Finance ADQ buys 96% of Bank Audi’s Turkish unit The Abu Dhabi sovereign wealth fund ADQ has signed an agreement to acquire 96 percent of Lebanon-based Bank Audi’s Turkish subsidiary, Odeabank. The transaction is subject to regulatory approvals, including from Turkey’s banking regulation and supervision authority and the competition authority. As part of the deal, Bank Audi and other investors such as the International Finance […] October 16, 2024
Trade Saudi Arabia to establish economic zone with China King Salman International Airport Development Company (KSIADC) has signed an agreement with EWPartners, an investment company backed by Saudi Arabia’s Public Investment Fund, to establish a special economic zone to increase trade with China. The KSA-Sino Logistics Zone will be located at the King Salman International Airport in Riyadh, which is expected to be one of […] October 14, 2024
Health Mubadala pharma subsidiary makes four acquisitions from Yas Mubadala Investment Company’s newly acquired subsidiary, Kelix Bio, has bought four pharma assets from Yas Holdings’ healthcare unit, GlobalOne Healthcare Holdings. Kelix Bio purchased Bioventure, Bioventure Healthcare, Gulf Inject and Wellpharma, the Abu Dhabi sovereign wealth fund Mubadala said on Monday. The value of the deal was not disclosed. Mubadala said the four acquisitions would […] October 14, 2024
Analysis Real Estate Real estate picks up in Saudi Arabia’s Eastern Province The Gulf city of Dammam and the Eastern Province that surrounds it have long trailed behind Riyadh, Jeddah and Mecca in the push for glitzy development, but real estate activity is picking up across the hospitality, residential and industrial sectors. The province, which has deep pockets thanks to its importance to the Saudi energy industry, […] October 14, 2024
Finance Qatar to reduce stake in UK supermarket Sainsbury’s Qatar’s sovereign wealth fund is selling part of its 15 percent stake in the British supermarket Sainsbury’s as the fund pushes ahead with expansion in the United States and Asia, particularly China and India. Qatar Investment Authority (QIA), the biggest shareholder in Sainsbury’s, is selling £306 million ($399 million) worth of shares in the retailer, […] October 11, 2024
Analysis Banking and Finance Adia’s Thames Water write-off could discourage UK FDI Abu Dhabi’s decision to write off its investment in Thames Water will make international investors more cautious about backing UK projects, despite efforts by the UK government to make its water sector more attractive. The Abu Dhabi Investment Authority (Adia) owned 9.9 percent of the UK’s largest water supplier, but according to reports citing accounts […] October 10, 2024
Finance Abu Dhabi is top global city for SWF assets with $1.6trn Abu Dhabi’s various sovereign wealth funds have a combined $1.67 trillion in assets, having overtaken Oslo to become the wealthiest global city for SWF assets. This total includes Abu Dhabi Investment Authority (Adia), Mubadala, ADQ and Abu Dhabi Fund for Development, plus the federal government-owned Emirates Investment Authority, according to a report by Singapore-based consultants […] October 9, 2024
Analysis Giga-projects World Cup and Expo wins divert funding to Riyadh Saudi Arabia’s giga-projects have slowed down because of financing constraints – and now the government’s unexpected success in bidding for global events is redirecting even more resources towards Riyadh. Even prestigious developments such as Neom, the $500 billion futuristic city in north-west Saudi Arabia, are taking second place. The priority is turning the capital into […] October 8, 2024
Banking and Finance ADIA’s new office in India to fast-track investments Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, is accelerating its India investment plans after starting operations from the special economic zone in Prime Minister Narendra Modi’s Gujarat home state. “India is one of the world’s fastest growing economies and has been a key focus for our investment activities for a number […] October 8, 2024
Economy Abu Dhabi to announce new 2045 strategy for GDP growth Abu Dhabi will soon launch a new 2045 economic strategy aimed at accelerating GDP growth in the emirate, sources told AGBI. The strategy, expected to be released early next year, outlines a broad transformation that seeks to further diversify the emirate’s economy, significantly reduce its reliance on oil, and position Abu Dhabi as a major […] October 6, 2024
Mining Saudi-backed Vale plans to increase copper output Brazilian miner Vale, which is backed by Saudi Arabia’s Public Investment Fund (PIF), aims to increase copper production after conceding that it had lost ground to competitors in its output of the key metal. Vale is a top global iron ore producer but also operates base metal projects including copper and nickel. In his first […] October 4, 2024
Markets Saudi Arabia’s PIF slashes stake in Amazon Saudi Arabia’s Public Investment Fund (PIF) has sharply reduced its holdings in Amazon, cutting its stake by nearly 80 percent in the latest quarter. The sovereign wealth fund, which manages more than $700 billion in assets, revealed in its latest Securities and Exchange Commission filing this week that it now holds less than 350,000 shares, […] October 3, 2024
Giga-projects New Murabba CEO promises Riyadh district’s core by 2030 The New Murabba giga-project, which aims to create a 19-sq-km city district in Riyadh, will be up and running by December 2030, its CEO said this week. Michael Dyke told a tourism forum in Dubai: “What’s important is to say that New Murabba is real, tangible today. It’s physically there, it’s not something on a piece […] October 3, 2024
Artificial Intelligence Cerebras says success hinges on UAE’s G42 as it prepares for IPO Cerebras Systems trebled its revenue to almost $79 million in 2023, but ahead of its initial public offering the AI chipmaker has warned that its financial growth is heavily tied to its partnership with the UAE’s G42. The company, which is based in California and generated $136.4 million in the first six months of this […] October 2, 2024
Tourism PIF companies push ahead with Mecca expansion plans Saudi Arabia’s Public Investment Fund is building a vast commercial district in Mecca with an estimated value of $10 billion, giving the Islamic holy city a radical makeover. After a series of ownership changes, two companies have emerged as the lead developers of commercial space around the Grand Mosque in Mecca – the 100 percent […] October 2, 2024
Banking and Finance Mubadala partners with Wall Street for private credit drive Abu Dhabi’s sovereign wealth fund, Mubadala, is to participate in a $25 billion programme of private credit direct lending that has been launched by the New York Stock Exchange-listed bank Citigroup and the alternative asset manager Apollo. Mubadala will act as partner in the programme to Apollo, which is based in New York. Athene, Apollo’s […] September 27, 2024
Finance ADQ’s $2bn bond issue draws fourfold demand Order books for the $2 billion bond sale by Abu Dhabi’s ADQ crossed $8 billion as it plans to diversify it funding sources to support new acquisitions. The sovereign wealth fund issued two tranches: a $1 billion seven-year bond at 85 basis points (bps) over US Treasuries and a $1 billion 30-year bond priced at […] September 26, 2024
Aviation Etihad Airways to invest billions as it prepares for IPO Etihad Airways, the national airline of the UAE, is planning to invest $7 billion over the next five years and to double the size of its fleet by 2030 as it prepares to go public, its chief executive said. Antonoaldo Neves told a conference in Abu Dhabi on Wednesday that the investment is part of […] September 26, 2024
Opinion Trade The UK’s economic woes make Gulf trade deal a priority As Sir Keir Starmer's government runs into turbulence, it will need the help of its GCC allies as never before September 24, 2024
Real Estate Dubai’s Emaar pledges Egypt development worth $1 billion Property developer Emaar plans to invest $1 billion in Egypt in the next 12 months, according to a senior executive. Mohamed Alabbar, the Dubai-based company’s founder, shared the news in an interview with an Arabic-language news outlet, saying the new injection of funds by Egyptian affiliate Emaar Misr Development would build on about $20 billion […] September 23, 2024
Analysis Giga-projects The huge ambitions of PIF come at vast expense The scale of the holdings is vast and the ambition is huge. Saudi Arabia’s Public Investment Fund was the world’s highest-spending state-owned investor in the first half of 2024, according to Global SWF, a consultancy. It is due to raise its annual spending to $70 billion in 2025, a year earlier than previously announced, according […] September 20, 2024
Finance QIA looks at investments in Australia and Asia Qatar Investment Authority (QIA) is looking at expanding into Australia, South Korea and Southeast Asia as part of its growth strategy, a senior fund official has said. The sovereign fund is starting to hire locally in Australia and South Korea, Abdulla Ali Al-Kuwari, head of Asia Pacific at QIA Advisory, told a panel at the […] September 20, 2024
