Barings has become the latest global asset manager to expand into the Mena market. The US-based firm with more than US$400 billion in assets under management has opened an office in Dubai. It will be led by Waleed Zamel who will be in charge of distribution for the Dubai business. He has previously worked for a combination of banks, asset managers and sovereign wealth funds in the region. Novia Global opens Dubai office PGIM plans first Middle East office These include Amundi, Abi Dhabi Investment Authority and Standard Chartered Bank. “The opening of our Dubai office affirms our commitment t ..read more

To be successful in the Gulf, global asset managers must understand that strategy outcompetes speed or scale, argues Paul Doyle of Fiera Capital* Though we as an industry speak about the money-swell in the Middle East, it surprises me how few asset managers have seen it up close. The pace of change, the evolution of the region’s cities, the scale of available capital; all of which we could call financial “sophistication”. These are temporal developments you can only feel in the flesh, representing both the GCC’s emergence as a centre of wealth – and its conviction to rapidly globalise.  ..read more

UAE-based stock exchange Dubai Financial Market (DFM) has launched a platform aimed at the initial public offerings (IPO) market. DFM Arena is aimed at private companies, including family conglomerates and SMEs. According to DFM, the platform will enable companies to access capital through diverse assets, including equity and debt with plans to add more asset classes. Dubai Financial Market pilots carbon credits trading In addition, venture capital firms will be able to sell private market shares to establish new liquidity pools and expand their investor base. Privately listed companies will ..read more

Saudi Arabia’s sovereign wealth fund, the Public Investment Forum (PIF), is to provide US$5 billion to asset manager BlackRock to fund a venture in Saudi Arabia. BlackRock, the largest asset manager in the world, has signed an MoU with the wealth fund to establish BlackRock Riyadh Investment Management (BRIM). According to a joint statement, the Saudi-based venture will invest across multiple asset classes covering both private and public markets. PIF and BlackRock strike infrastructure investment deal BlackRock strikes $1.1bn deal with Mubadala A Riyadh-based team will cover the daily portfo ..read more

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