ADQ, the smallest of Abu Dhabi’s three sovereign wealth funds (SWFs), has published a full financial statement for the first time. The move comes ahead of the fund’s first issuance of a dual-tranche dollar denominated inaugural bond. The debt sale is part of a strategy designed to diversify the SWF’s funding sources for acquisitions in the future. ADQ and Oman Investment Authority launch tech fund ADQ acquires stake in Alpha Dhabi construction subsidiary ADQ, formerly known as Abu Dhabi Development Holding, reported consolidated revenue of US$30.41 billion for 2023, up from $26.96 the previou ..read more

Saudi Arabia-based asset manager Alkhabeer Capital is planning to float its diversified income traded fund 2030 on the Saudi Exchange. The IPO will be open to all citizens, residents and qualified individuals of Saudi Arabia and the GCC. As many as 100 million units will be made available at an initial offering price of US$2.67 and the firm is hoping to bring in $266 million from the sale. Alkhabeer Capital approved for Saudi listing Alkhabeer Capital appoints chairman According to Alkhabeer Capital, the fund is aiming to provide annual returns of up to 8% by investing in income-generating as ..read more

Sovereign wealth funds in Abu Dhabi and Oman have joined forces for the launch of a US$180 million investment fund focused on new technology. The Jasoor Fund has been launched by Abu Dhabi-based ADQ and the Oman Investment Authority via its subsidiary the ITHCA Group. According to ADQ, the fund launch is part of a broader initiative agreed between the two in 2022 designed to bolster the digital economy in the region. ADQ acquires stake in Alpha Dhabi construction subsidiary Oman Investment Authority launches $5.2bn fund The fund will target SMEs and startups operating in the fintech, medtech ..read more

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