Finance iMENA Group plans IPO with backing of PIF’s Sanabil A unit of Saudi Arabia’s Public Investment Fund (PIF) is investing in iMENA Group as the technology company seeks to raise $135 million from investors and prepare for an initial public offering. Riyadh-based Sanabil Investments – which is owned by $940 billion PIF – made the investment among other financiers including venture capital firm FJ […] April 29, 2025
Real Estate Kuwait wealth fund sues over London tower project Kuwait Investment Authority, the world’s fifth-biggest sovereign wealth fund, is suing global investment company Axa Investment Managers in connection with a planned tower in London’s financial district that risks blocking light to a KIA building. St Martins Property, the investment authority’s property development unit, is suing Hygie, a special purpose vehicle controlled by Axa Investment […] April 29, 2025
Aviation Saudi aircraft lessor AviLease secures $1.5bn credit facility Saudi Public Investment Fund unit Aircraft Leasing Company (AviLease) has finalised a $1.5 billion credit facility to fund aircraft purchases and business expansion, a local newspaper reported. The three-year facility, which was oversubscribed, garnered interest from 25 international and domestic banks, Arab News reported, citing AviLease CEO Edward O’Byrne. “Together with our existing revolver of […] April 28, 2025
Video length: 02:01 Opinion Transport Is the DB12 the supercar to lead Aston Martin’s recovery? The model could be a turning point in the fortunes of the iconic brand April 25, 2025
Construction Jeddah’s residential canal project takes shape Construction work on Marafy, a residential canal-waterfront project in Saudi Arabia’s second city, Jeddah, is gathering pace. Driven by Roshn Group, the property developer unit of the government’s Public Investment Fund (PIF), the development will have capacity to house more than 130,000 people. Though no cost for the Marafy project has been made public, in […] April 25, 2025
Trade US-driven trade war forces Mubadala to change ‘assumptions’ Abu Dhabi sovereign wealth fund Mubadala Investment Company said it will take more time to consider its investments and is changing its “base case assumptions” against the backdrop of heightened global trade tensions driven by the US. The fund, which has more than $300 billion of assets under management in over 50 countries around the […] April 25, 2025
Giga-projects Aiman Al Mudaifer named permanent CEO of Neom Neom is to appoint Aiman Al Mudaifer as its permanent chief executive, more than five months after he took on the role of acting CEO. Al Mudaifer has worked for the Public Investment Fund, the $925 billion sovereign wealth fund backing Neom, since 2018. He took over the CEO’s post at Neom, one of the […] April 23, 2025
Opinion Trade The Gulf won’t escape the fallout of Trump’s shock tariffs US tariffs affect regional economies through inflationary pressures, lower oil prices and volatility April 4, 2025
Artificial Intelligence Gulf investors ‘rewarded’ as Musk’s xAI absorbs X Gulf co-investors in Elon Musk’s X could benefit from the social media platform’s purchase by xAI, analysts have told AGBI. The deal is expected to help artificial intelligence company xAI train Grok, its AI assistant, to compete in the increasingly competitive generative AI market. Musk’s xAI acquired privately-held X last week in a deal that […] April 3, 2025
Economy US treasuries could become less of a safe bet for Gulf investors Economic advisers to President Donald Trump have proposed radical policies that could dim the allure of US government bonds for Gulf sovereign investors. The bonds, commonly known as treasuries, are considered among the lowest-risk investments. Many countries with excess dollars – from trade surpluses with the US or the sale of dollar-denominated goods such as […] April 2, 2025
Analysis Markets The ups and downs of PIF’s US holdings Saudi Arabia’s Public Investment Fund (PIF) has made some big gains but has also been hit by some substantial losses in listed US companies in the five years since it began publishing its holdings, AGBI analysis shows. Overall, the value of its assets in publicly traded companies in the US has plunged 55 percent from […] March 28, 2025
Finance UAE banks back Turkey Wealth Fund’s $1.2bn loan State-backed Turkey Wealth Fund has secured its first loan without a treasury guarantee, backed by UAE-listed banks, a local newspaper reported. The sovereign fund raised €1.1 billion ($1.2 billion) two-year syndicated loan from 20 banks from 12 countries, Daily Sabah reported. The interest rate was set at Euro interbank offered rate, plus 2 percent annually for […] March 26, 2025
Economy Kuwait endorses 2025-26 budget with bigger deficit Kuwait has endorsed its budget for the next fiscal year 2025-26 with a higher deficit because of lower expected oil income. An emiri decree published in the official gazette set allocations for ministries and other government offices for the budget which starts on April 1. Spending was put at KD24.5 billion ($80.8 billion) and the […] March 25, 2025
Analysis Finance Gulf investors pile into crypto to hedge against risk Institutional investors in the Gulf are increasingly turning to cryptocurrencies to better manage their risk. Global currency fluctuation and sustained inflation are encouraging investors to add bitcoin and other digital assets to their portfolios, according to a study by Singapore-based QCP, a digital asset trading company. Notable institutional Gulf investments in crypto so far this […] March 25, 2025
Artificial Intelligence Abu Dhabi tenders AI project to analyse genetic data The Abu Dhabi government has invited companies to bid for the development of an artificial intelligence system that would help doctors and researchers better interpret genetic data. The project calls for a large language model (LLM), the same type of AI technology that powers tools such as ChatGPT, to be trained on the Abu Dhabi […] March 24, 2025
EXCLUSIVE Giga-projects PIF spending cuts slow giga-projects and trigger layoffs Saudi Arabia’s $925 billion Public Investment Fund (PIF) has ordered deep spending cuts across more than 100 of its companies, slowing projects and triggering layoffs, people familiar with the matter have told AGBI. The sovereign wealth fund at the heart of the government’s economic transformation strategy is mandating a minimum 20 percent reduction in 2025 […] March 24, 2025
Markets Mubadala seeks liquidity partners for new Brazil bourse Mubadala Investment Company, Abu Dhabi’s sovereign wealth fund, is in talks to form a consortium with up to 10 partners providing liquidity for a new stock exchange in Rio de Janeiro, two people familiar with the matter said. In return, those partners would receive equity that would modestly dilute Mubadala’s current 73 percent stake in […] March 18, 2025
Finance Gulf investments grow in Cyprus both onshore and off Sovereign wealth funds are eyeing up real estate while energy companies have set their sights on the sea March 14, 2025
Gaming ‘Pokémon Go’ maker to sell game division to Scopely Niantic Labs has said it would sell its video game division to Saudi Arabia-owned Scopely for $3.5 billion as the US augmented reality company shifts focus to geospatial technology after failing to recreate the success of its 2016 smash hit Pokémon Go. The deal, announced on Wednesday, also advances Saudi Arabia’s ambitions to become the “ultimate […] March 13, 2025
Finance Mubadala sells stake in UK smart meter provider Calisen Abu Dhabi’s sovereign wealth fund Mubadala Investment Company has completed the sale of its indirect stake in Calisen, a UK supplier of energy smart meters. Private equity infrastructure investors EQT and Singaporean sovereign wealth fund GIC will buy Calisen in a deal that values the company at around $5 billion. Mubadala, BlackRock and Goldman Sachs […] March 10, 2025
Aviation PIF plans major investment in Malaysia’s AirAsia Saudi Arabia’s sovereign wealth fund, the Public Investment Fund, is to invest $100 million in Malaysia’s Capital A-owned budget airline AirAsia, Bloomberg News reported on Thursday, citing people familiar with the matter. The Middle East investment forms the majority of AirAsia’s approximately one billion ringgit ($225 million) fundraising target, with the company also in discussions […] March 7, 2025
Trade PIF signs $3bn deal with Italy’s export credit agency Saudi Arabia’s Public Investment Fund said on Wednesday it had signed a memorandum of understanding worth $3 billion with Italy’s export credit agency, SACE. The sovereign wealth fund is working to boost finances to fund the country’s giga-projects. “The MoU focuses on providing financing support for co-operation between Italian companies in the private sector and […] March 5, 2025
