PGIM, the asset management arm of US-based Prudential Financial Inc., has announced plans to move into the Middle East, though has not specified which country their office will be in. The firm, which has more than US$1.3 trillion in assets under management, has appointed Mohammed Abdulmaleek to lead the expansion. Abdulmaleek will initially serve as a senior adviser and head of PGIM’s Middle East council, a body made up of PGIM’s client teams in the region and designed to advise on the expansion plans. Wellington opens office in Dubai Assuming he gains the necessary regulatory approvals, Abdu ..read more

An investment app focused on retail investors in Turkey has pulled in US$45 million after completing its latest funding round. Istanbul-based startup Midas stated that the equity funding will be used to roll out mutual fund, crypto and savings account products to its two million users. The equity funding is reportedly the largest ever Series A fundraise by a Turkish fintech and comes less than three years after the app was launched. Turkey set to be removed from FATF grey list The major participant in the funding was Portage, a global investment platform, supported by International Finance Co ..read more

UAE-based investment broker CFI Financial Markets has named Jareer Hiary as chief executive. He succeeds Nidal Abdelhadi who is leaving the firm to pursue his own project. Abdelhadi previously served as chief executive of CFI’s Dubai entity before he was appointed as chief executive of CFI Financial Markets, which is regulated by the UAE’s Securities and Commodities Authority (SCA). UK crypto exchange appoints Mena director Broker XTB gets license for Mena office Hiary joined CFI in 2018 as an executive in its Jordan branch where he eventually became co-head of business development. The appoi ..read more

The assets of foreign and domestic investment funds in Saudi Arabia grew by 5% in Q4 to reach US$33 billion. Local assets, which grew by 7% in that time, were the principal cause of the surge in assets under management (AuM). These assets made up around 82% of the total assets of investment funds. Saudi Arabia sees surge in private equity Saudi funds reach record high The number of subscribers grew by a similar amount (4%) in the same period, passing the million mark to reach 1,080,455. The monthly statistical bulletin from the Saudi Central Bank ranked the funds into nine categories based on ..read more

Abu Dhabi sovereign wealth fund ADQ has acquired a 49% stake in Alpha Dhabi Construction Holding (ADCH). Parent company Alpha Dhabi Holding (ADH) will retain its majority stake. According to a joint statement, the new partnership will combine the mutual expertise and capabilities of the two firms. ADQ and IHC to launch investment manager Mubadala and Alpha Dhabi form global credit JV As a result of the transaction, ADH CEO and managing director Hamad Al Ameri will become chairman of ADCH. “This collaboration allows us to deepen our commitment to national development, enabling us to tackle com ..read more

Triton Liquid, a hedge fund specialising in digital assets, has secured in-principle approval from the Abu Dhabi’s Financial Services Regulatory Authority (FSRA). The firm was established by Chris Keshian, chief investment officer. It has a team of five with a US$30 million anchor investment from venture capital fund FJ Labs. UAE’s crypto craze sparks call for diversification Currently, it has $43 million in assets under management and a target to raise $50 million in additional capital before the end of the year. According to Keshian, the firm will focus on early stage ventures operating in ..read more

Bahrain-based investment firm GFH Financial is planning to acquire the investment and financing portfolios of another Bahrain-based institution, Ithmaar Holdings. GFH made the announcement via a filing on the Bahrain Bourse. Discussions are currently underway to finalise the transaction structure, which is still subject to regulatory approvals. GFH acquires real estate asset manager Ithmaar Holding to get $300m capital injection According to GFH, the transaction is expected to have a “positive and significant impact” on the firm’s financials and increase its returns. GFH and Ithamaar Holdings ..read more

Bahrain-based alternative investment manager Investcorp is reportedly in talks with China’s sovereign wealth fund about an US$800 million investment. The investment, from China Investment Corp (CIC), would be allocated to Investcorp’s pre-IPO fund. The development, first reported by Bloomberg, is the result of both regions, China and the Middle East, looking to develop closer ties. China to get $2trn investment from Mena SWFs – HKEX Investcorp Capital raises $450m in debut Abu Dhabi listing In November, Investcorp announced plans to launch its first private equity fund in the Chinese currency ..read more

NEOM, the US$500 billion megacity project that lies at the centre of Saudi Arabia’s Vision 2030 economic reform, is reportedly set to be significantly scaled back. A key part of the project is The Line, a futuristic linear city which was designed to be 170km housing 1.5 million people by 2030. Under the revised plan, as reported by Bloomberg, the city will now hold just 300,000 residents and will be just 2.4km long. Saudi mega-city launches investment fund Change brings progress and long-term opportunities in Saudi Arabia NEOM is a key project of Crown Prince Mohammed bin Salman and was set t ..read more

Hong Kong’s asset managers could be able to distribute their funds in Dubai based on recent comments made by regulators. The leading asset managers in Hong Kong were invited to a “high-level roundtable” in Dubai where the opportunity to have their funds made available to Mena investors was explored. The roundtable was co-hosted by the Dubai Financial Services Authority (DFSA) and Hong Kong’s Securities and Futures Commission (SFC). Hong Kong hedge fund opens Mena office The DFSA’s chief executive Ian Johnston outlined the regulatory requirements for introducing HK-domiciled funds in Dubai. Th ..read more