Getir founders sue Mubadala for $700mn over break-up of assets - #AbuDhabi #UAE

Getir founders sue Mubadala for $700mn over break-up of assets

The founders of food delivery start-up Getir are suing Abu Dhabi’s Mubadala Investment Company for at least $700mn over claims the fund did not hand over promised assets when the company was restructured. 

Getir’s co-founders Nazim Salur and Serkan Borançılı claim that they have “suffered significant loss” after Mubadala allegedly reneged on a 2024 agreement to transfer a group of assets to them, including a valuable tech finance app, Getir Finance, according to a lawsuit filed with London’s High Court on Friday. 

The claim for breach of contract and conspiracy comes as Mubadala announced last week that it was selling Getir’s food delivery business in Turkey to Uber for $335mn.  

Founded in Turkey in 2015, Getir, which means “bring” in Turkish, was one of the pioneers of the food and grocery delivery businesses that boomed during the Covid-19 pandemic. It was valued at about $12bn in 2022, but rising interest rates and falling technology stock prices damped investor appetite in subsequent years. 

In June 2024, the company said that it had agreed a restructuring with Abu Dhabi sovereign wealth fund Mubadala to lead a $250mn cash injection and acquire majority control of its Turkish grocery operations.  

Under the plans, the remaining assets would be housed in a standalone business, including its FreshDirect grocery service in New York, in which the founders would have a controlling stake. 

However, Salur and Borançılı allege in the lawsuit that only the most unprofitable assets — FreshDirect and the online shopping platform n11 — were ever transferred. They claim they are still owed assets such as Getir Finance, which was valued at $510mn last year, and that various Mubadala entities have conspired against them to breach the agreement. 

“The assets which were supposed to have been hived out and transferred to their control were never so transferred (save for the two most unprofitable and liability-laden entities),” lawyers for the founders said in the claim. 

Instead, Mubadala made them an offer in December 2024 that “deviated considerably from the terms the parties had agreed . . . and was on terms which were highly disadvantageous to the founders”. 

Mubadala declined to comment. The sovereign wealth fund is yet to file a defence to the claim. 

Getir, which once had a partnership with Tottenham Hotspur and was emblazoned on the Premier League club’s training kit, previously had operations in the US and Europe, including in the UK, Germany and the Netherlands, before scaling back.

#SaudiArabia Taps Debt Market Veteran Fahad Al-Saif to Lead FDI Drive - Bloomberg

Saudi Arabia Taps Debt Market Veteran Fahad Al-Saif to Lead FDI Drive - Bloomberg

About a decade ago, Saudi Arabia picked a veteran banker to help set up a debt-market program that’s since transformed the kingdom into one of the most prolific bond issuers globally. His next task is to help Riyadh draw in overseas cash and triple annual foreign direct investment to $100 billion by 2030.

Fahad Al-Saif has become the new face of the Gulf nation’s push for capital, replacing Khalid Al-Falih as investment minister amid sweeping cabinet changes. In Al-Saif, the kingdom gets a finance veteran whose experience sits at the intersection of business, politics and sovereign wealth.

Al-Saif worked alongside Finance Minister Mohammed Al-Jadaan as Saudi Arabia started its debt program and began tapping global bond markets in 2016. When it raised a record $21.5 billion a year later, putting the kingdom on the map as one of the most active sovereign emerging-market issuers, Al-Saif was at the helm.

He’s held several positions at Saudi Arabia’s Public Investment Fund and at a Saudi banking giant backed by HSBC Holdings Plc, spending much of the last two decades navigating the worlds of investment and fundraising.

That experience will be critical for the kingdom, which increasingly needs cash as it cuts down on costly projects while working overtime to advance Crown Prince Mohammed bin Salman’s diversification plan.

More recently, he led investment strategy for the PIF. The $1 trillion fund is expected to lay out its plans for the next five years in coming weeks, potentially prioritizing domestic deals and targeting capital inflows to national champions like artificial intelligence firm Humain.

It’s unclear what Al-Saif’s appointment means for the PIF, and his profile was no longer available on a website detailing senior officials as of this week. The wealth fund and the investment ministry didn’t respond to requests for comment.

“He is fundamentally a banker and a financier, someone who speaks the language of international capital and understands the psychology and mechanics of investment flows,” according to Said El-Saadi, chief executive officer of Access KSA, a Saudi-based adviser to foreign businesses that works closely with the government.

“That financial discipline will be critical in aligning strategic priorities with the type of capital Saudi wants to attract,” he said.

Described by some as highly-strategic, data-driven and in tune with the requirements of international investors, Al-Saif has also served on several boards and committees, including at the Capital Market Authority, which is in the throes of reforming Saudi markets — also in a play for more cash from abroad.

He now faces the task of executing on Saudi Arabia’s vision to haul in more than $100 billion in annual FDI by 2030, about triple what it was in 2024. That will likely put him on tour of global financial capitals around the world, much like his predecessor, but with a focus on signing deals that translate into hard cash for the kingdom rather than promoting policies.

FDI is set to become an important part of Saudi Arabia’s economic diversification plan in the years ahead. Officials have been more uniform in that messaging, with Al-Falih among the first to say openly in October that the government would do less so the private sector could do more.

A month later, Al-Saif took the stage at the American Business Forum in Miami to pitch US investors on opportunities he said would advance Saudi Arabia’s role as a conduit of business between East and West.

At the event, he characterized the kingdom as global and friendly, and named six key areas for capital deployment including tourism, advanced manufacturing and logistics. Al-Saif singled out Humain, Savvy Games Group, Alat and Lucid — in which the PIF is the top shareholder — as companies ripe for partnership.

He also named Neom, the Saudi project facing widespread challenges ranging from cost overruns to feasibility concerns, as one of those areas. Al-Saif stopped short of offering any substantial details on the future of the planned desert metropolis.

Speaking just before the government transition, Al-Falih called changes at Neom a part of normal procedure and listed projects including the 2030 World Expo and FIFA 2034 World Cup as priorities, along with AI and data center infrastructure.

Most Gulf equities retreat on US-Iran caution | Reuters

Most Gulf equities retreat on US-Iran caution | Reuters

Most Gulf stock markets ended lower on Monday, as investors assessed the potential market impact of upcoming U.S.-Iran talks aimed at easing tensions.

The two countries are set to hold a second round of talks in Geneva on Tuesday, after reviving negotiations earlier this month aimed at addressing their decades-long dispute over Tehran's nuclear programme and preventing a fresh military confrontation.

Iran is seeking a nuclear deal with the United States that would provide economic gains for both sides, with potential energy and mining investments as well as aircraft purchases on the table, an Iranian diplomat was reported to have said on Sunday.

The U.S. military is making preparations for the possibility of weeks-long operations against Iran if President Donald Trump orders an attack, Reuters reported on Saturday, citing two U.S. officials. Such an escalation could trigger a much more serious conflict than anything previously seen between the two countries.

Saudi Arabia's benchmark index (.TASI), opens new tab fell 0.4%, hit by a 1.3% fall in the country's biggest lender by assets, Saudi National Bank (1180.SE), opens new tab, and a 0.7% drop in oil giant Saudi Aramco (2222.SE), opens new tab.

GCC stock markets came under pressure as regional geopolitical developments kept investors cautious ahead of upcoming U.S.-Iran talks, with headlines still leaving scope for escalation. The resulting risk-off mood spread across the region, weighing in particular on Saudi equities, said Antoine Nadaf, country manager at Givtrade.

"Although the Saudi market retains positive underlying fundamentals and a generally strong corporate earnings season that could support a future rebound, external geopolitical factors and volatility in oil prices continue to weigh on market sentiment."

Crude prices - a catalyst for the Gulf's financial markets - were little changed with investors weighing the market implications of upcoming U.S.-Iran talks aimed at de-escalating tensions against a backdrop of expected OPEC+ supply increases.

Dubai's main share index (.DFMGI), opens new tab lost 0.4%, with blue-chip developer Emaar Properties (EMAR.DU), opens new tab retreating 1.2%.

In Abu Dhabi, the index (.FTFADGI), opens new tab eased 0.1%.

The Qatari index (.QSI), opens new tab was down 0.4%, weighed down by a 2.2% slide in petrochemical maker Industries Qatar (IQCD.QA), opens new tab.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab fell 1.6%, retreating from a record high and giving back some of the previous session's gains.
In the previous session, the Egyptian exchange surged 3.6% after the country cut interest rates by 100 basis points.

Most Gulf markets slip on US-Iran caution; Egypt jumps on rate cut | Reuters

Most Gulf markets slip on US-Iran caution; Egypt jumps on rate cut | Reuters

Most Gulf stock markets ended lower on Sunday as investors grew cautious amid the possibility of rising regional tensions. The uncertainty dampened sentiment, leading some traders to pare back risk and reduce exposure to equities.

The U.S. military is making preparations for the possibility of weeks-long operations against Iran if President Donald Trump orders an attack, Reuters reported on Saturday, citing two U.S. officials. Such an escalation could trigger a much more serious conflict than anything previously seen between the two countries.

Iran is seeking a nuclear deal with the United States that would bring economic gains to both countries, an Iranian diplomat was reported to have said on Sunday, just days ahead of a second round of talks between Tehran and Washington.

Saudi Arabia's benchmark index (.TASI), opens new tab lost 0.2%, hit by a 0.5% fall in Al Rajhi Bank (1120.SE), opens new tab and a 0.9% decline in oil giant Saudi Aramco (2222.SE), opens new tab.

Gulf markets continue to look resilient, with the capacity for sustained growth. However, concerns regarding a regional conflict involving Iran, the United States, and Israel currently dominate the landscape, said Samer Hasn, Senior Market Analyst at XS.com.

In Qatar, the index (.QSI), opens new tab dropped 0.4%, with Qatar Islamic Bank (QISB.QA), opens new tab losing 1.1%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab advanced 3.6%, closing at an all-time high, as almost all its constituents were in positive territory after the most populous Arab country cut its interest rates by 100 basis points.

#AbuDhabi Boosts Investing Heft With $237 Billion Financial Firm - Bloomberg #JudanFinancial

Abu Dhabi Boosts Investing Heft With $237 Billion Financial Firm - Bloomberg

International Holding Co. is creating a new financial-services holding company that will oversee about 870 billion dirhams ($237 billion) in assets, the latest consolidation move by Abu Dhabi’s biggest listed firm.

The new entity, Judan Financial, will combine businesses spanning banking, insurance, asset management, alternative investments and financial technology, IHC said in a statement Friday. They include asset managers Chimera Investment and the $115 billion Lunate Capital as well as brokerage International Securities.

The move adds another investing heavyweight in Abu Dhabi, which is already home to investors that collectively oversee assets worth about $2 trillion. Many of them are prolific dealmakers across a range of sectors, from finance to artificial intelligence, and have deep ties to the titans of Wall Street.

Judan, which is expected to raise third-party and institutional capital, will have a valuation of about 100 billion dirhams and is expected to “substantially scale” over the next five years. A first cohort of strategic investors have already been secured, according to the statement.

The entity will be chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is a brother of the United Arab Emirates’ ruler, and the country’s national security adviser. In addition to his role at the $239 billion IHC, he oversees vast swathes of Abu Dhabi’s oil wealth as chairman of its biggest wealth fund, its top lender and and its main artificial intelligence investor.

“Judan Financial has been established to create a globally relevant financial services institution, built on strong governance, long-term capital and differentiated platforms,” he said in the statement.

The new entity will house Lunate, which has struck partnerships with Wall Street heavyweights and placed bets on the likes of OpenAI. It works with many of the world’s largest firms including BlackRock Inc., Blackstone Inc., CVC Capital Partners Plc and Brookfield Asset Management.

IHC’s latest move comes just months after it merged three units to create an investing behemoth with $33 billion in assets spanning finance, consumer and energy spread across 85 countries.

Abu Dhabi sovereign wealth apparatus, too, has seen sweeping changes. Last month, the newly-created L’Imad Holding — chaired by the emirate’s crown prince Sheikh Khaled bin Mohammed — absorbed wealth fund ADQ.

Mohamed Al Suwaidi, who was chief executive officer at ADQ before transitioning into a new role at Lunate, will serve as Judan’s vice chairman, managing director and CEO.

#Dubai Picks Trusted Executive to Protect Prized DP World Asset - Bloomberg

Dubai Picks Trusted Executive to Protect Prized DP World Asset - Bloomberg

As DP World Ltd. Chief Executive Officer Sultan Ahmed bin Sulayem’s alleged links to disgraced financier Jeffrey Epstein emerged, one of Dubai’s most prized assets was under siege. In quick succession, two international investment funds curbed ties with the logistics giant.

Days later, Bin Sulayem resigned and the Dubai government turned to Essa Kazim, an executive who holds several roles at the heart of Dubai’s financial sector and one with a track record in handling delicate situations. Kazim becomes chairman of the port operator, while Yuvraj Narayan is the new CEO.

In Kazim, DP World gets a deeply influential figure whose ties cut across Dubai’s intersecting worlds of business and politics. He oversees the Dubai International Financial Centre, the city’s financial hub and a magnet for hedge funds. The DIFC, home to about 8,800 companies, reflects the emirate’s emergence as a regional financial hub.

“Kazim has a solid track record as a steady leader known for his quiet planning, humility and effectiveness,” said Mohammed Ali Yasin, the CEO of Ghaf Benefits, who has known Kazim for a quarter century. “He’s known for delivering.”

The government’s move to appoint new leaders for DP World appeared to be almost immediately effective. Canadian pension fund Caisse de Depot et Placement du Quebec said it would resume its partnership with the company. British International Investment, a £9.9 billion ($13.6 billion) development-finance institution owned by the UK government, said it would do the same.

Kazim is also chairman of Borse Dubai, and had the same role at Dubai Financial Market through November 2021, according to a profile on Nasdaq’s website. He began his career at the UAE Central Bank in 1988, later moving to the Department of Economic Development as Director of Planning and Development in 1993.

The extent of his influence was on full display a few years ago, when Dubai’s ruler, Sheikh Mohammed bin Rashid Al Maktoum, placed him in charge of a special judicial committee to oversee the estate of billionaire Majid Al Futtaim.

Long seen as an anchor of Dubai’s economy, ownership of the $19 billion Al Futtaim conglomerate passed to multiple heirs after its founder died in 2021 and the government was keen to smooth the transition.

DP World is similarly vital to the emirate. The company helped transform Dubai into a global trade hub, operating across 83 countries and employing more than 119,000 people. It runs and operates the Middle East’s largest port at Dubai’s Jebel Ali, the London Gateway in the UK, and logistics sites in the US and across Africa.

Dubai took DP World private in early 2020 to alleviate its debt burden and avoid a repeat of the economic crisis that led to a bailout in 2009.

Kazim also sits on several of Dubai’s top financial advisory panels, alongside members of the ruling family. He is chairman of the DIFC Higher Board, while Dubai’s First Deputy Ruler Sheikh Maktoum bin Mohammed Al Maktoum is its president.

Narayan joined DP World in 2004 and has been chief financial officer since 2005, a period during which the port operator acquired international assets and expanded its logistics and services businesses. A chartered accountant, Narayan previously worked in corporate finance at ANZ Group Holdings Ltd. He was also CFO at Oman’s Salalah Port Services, according to his profile on DP World’s website.

Emaar lifts #Dubai on strong earnings; #AbuDhabi snaps 9-day winning streak | Reuters

Emaar lifts Dubai on strong earnings; Abu Dhabi snaps 9-day winning streak | Reuters

Dubai index closed higher on Friday, led by Emaar Properties and its construction arm Emaar Development after the firms reported better-than-expected earnings, while Abu Dhabi closed lower.

Dubai's main index (.DFMGI), opens new tab rose 0.2%, supported by a 1.2% jump in blue-chip developer Emaar Properties (EMAR.DU), opens new tab and a 3.5% increase in its construction unit Emaar Development (EMAARDEV.DU), opens new tab.

Emaar Properties, the developer of Burj Khalifa, recorded a 30% hike in its full-year profit to 17.60 billion dirhams ($4.79 billion), while Emaar Development's full-year profit climbed 48% to 11.32 billion dirhams ($3.08 billion).

However, Talabat Holding (TALABAT.DU), opens new tab, one of the largest food ordering businesses in the Middle East, tumbled 9.9%, its steepest decline since listing in late December 2024, after reporting a 11% drop in its fourth-quarter profit to $123 million.

Abu Dhabi's benchmark index (.FTFADGI), opens new tab dropped 0.5%, breaking a nine-session winning streak, dragged down by a 2.4% decline in Abu Dhabi Islamic Bank (ADIB.AD), opens new tab, while freight shipper Agility Global (AGILITY.AD), opens new tab slumped 5.3% ahead of its full-year earnings later in the day.

Among the losers, utility firm Abu Dhabi National Energy Company (TAQA.AD), opens new tab slipped 3% after the firm posted a 9% decrease in its quarterly revenue to 12.14 billion dirhams ($3.31 billion).

Omani Stocks Head for Best Week Since 2014 on EM Status Bid - Bloomberg #Oman

Omani Stocks Head for Best Week Since 2014 on EM Status Bid - Bloomberg

Omani stocks are heading for their best week in more than a decade as optimism builds that the Gulf bourse’s push to be classified as an emerging market would unlock fresh investor inflows.

Muscat’s MSX 30 benchmark has advanced more than 9% since Sunday to its highest level since 2014. Gains of nearly 20% so far this year are almost double those for MSCI Inc.’s emerging-market index.

The rally reflects growing anticipation that Oman could secure an MSCI upgrade as trading volumes improve and a spate of recent listings deepen the market, said Shahrukh Saleem, a portfolio analyst at Mashreq Capital. The bourse is aiming to meet MSCI’s requirements this year and secure inclusion by 2028 at the latest.

Admission to an EM-index by providers such as MSCI or FTSE Russell typically boost bourses by generating demand from passive investment trackers and broadening the investor base.

“Oman has been the best-performing Gulf equity market year-to-date, driven primarily by large-cap stocks, which are expected to be the primary beneficiaries of any index‑driven inflows,” Saleem said. Oman’s macroeconomic backdrop remains supportive, underpinned by steady foreign investment inflows and policies that are increasingly favorable to private-sector growth, he said.

The number of liquidity providers in Oman has also increased over the past few months, and local firms are stepping up their investor relations, further boosting stocks, according to Paolo Casamassima, executive director of investor relations and stakeholder engagement at Arqaam Capital.

Based on the latest MSCI thresholds, the country needs at least three companies to meet minimum size, free-float, and liquidity requirements for about two years, said Casamassima. Only one company - Bank Muscat SAOG - already qualifies, while two others - OQ Exploration & Production SAOG and Sohar International Bank SAOG - are close and would only need modest share-price gains to meet the criteria, he added.

The ongoing rally offers a shot in the arm for the country’s equity capital markets, which cooled in 2025 after listing volumes hit a record a year earlier. Stronger inflows would also boost the government’s privatization push and potentially lure more private players.

Energy group OQ SAOC has been key to the drive to sell down state assets and is preparing additional initial public offerings, including in its fertilizer business. The listings of OQ’s exploration and chemical units initially struggled for months before gaining traction.

An upgrade to MSCI Emerging Markets could attract about $350 million in passive inflows overnight, roughly three times the market’s average daily traded value in 2025, according to Casamassima. An additional $970 million from active managers could be unlocked over time, he said.

“The market is also very close to meeting the FTSE upgrade requirements, which could attract an additional $260 million in passive inflows” shortly after inclusion, Casamassima said.

#SaudiArabia Names PIF Head Fahad Al-Saif as Minister Overseeing FDI Push - Bloomberg

Saudi Arabia Names PIF Head Fahad Al-Saif as Minister Overseeing FDI Push - Bloomberg

Saudi Arabia has appointed Fahad Al-Saif as its new investment minister, putting an official from the kingdom’s sovereign wealth fund at the helm of the entity tasked with drawing more capital to the country.

Al-Saif, head of investment strategy and global capital finance at the Public Investment Fund, was appointed by royal decree, according to a statement from the state-run Saudi Press Agency on Thursday. He replaces Khalid Al-Falih, who served in the role since 2020.

It’s unclear what Al-Saif’s appointment means for his roles at the wealth fund or how the PIF may be affected by the announcement. Neither the ministry nor the PIF responded to requests for comment.

The changes — announced as part of a broader reshuffle that affected dozens of positions — come at a critical time for the kingdom as it reviews its policies and spending priorities amid broader fiscal pressures.

Both the government and the PIF are expected to soon unveil updated strategies for the next five years in a bid to accelerate Crown Prince Mohammed bin Salman’s agenda to diversify the economy beyond oil.

The de-facto ruler has also introduced reforms in recent months aimed at hauling in more foreign capital that would help Saudi Arabia compete more effectively with Abu Dhabi and Dubai as an investment hub.

Saudi Arabia Wants to Triple Annual FDI By 2030

Source: Saudi Ministry of Investment, Bloomberg

Note: All figures are targeted metrics

Al-Saif’s appointment puts him at the center of that initiative, which is seen as increasingly critical as the Gulf nation faces fresh oil-price volatility and investment pressure. Al-Saif has also held roles at the Ministry of Finance and National Debt Management Center.

Al-Falih, who traveled the world drumming up interest in Saudi investment opportunities during his time as investment minister, will remain in the cabinet as Minister of State. The former chief executive of oil giant Saudi Aramco had also previously served as Saudi Arabia’s Minister of Energy.

Most Gulf bourses gain on upbeat earnings | Reuters

Most Gulf bourses gain on upbeat earnings | Reuters

Most Gulf stock markets reversed early losses to close higher on Thursday as investors shifted focus to earnings, brushing aside concerns over U.S.-Iran tensions.

Saudi Arabia's benchmark index (.TASI), opens new tab advanced 0.8%, with petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab gaining 2.7%.

Fourth-quarter earnings have been broadly upbeat, indicating the market could regain its earlier upward momentum once conditions stabilize, said Milad Azar, market analyst at XTB MENA.

"Additionally, any reduction in the regional geopolitical tensions that have recently weighed on sentiment could further aid a recovery."

U.S. President Donald Trump met Israeli Prime Minister Benjamin Netanyahu on Wednesday and later said they had not reached any "definitive" agreement regarding Iran, but emphasised that negotiations with Tehran would continue.

It came a day after Trump said he was considering deploying a second aircraft carrier to the Middle East if no deal is reached with Iran.

Dubai's main share index (.DFMGI), opens new tab added 0.4%, with top lender Emirates NBD (ENBD.DU), opens new tab rising 2.5%.

Blue-chip developer Emaar Properties (EMAR.DU), opens new tab, however, fell 0.6%. After market hours, Emaar reported an annual net profit of 17.60 billion dirhams ($4.79 billion), up from 13.51 billion dirhams a year earlier.

In Abu Dhabi, the index (.FTFADGI), opens new tab rose 0.3%, led by a 5.5% jump in Aldar Properties (ALDAR.AD), opens new tab — its biggest intraday gain since June.

Last week, the Abu Dhabi developer reported a fourth-quarter net profit of 2.9 billion dirhams ($789.59 million), up 49% year-on-year.

The Qatari index (.QSI), opens new tab edged 0.1% higher, with Qatar Islamic Bank (QISB.QA), opens new tab rising 1%.

However, petrochemical maker Industries Qatar (IQCD.QA), opens new tab retreated 2.2%, to be the top loser, following an annual profit drop.

Elsewhere, Qatar Gas Transport (QGTS.QA), opens new tab fell 1%, as the firm traded ex-dividend.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab climbed 1.6%, led by a 2.9% increase in Commercial International Bank (COMI.CA), opens new tab.

#Qatar’s LNG Growth Puts Long-Term Sales Plan to the Test - Bloomberg

Qatar’s LNG Growth Puts Long-Term Sales Plan to the Test - Bloomberg

Tiny Gulf state Qatar is a giant in liquefied natural gas and has enjoyed remarkable success locking in sales of the fuel decades into the future. But to match its ambitious expansion plans, it must sell even more.

The nation’s latest wins were on display at last week’s LNG2026 conference in Doha, where state-run QatarEnergy revived languishing trade with Japan through a 27-year supply deal and even secured Malaysia — a traditional exporter — as a customer.

With these deals added, Qatar has agreed to sell about 39 million tons under long-term contracts since 2022, according to BloombergNEF — all to be fed by new facilities coming online from this year. That’s more LNG than India, the world’s fourth-largest buyer, consumes in a year.

This is a huge achievement. But these deals will absorb only about 60% of Qatar’s planned expansion in production — and that’s without including volumes from the country’s LNG export project in the US, which is set to start soon without long-term buyers nailed down.

Nor does it cover existing contracts, which will expire over the next few years with no certainty of renewal.

The most obvious customers have already signed up, leaving fewer new markets to crack. Talks with India, for example, have stalled as Qatar has resisted cutting prices.

This is forcing a rethink. For decades, Qatar has sold almost all its LNG under long-term contracts — an approach that has insulated the country from the volatility of the spot market.

That model, however, will no longer be sufficient as the volumes committed lag behind the pace of capacity growth. Qatar knows this, and has been building its expertise in spot sales.

With less urgency to push out volumes to meet contractual commitments, the country may even slow the ramp-up of new supply. Qatar was already forced to push back the start of its multibillion-dollar expansion amid supply-chain bottlenecks.

In a worst-case scenario, its growth ambitions could be trimmed. And given Qatar’s outsized role in LNG, any shift in strategy would have repercussions throughout the global market.

Adnoc Expands LNG Tanker Fleet to Boost Global Trading Ambitions - Bloomberg

Adnoc Expands LNG Tanker Fleet to Boost Global Trading Ambitions - Bloomberg

Abu Dhabi National Oil Co.’s shipping arm plans to order as many as six liquefied natural gas tankers as the state producer accelerates its push into global gas trading.

Adnoc Logistics & Services Plc will likely commission four to six vessels to support the group’s expanding international business, Chief Executive Officer Abdulkareem Al Masabi said in an interview Wednesday. The order would come in addition to 14 LNG carriers already contracted to serve export projects in the United Arab Emirates.

The fleet expansion underscores Adnoc’s broader effort to build a global gas portfolio. The company’s international investment arm, XRG, has been acquiring stakes in gas fields and export projects abroad while signing supply agreements, as the UAE seeks to position natural gas as a pillar of its economic growth strategy.

The new tankers will be ordered this year, Al Masabi said without disclosing the potential cost. Expanding the fleet would give Adnoc greater flexibility to market cargoes internationally rather than relying solely on long-term contracts.

Separately, Adnoc L&S is adding vessels to handle rising domestic export capacity. The company will take delivery of two LNG carriers this year — adding to four already received — to transport gas from Abu Dhabi’s existing export terminal at Das Island. A further eight ships will serve the Ruwais LNG terminal under construction on the Gulf coast, which is scheduled for completion in 2028.

Al Masabi also said tensions in the Red Sea have “calmed down,” though the route remains sensitive after months of attacks by Iranian-linked Houthi forces prompted many shipping companies to avoid the area. Some operators have recently resumed or increased voyages through the corridor.

DEWA buys #Dubai Holding's 24% Empower stake for $1.41 billion | Reuters

DEWA buys Dubai Holding's 24% Empower stake for $1.41 billion | Reuters

Dubai Electricity and Water Authority said it has acquired Dubai Holding's entire 24% stake in Emirates Central Cooling Systems (EMPOWER.DU), opens new tab for 5.18 billion dirhams ($1.41 billion), lifting its holding to 80%.

The deal, announced late on Tuesday, was struck at an implied price of 2.16 dirhams per share, a 14% premium to Empower’s last close, underscoring DEWA’s willingness to pay up to gain control of the district cooling provider.

The transaction consolidates Dubai’s district cooling platform under state utility DEWA at a time when the emirate’s rapid real estate expansion is driving rising demand for energy-efficient cooling infrastructure.

“This milestone is a testament to our dedication to creating value for our stakeholders by deepening our investment in a company like Empower,” DEWA Managing Director Saeed Mohammed Al Tayer said in a statement.

District cooling systems, which use centralised plants to distribute chilled water through pipe networks, are in demand as they consume significantly less electricity than conventional air conditioning.

Dubai Holding sold the stake through Emirates Power Investment LLC, a wholly owned subsidiary, and said in a statement the exit was part of a shift toward a “globally diversified investment strategy".

Empower, which listed on the Dubai Financial Market in November 2022 in an offering that was 47 times oversubscribed, commands more than 80% of Dubai’s connected district cooling capacity and serves major commercial, residential and mixed-use developments across the emirate.

The remaining 20% of its shares continue to trade on Dubai's stock exchange.

Most Gulf markets in red on US-Iran jitters | Reuters

Most Gulf markets in red on US-Iran jitters | Reuters

Most Gulf stock markets were subdued on Wednesday as renewed geopolitical tensions between the U.S. and Iran weighed on sentiment, with Dubai's exchange posting the biggest decline.

U.S. President Donald Trump said on Tuesday he was considering sending a second aircraft carrier to the Middle East, even as Washington and Tehran prepare to resume negotiations aimed at averting a new conflict.

Trump also said he thinks that Iran wants to make a deal with the United States on its nuclear and ballistic missile programs, and it would be "foolish" if they did not.

Saudi Arabia's benchmark index (.TASI), opens new tab dropped 0.4%, hit by a 0.9% fall in the country's biggest lender Saudi National Bank (1180.SE), opens new tab.

However, Mobile Telecommunications Co (7030.SE), opens new tab jumped more than 5%, following an increase in annual profit.

Despite the overall bearish sentiment, underlying fundamentals remain supportive, with fourth-quarter earnings showing strong performances, said Joseph Dahrieh, managing director at Tickmill. He added that with the broader earnings season proving largely positive, the Saudi market could still stage a recovery if external geopolitical pressures ease.

Dubai's main share index (.DFMGI), opens new tab retreated 1.3%, weighed by a 8.6% plunge in Dubai Islamic Bank (DISB.DU), opens new tab after the sharia-compliant lender posted a decline in annual profit.

In Abu Dhabi, the index (.FTFADGI), opens new tab concluded flat.

Any potential U.S. military strike on Iran has sparked fears that regional countries would face the bulk of Tehran's retaliation. In mid-January, Saudi Arabia, Qatar, Oman and Egypt cautioned Washington against launching any such attack.

The Qatari index (.QSI), opens new tab also finished flat.

Qatar's Emir Sheikh Tamim bin Hamad al-Thani and Trump discussed in a phone call efforts for regional de-escalation and stability, the Emiri Diwan said on Wednesday.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab declined 1.3% - snapping a six-day winning streak - with Commercial International Bank (COMI.CA), opens new tab losing 1.9%.

Mubadala Reaches $6.2 Billion Deal for Clear Channel Outdoor - Bloomberg

Mubadala Reaches $6.2 Billion Deal for Clear Channel Outdoor - Bloomberg

Clear Channel Outdoor Holdings Inc. agreed to be acquired by investors led by Mubadala Capital in an all-cash transaction that values the billboard company at $6.2 billion, including debt.

Mubadala Capital and its partners will pay $2.43 a share for Clear Channel, according to a statement. That’s an 11% premium over the company’s closing price of $2.19 Monday in New York. The shares rose 7.8% after the close of regular trading.

Clear Channel shares have gained 61% in the past year, giving the San Antonio-based company a market value of about $1.1 billion. The company has $5.39 billion in debt, according to data compiled by Bloomberg.

The transaction is expected to close by the end of the third quarter, according to the statement. Under the terms of the agreement, Clear Channel will have a 45-day “go-shop” period in which it can solicit competing offers.

Bloomberg News reported in October that Mubadala Capital, the asset management arm of Abu Dhabi sovereign wealth fund Mubadala Investment Co., was exploring an acquisition of Clear Channel.

Clear Channel has been under pressure to sell itself from activist investor Anson Funds Management, which said an acquisition of the company would be a generational opportunity to secure scarce, high quality media assets.

“We congratulate the board on taking this critical step towards value maximization and look forward to watching the go-shop process unfold,” Sagar Gupta, portfolio manager and head of active engagement at Anson, said in an emailed statement.

For Mubadala, the deal is the latest sign of its global ambitions. The fund has a sprawling portfolio but hasn’t been a major player in US media investments.

Last year, Mubadala Capital sold a minority stake in itself to TWG Global, an investment firm led by Guggenheim Partners founder Mark Walter and financier Thomas Tull.

Wade Davis, a media and technology veteran who partnered with Mubadala Capital and TWG on the Clear Channel transaction, is expected to join the advertising company’s board as executive chairman.

Equity financing will be provided by Mubadala Capital in partnership with TWG, according to Monday’s statement. Funds managed by Apollo Global Management Inc. have committed to invest preferred equity in the transaction. Debt financing has been committed by a group led by JPMorgan Chase & Co. and Apollo funds.

Most Gulf markets gain on earnings | Reuters

Most Gulf markets gain on earnings | Reuters

Most Gulf stock markets bounced back from early losses to close higher on Tuesday helped by corporate earnings announcements although weak oil prices limited gains.

Oil prices - a catalyst for the Gulf's financial markets - edged down as traders gauged the potential for supply disruptions after U.S. guidance for vessels transiting the Strait of Hormuz kept attention squarely on tensions between Washington and Tehran.

Iran along with fellow OPEC members Saudi Arabia, the United Arab Emirates, Kuwait, and Iraq export most of their crude via the Strait, mainly to Asia.

Saudi Arabia's benchmark index (.TASI), opens new tab reversed early losses to close 0.2% higher, helped by a 2.6% rise petrochemical maker Saudi Basic Industries Corp (2010.SE), opens new tab.

Elsewhere, oil giant Saudi Aramco (2222.SE), opens new tab added 0.7%.

Performance across sectors was mixed. However, the outlook remains supported by solid fundamentals in the non-oil sector, strong long-term economic growth projections, and legislative changes that improve market access for foreign investors, said Daniel Takieddine Co-founder and CEO, Sky Links Capital Group.

"Additionally, market sentiment may soon be influenced by the upcoming announcement regarding the strategy revamp of the Public Investment Fund."

The kingdom's $925 billion Public Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.

Dubai's main share index (.DFMGI), opens new tab finished flat, following six consecutive sessions of gains, with Salik Co (SALIK.DU), opens new tab losing 2.5%, despite the toll operator reporting a rise in annual profit.

Elsewhere, Dubai Investments (DINV.DU), opens new tab retreated 2.1%, trimming part of the prior session's advance of 4.3% that followed a substantial increase in its annual profit.

In Abu Dhabi, the index (.FTFADGI), opens new tab added 0.2%, rising for a seventh consecutive session, helped by a 0.4% rise in Aldar Properties (ALDAR.AD), opens new tab. In the previous session, the developer jumped more than 5% after posting about 50% surge in fourth-quarter profit.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.2%.

AI Chip Startup Positron Raises $230 Million From Arm, #Qatar to Compete With Nvidia - Bloomberg

AI Chip Startup Positron Raises $230 Million From Arm, Qatar to Compete With Nvidia - Bloomberg

AI chip startup Positron, which is trying to compete with Nvidia Corp., raised $230 million in a funding round from investors including Arm Holdings Plc and the Qatar Investment Authority.

The round values the company at more than $1 billion, including funds raised, Chief Executive Officer Mitesh Agrawal said in an interview. The round was co-led by Arena Private Wealth, formerly OCM Private Wealth, Positron customer Jump Trading, and Unless. Helena, as well as previous investors including Valor Equity Partners, Atreides Management and DFJ Growth, also participated.

Positron, based in Reno, Nevada, is trying to compete with Nvidia by offering energy-efficient AI chips for inference, or running AI models.

The company, which also has listed Cloudflare Inc. and Parasail as customers, is currently selling a first version of its product based on existing reprogrammable chip technology. The second version is being designed from the ground up, and the company expects to have that done by September or October.

“In an ideal world we want to match Nvidia on product cadence,” Agrawal said. “That’s one of the things that AI silicon companies haven’t done in the past.” Positron’s chip will have more memory attached than Nvidia’s Rubin chip, which comes out later this year, he said. That will make Positron’s product perform well when reasoning and video models answer queries, he said.

Agrawal said the company wasn’t trying to raise money until Jump, a proprietary trading firm, tested Positron’s first-generation product and became interested in its plan for the next chip. Jump’s chief technology officer suggested the company invest. Arena knew Agrawal from its investment in Lambda, a so-called neocloud company, where Agrawal served as chief operating officer.

Nvidia’s chips are the dominant products to training and run AI models, but that will change, said Alex Davies, Jump’s CTO.

“We don’t think there’s going to be one winner,” Davies said. “I don’t think in five years’ time there’s going to be one company making a piece of hardware that everyone does inference on.” Jump often has tasks where it needs access to more memory and where it can’t get endless amounts of power, making Positron’s design appealing. “We look a bit more like a customer that has constraints, rather than an OpenAI or an Anthropic who are just putting infinite power into buildings.”

Recent interest in companies that make AI chips that can perform some inference tasks better, faster or cheaper is boosting enthusiasm for AI chip makers like Positron. There’s also so much demand for semiconductors to power AI that companies like OpenAI are signing deals with various vendors. In December, Nvidia signed a license with AI chip startup Groq for a reported $20 billion and hired most of that company’s chip engineers, while last month OpenAI reached a multiyear deal to use hardware from Cerebras Systems Inc. for 750 megawatts’ worth of computing power.

The deals signal an opening for products other than Nvidia’s chips if they can offer an advantage in performance per dollar or performance per watt of energy. Buyers are now more willing to have AI data centers that aren’t all based on Nvidia’s chips.

“What folks are saying is, especially on the inference side, because the demand is growing so much, we are OK with heterogeneous architectures,” Agrawal said. “The workloads are so large that, if you can save whatever percentage, it’s worth it.”

#Qatar Pushes Start of Its Massive LNG Expansion to End-2026 - Bloomberg

Qatar Pushes Start of Its Massive LNG Expansion to End-2026 - Bloomberg

QatarEnergy is pushing the start of its multibillion-dollar liquefied natural gas expansion project to as late as the end of the year, a move that’s likely to keep global markets tighter for longer.

The company recently told stakeholders and buyers that production from the North Field East facility will begin only in the fourth quarter, a slight delay from earlier plans for the third quarter, according to people with knowledge of the matter, who asked not to be identified because the timelines are not public. The project could even slip into 2027, one of the people said.

QatarEnergy didn’t immediately respond to a request for comment.

Qatar’s project is part of a record wave of new supply set to flood the market through the rest of the decade. However, project delays around the world — coupled with Europe’s move to replace Russian gas with LNG — keep pushing back the emergence of a glut.

ConocoPhillips, a stakeholder in the project, said last week that the expansion is set to start in the second half of this year. North Field East is the first phase of Qatar’s massive expansion, which will almost double its export capacity to 142 million tons by 2030.

The reason for the delay isn’t immediately clear, according to the people. However, it is normal for this type of massive development to be delayed by months as start-up nears, in order to iron out engineering issues. QatarEnergy’s Golden Pass export plant in the US was pushed back due in part to its lead contractor Zachry Holdings Inc. declaring bankruptcy.

LNG projects have been grappling with supply chain bottlenecks and cost inflation for years.

Meanwhile, Qatar still needs customers for its expansion, with much of its planned supply additions yet to be committed to long-term buyers. This takes some pressure off the Middle Eastern supplier to rush to expand exports.

Exclusive: #SaudiArabia wealth fund set to announce strategy revamp, sources say | Reuters

Exclusive: Saudi Arabia wealth fund set to announce strategy revamp, sources say | Reuters

Saudi Arabia's $925 billion Public Investment Fund (PIF) plans to announce a new five-year strategy this week, two people with direct knowledge of the matter said, in the biggest reset yet of Crown Prince Mohammed bin Salman's economic transformation plan.

The Saudi sovereign wealth fund soft-launched its new 2026-2030 strategy with key investors and strategic partners on Monday on the sidelines of a conference in Riyadh, the two people and another familiar with the matter told Reuters.

The new blueprint will emphasize sectors including industry, minerals, artificial intelligence and tourism, while scaling back and in some cases reconfiguring expensive mega projects such as The Line a futuristic mirrored city, the sources said.

All three sources declined to be named because they were not authorised to speak publicly about the matter.

One said the new roadmap will place greater emphasis on attracting capital from major global asset managers, reflecting mounting fiscal pressures as oil prices remain well below levels needed to fund the kingdom's ambitious transformation agenda.

The shift marks the most significant recalibration to date of bin Salman's Vision 2030, which for nearly a decade has prominently featured mega futuristic developments. The kingdom is currently reviewing several of the mega projects.

Many of these, including The Line, which extends 170 km (106 miles) into the desert, and the planned Trojena winter sports hub, have faced delays and ballooning costs. The latest to be suspended was a cube-shaped skyscraper in Riyadh.

Last month, Saudi Economy Minister Faisal al-Ibrahim told Reuters: "We're very transparent. We're not going to shy away from saying we had to shift this project, delay it, re-scope it," without mentioning specific projects.

Under the new strategy, NEOM will shift away from its earlier emphasis on tourism and futuristic urban design toward renewable energy and industrial development, including green hydrogen, solar and wind projects, and data centres that benefit from their proximity to the sea for cooling, the people said.

The Line was not on display in the venue at Monday's opening day of the private sector forum, while NEOM’s video displays underscored the new direction, focusing on energy and industrial initiatives rather than the high‑profile real estate and tourism concepts once billed as being at its core.

PIF's updated focus echoes details previously reported by Reuters, , including a broader shift toward logistics, mining and advanced manufacturing, as well as clean energy and religious tourism.

Most Gulf stocks rise as US-Iran talks ease tensions; earnings support | Reuters

Most Gulf stocks rise as US-Iran talks ease tensions; earnings support | Reuters

Most major Gulf equities edged higher on Monday after worries about a potential U.S.-Iran confrontation eased, while upbeat corporate earnings added to investor optimism.

Iran and the U.S. pledged to continue their talks, following what both sides described as positive discussions. That eased the concern that a failure to reach a deal might nudge the Middle East closer to war, as the U.S. has positioned more military forces in the area.

Dubai's benchmark stock index (.DFMGI), opens new tab extended its rally to a sixth straight session and rose 1.3% to 6,774, a fresh record high since 2006. Emaar Properties (EMAR.DU), opens new tab gained 2.8%, while Dubai Investments (DINV.DU), opens new tab climbed 4.3%.

"Dubai is currently benefiting from a perfect mix of high liquidity and sector-specific booms," said Samer Hasn, senior market analyst at XS.com. 

The Abu Dhabi benchmark index (.FTFADGI), opens new tab advanced 0.6%, led by consumer discretionary, consumer staples and real estate.

Aldar Properties (ALDAR.AD), opens new tab jumped 5.2% to 10.86 dirhams per share, its highest level in over 17 years. The blue-chip developer reported a 49% increase in fourth-quarter net profit and proposed a full-year cash dividend of 0.205 dirham per share, an increase of 10.8%.

Americana Restaurants International (AMR.AD), opens new tab surged 14.7%, the sharpest daily percentage jump since listing in 2022. The dual-listed operator posted a 38% rise in full-year net profit. On Sunday, it signed an agreement with a Lebanese quick-service restaurant brand Malak Al Tawouk (MAT), to operate and develop MAT in 13 markets.

The Qatari benchmark index (.QSI), opens new tab closed 0.8% higher with all of its constituents posting gains. Qatar Navigation added 3.2%, and United Development Co (UDCD.QA), opens new tab rose 3.9% after reporting higher full-year net profit.

Saudi Arabia's benchmark stock index (.TASI), opens new tab eased 0.2% with Saudi National Bank (1180.SE), opens new tab falling 1.6% and Saudi Arabian Mining Company (1211.SE), opens new tab shedding 0.9%.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab inched up 0.5%, supported by a 2.7% jump in Eastern Company (EAST.CA), opens new tab and a 2.4% gain in Telecom Egypt (ETEL.CA), opens new tab.

Meanwhile, Egypt has signed a record $3.5 billion agreement to allocate 410 megahertz of new spectrum to its four mobile operators including Telecom Egypt, the cabinet said in a statement on Saturday.