invests in a number of companies that play into those themes from renewables, to energy storage and sustainable fuels, according to the statement.
The strategy is managed by KKR’s Charlie Gailliot and Emmanuel Lagarrigue.
Mideast Stocks: Most Gulf markets inch higher on hopes of US-Iran peace talks
Mideast Stocks: Most Gulf markets inch higher on hopes of US-Iran peace talks
Most Gulf equity markets ended marginally higher on Tuesday, supported by reports that Iran is considering attending peace talks with the United States, raising cautious hopes for diplomacy as the two-week ceasefire nears its end.
A senior Iranian official told Reuters on Monday that Tehran was "positively reviewing" participating in the talks in Pakistan, which is making efforts to U.S. blockade of Iranian ports, which has emerged as a major obstacle to reviving negotiations.
However, the official stressed that no final decision had been taken, while Iranian Foreign Minister Abbas Araqchi said continued U.S. violations of the ceasefire remained a serious impediment to the diplomatic process.
Iran's top negotiator and parliament speaker, Mohammad Baqer Qalibaf, reiterated that Tehran would not negotiate under threat. Shipping through the Strait of Hormuz — which carries about a fifth of global oil supply — remained limited.
A senior Iranian official told Reuters on Monday that Tehran was "positively reviewing" participating in the talks in Pakistan, which is making efforts to U.S. blockade of Iranian ports, which has emerged as a major obstacle to reviving negotiations.
However, the official stressed that no final decision had been taken, while Iranian Foreign Minister Abbas Araqchi said continued U.S. violations of the ceasefire remained a serious impediment to the diplomatic process.
Iran's top negotiator and parliament speaker, Mohammad Baqer Qalibaf, reiterated that Tehran would not negotiate under threat. Shipping through the Strait of Hormuz — which carries about a fifth of global oil supply — remained limited.
Dubai's main share index - which fell 2.1% in the previous session - closed up 0.3%, helped by a 0.3% rise in blue-chip developer Emaar Properties.
In Abu Dhabi, the index edged 0.2% higher. GCC equity markets stabilized as investor focus shifted to the next round of regional diplomacy, with improving expectations of de-escalation offering near-term support despite lingering geopolitical risks.
Oil prices are likely to remain volatile as the situation evolves, said Joseph Dahrieh, managing director at Tickmill.
"In the event of clearer diplomatic progress, UAE equities could be well-positioned to extend their recovery trajectory."
The Qatari index closed up 0.1%, with petrochemical maker Industries Qatar rising 0.8%.
In Abu Dhabi, the index edged 0.2% higher. GCC equity markets stabilized as investor focus shifted to the next round of regional diplomacy, with improving expectations of de-escalation offering near-term support despite lingering geopolitical risks.
Oil prices are likely to remain volatile as the situation evolves, said Joseph Dahrieh, managing director at Tickmill.
"In the event of clearer diplomatic progress, UAE equities could be well-positioned to extend their recovery trajectory."
The Qatari index closed up 0.1%, with petrochemical maker Industries Qatar rising 0.8%.
On the other hand, Saudi Arabia's benchmark index dipped 0.2%, with Saudi National Bank, the country's biggest lender by assets, losing 2.4%. Oil major Saudi Aramco eased 0.2%.
Brent crude futures edged down by 18 cents to $95.30 a barrel.
Outside the Gulf, Egypt's blue-chip index gained 0.3%.
Brent crude futures edged down by 18 cents to $95.30 a barrel.
Outside the Gulf, Egypt's blue-chip index gained 0.3%.
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