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Sovereign Wealth Funds

Over the first half of the year Sanad Group signed deals with international airlines including Asiana Airlines and Deucalion Aviation

Mubadala-backed Sanad Group reports 53% revenue growth

Sanad Group, the Abu Dhabi-based global aerospace engineering and leasing company, has seen revenues increase by more than half over the first six months of the year. Figures released to AGBI show revenue totalling AED2.3 billion ($620 million) was reported in the first half of the year, up from AED1.5 billion over the same period […]

ADQ's holdings include Abu Dhabi National Energy Company (Taqa) and are worth almost $200 billion

ADQ: how Abu Dhabi’s ‘baby’ fund is finding its feet

Abu Dhabi sovereign wealth fund ADQ may be the younger, smaller sibling of ADIA and Mubadala but there are no signs of an inferiority complex as it executes billion-dollar deals at home and overseas. Most notable was the $35 billion agreement signed with the Egyptian government in February this year to develop Ras El Hekma, […]

Videos released last month show construction of the Royal Arts Complex at King Salman Park is well underway

Full steam ahead on ‘largest urban park in the world’

Saudi Arabia is forging ahead with construction of what it calls the “largest urban park in the world”, publishing videos of its first buildings under construction after a tunnel opened earlier this year.  King Salman Park in Riyadh is owned by the Public Investment Fund and was recently valued by real estate consultancy Knight Frank […]

A visitor marks the occasion of the inauguration of Masdar's wind farm on Sir Bani Yas Island, in Abu Dhabi

Masdar taps green debt market to finance expansion

Masdar, the UAE’s state-backed clean energy company, has raised $1 billion through its second green bond issuance, made up of dual tranches of $500 million each. The bonds are part of a larger programme to raise up to $3 billion to fund its renewables projects. The bonds, of five and 10 years, met strong appetite […]

A young Al Hilal fan (with Neymar phone case) watches his side play Al Ittihad at the Kingdom Arena in Riyadh. Fewer superstar signings are expected this summer

Saudi football spending tipped to tumble as economy falters

Saudi Arabia’s domestic football ambitions may have to take a back seat this year as the kingdom focuses on funding its $1.25 trillion giga-projects programme, according to analysts. Last summer Saudi Pro League clubs spent close to $1 billion signing the likes of Neymar, Ruben Neves and N’Golo Kante.  This year’s transfer window is expected […]

public investment fund PIF and its subsidiaries’ stake in Aramco doubled to 16 percent this year via an 8 percent share transfer profit

Consolidating giga-projects pushes PIF into profit

Saudi Arabia’s Public Investment Fund (PIF) swung into profit in 2023, with revenues doubling to $88.3 billion. According to an audited financial statement the sovereign wealth fund has consolidated five schemes as it manages giga-project costs.  PIF owns the development projects at the heart of Saudi Arabia’s economic reform plan but is now facing funding […]

The PIF's domestic stakes include Saudi Telecom STC but it is also a top investor abroad

Saudi PIF is top global investor in first half of 2024

Saudi Arabia’s Public Investment Fund was the highest-spending state-owned investor in the first half of 2024, while three Abu Dhabi institutions were also in the top five. The PIF owns stakes in various domestic companies including Saudi Aramco, Saudi Telecom Co and Saudi National Bank and is spearheading the kingdom’s giga-project development programme. It invested […]

The arts centre, designed by Tom Wiscombe, will be a futuristic building that straddles rugged mountains outside Riyadh

Futuristic architect lands arts centre in Saudi’s Qiddiya

Saudi sports and entertainment city Qiddiya is to build a performing arts centre designed by leading architect Tom Wiscombe, whose futuristic building will straddle rugged mountains outside Riyadh.  The centre will include 3,000 seats spread across three theatres including an amphitheatre with views of the capital.  Qiddiya, one of the Public Investment Fund’s giga-projects, said […]

Wind turbines above the village of Kotronas in the Peloponnese region. Greece's Terna Energy invests in wind, solar, hydroelectric and pumped storage projects

Masdar buys Greece’s biggest investor in renewables

The UAE’s state-owned clean energy company Masdar is to acquire a majority share in Terna Energy of Greece. The initial deal – one of the largest in the European renewables market and the biggest ever energy transaction on the Athens Stock Exchange – is for a 67 percent stake. The price of €20 ($21.45) per […]

ADIA Hargreaves Lansdown

ADIA group raises offer for UK stock trading platform

A consortium including Abu Dhabi’s biggest sovereign wealth fund is poised to buy stock trading platform Hargreaves Lansdown after making an improved non-binding offer for the British company. Abu Dhabi Investment Authority’s (ADIA) wholly owned subsidiary Platinum Ivy has teamed up with private equity firms CVC and Nordic Capital to offer £11.40 ($14.51) per share […]

Saudi foreign debt flags

Tax on foreigners may be axed to boost Saudi bond market

The tax on foreign investment in Saudi corporate bonds may be scrapped in an effort to boost the market. Saudi Arabia’s Capital Markets Authority has issued a report describing the 5 percent withholding tax on interest payments to corporate bondholders as “unattractive and discouraging for foreign institutional investors”. It called for “easing tax requirements for […]

Nature, Outdoors, Water Neom says its coastal resorts will set a 'new global standard in luxury sustainable tourism' A diver enjoys the underwater beauty of Neom, which says its coastal resorts will set a 'new global standard in luxury sustainable tourism'

Neom brands its 12 Red Sea resorts as ‘Magna’

Saudi Arabian giga-project Neom said this week that 12 Red Sea coastal resorts for the ultra-rich that it has rolled out over the past year would be branded collectively under the name Magna.  Last month Neom announced its twelfth project, Jaumur, the latest in a series of separate announcements of futuristic resorts inside Neom, an […]

PM Narendra Modi greets supporters at BJP headquarters in New Delhi. He took office in 2014

642 million votes counted … now India can get back to business

Narendra Modi has claimed victory in India’s election – and many in the Gulf will be delighted at the prospect of a third Modi term. The prime minister’s pro-business credentials and economically liberalising tendencies remain credible, if battered, after 10 years in office.  His Bharatiya Janata Party did not perform as well as expected, however, […]

Saudi giga-project Neom recently hosted representatives from 52 financial institutions to showcase investment opportunities and 'explore potential strategic partnerships'

Saudi review says 87% of Vision 2030 projects ‘on right track’

Saudi Arabia’s top economic body discussed the progress of the kingdom’s Vision 2030 plan this week, citing a recent government report that 87 percent of its projects are “on the right track”. The Council of Economic and Development Affairs, which is headed by Crown Prince Mohammed bin Salman, convened on May 28 in a meeting […]

Visitors enjoy a Jeddah beach; Cruise Saudi already manages international cruise ship stops in Jeddah, Yanbu and Dammam

Saudi Arabia grants first maritime tourism licence

Saudi Arabia has granted its first maritime tourism licence to a Public Investment Fund company ahead of the launch of its own cruise ships off the Red Sea coast this year.  The government’s Saudi Red Sea Authority granted the licence on May 28 to Jeddah-based Cruise Saudi, which this month opened bookings for its ship […]

Emirates Airline cabin crew. The Investment Corporation of Dubai owns the airline and has a significant stake in Dubai's biggest bank Emirates NBD

Dubai wealth fund reports record net profit for second year running

Investment Corporation of Dubai, the Dubai government’s main investment unit, has reported a record annual net profit. Earnings were bolstered by higher interest rates and a resurgent aviation sector. ICD owns Emirates and FlyDubai airlines, travel agency Dnata, Emirates National Oil Company (Enoc) and stock exchange operator Borse Dubai.  It also holds sizeable stakes in […]

United Arab Emirates President Sheikh Mohamed bin Zayed Al Nahyan, South Korean President Yoon Suk Yeol and his wife Kim Keon Hee watch the Black Eagles, the aerobatic team of T-50 jets belonging to South Korea's air force, during a welcoming ceremony at the Presidential Office in Seoul on May 29, 2024. JUNG YEON-JE/Pool via REUTERS

Trade deal signed during UAE state visit to South Korea

The UAE has signed a trade agreement with South Korea during a two-day state visit by the Emirati president, Sheikh Mohamed bin Zayed Al Nahyan, that has resulted in deals worth billions of dollars being struck between the two countries. The UAE has become the first Arab country to formally sign a comprehensive economic partnership […]

Organisations have protested US investment bank BlackRock’s participation in the bid to buy a stake in Malaysia Airports Holdings

Malaysian airport deal faces Gaza war backlash

Plans by a consortium, including the UAE’s largest sovereign wealth fund, to buy a stake in Malaysian airports have been hit by protests against the deal from local business organisations in the Asian country. As many as 22 organisations have called upon the Malaysian government to block US investment bank BlackRock’s participation in the bid […]

A farmer feeds her cattle in Come-by-Chance, Australia; meat is one of Australia's largest exports to the UAE

UAE and Australia deal in sight with trade almost $10bn

The Aussie accent is a familiar one in Dubai, with about 16,000 Australians calling the emirate their home and trade links between Australia and the UAE creeping back to pre-Covid levels. Bilateral non-oil trade between Australia and the UAE was worth $4.5 billion in 2022, up 28 percent compared with 2021 and almost double the […]