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

The UAE’s two main stock exchanges, the Abu Dhabi Exchange (ADX) and Dubai Financial Market (DFM), attracted US$1 billion in net foreign inflows in the first three months of 2024, according to data from Iridium. This accounted for more than half of the combined inflow of $1.75 billion for all GCC markets. Iridium’s monthly Foreign Flows report showed that this trend continued in March 2024 during which time $551 million in combined net foreign inflows poured into GCC markets $445 million of which went into UAE markets. GCC equities market sees surge in foreign investment ADX and Bahrain Bours ..read more

Abu Dhabi-based alternative investment firm Investcorp Capital is set to invest in the US$4.2 billion redevelopment of JFK airport in the US. The investment is part of the firm’s strategy to increase the proportion of infrastructure assets within its portfolio. The capital will be used to finance the revamping of terminal 6 of the New York-based airport. Investcorp Capital raises $450m in debut Abu Dhabi listing The investment will be made through the firm’s new partnership with Corsair Capital, called Investcorp Corsair Infrastructure Partners, which will also serve as the lead financial spo ..read more

Abu Dhabi-based alternative investment firm Lunate Capital has acquired a 40% stake in Adnoc Oil Properties (AOP), a crude oil pipeline infrastructure asset. The stake was purchased from BlackRock and KKR for an undisclosed sum. AOP’s assets include 17 onshore and 5 offshore pipelines across the region which have been leased from Adnoc on a 23-year agreement. The pipelines cover 806km with a total capacity of 18 million barrels per day. UAE climate fund to invest $250bn by 2030 UAE launches $30bn climate fund The acquisition was made through Lunate’s Long Term Capital fund which has a strateg ..read more

The respective venture capital arms of Standard Chartered and Old Mutual, SC Ventures and NEXT176, have collaborated on the launch of a financial wellness platform. The move will see two existing ventures merged together – SC Ventures’ Autumn, a wealth planning app incubated in Singapore, and NEXT176’s 22seven, a budgeting app based in South Africa. The merger is expected to close in Q2 2024. Standard Chartered to launch digital assets business in Dubai Singapore wealth manager launches Mena office The new platform, based in the UAE, will aim to bring AI-led and shariah-compliant offerings to ..read more

Oman’s sovereign wealth fund, Oman Investment Authority (OIA), has launched a US$5.2 billion fund to invest in Omani projects and companies. The Future Fund Oman will deploy its capital at a rate of $1 billion annually over the next five years. As much as 90% of its capital will be invested directly in “commercially and economically-viable new or existing large-scale projects located in Oman”. Oman to launch $5.2bn investment fund Oman infrastructure fund reaches $1bn fundraising target The sovereign wealth fund will also allocate 7% of capital to Oman-based SMEs and the remaining 3% will be ..read more