DUBAI: Abu Dhabi conglomerate International Holding Co. (IHC) plans to list subsidiary Multiply, a holding company that invests in tech-focused businesses, on Abu Dhabi’s main stock market this year, IHC’s chief executive said.
The planned transaction, which could value Multiply at 8 to 10 billion dirhams ($2.2-$2.7 billion), would be the latest in a string of listings and deals for IHC, a firm with a market capitalization of $72.5 billion.
“We’re planning the listing before the end of the year, it’s going to be an IPO, a main market listing,” IHC’s CEO Syed Basar Shueb told Reuters.
IHC plans to offer 30 percent of Multiply’s shares and is working with local banks on the transaction, he added.
The planned deal would follow a surge of new listings on Abu Dhabi’s ADX bourse this year, including companies owned by oil giant Abu Dhabi National Oil Co. (ADNOC) and state investor Mubadala.
The Abu Dhabi stock index is the best performing market in the Gulf this year, helped by higher oil prices, incentives to boost trading and more listings.
“Definitely one of the reasons (for the listing) is market conditions ... but our long term strategy is to list every single entity which we invest into in the market eventually,” said Shueb.
IHC, whose assets include firms in the fast-growing health care and industrial sectors, became Abu Dhabi’s most valuable listed company in June after the listing of subsidiary Alpha Dhabi.
It is chaired by Sheikh Tahnoon bin Zayed Al Nahyan, the United Arab Emirates’ national security adviser and a brother of the country’s de facto ruler Abu Dhabi Crown Prince Mohammed bin Zayed.
The company also plans an IPO for its majority-owned health care firm Pure Health, which Shueb said could happen as soon as March next year.
It is looking at acquisitions abroad, including food processing facilities and health care assets in Turkey, he said, adding discussions were at an early stage.
IHC recently sold a 50 percent stake in another subsidiary, Eltizam, to Abu Dhabi state investor ADQ. Eltizam could also be listed next year, said Shueb.
Sheikh Tahnoon is also the chairman of ADQ.
Abu Dhabi’s IHC to IPO subsidiary Multiply this year, CEO says
https://arab.news/y6j83
Abu Dhabi’s IHC to IPO subsidiary Multiply this year, CEO says
- Multiply is a holding company that invests in tech-focused businesses
- IPO for its majority-owned health care firm Pure Health could happen as soon as March next year
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MENA firms surge with fresh funding, bold pivots
- Startups expand into new verticals as regional innovation gains momentum
RIYADH: Startups across the Middle East and North Africa are attracting fresh capital, forging strategic partnerships, and expanding into new verticals as regional innovation gains momentum.
Saudi Arabia-based automotive services platform Morni has received new investment from STV via its recently launched $100 million NICE fund.
The funding amount remains undisclosed but is expected to support Morni’s expansion beyond roadside assistance into a broader automotive services ecosystem.
The company now operates in auctions, insurance third-party administration, garages, and parts recycling.
Founded in 2015 by Salman Al-Suhaibaney, Morni positions itself as a technology-driven mobility platform at the center of Saudi Arabia’s automotive digital transformation.
Valu lists on Egyptian Exchange
Valu, a buy now, pay later fintech platform founded in 2017 and operating under EFG Hermes Holding, has officially listed its shares on the Egyptian Exchange.
The listing was achieved via a non-public, in-kind dividend distribution of 20.49 percent of Valu’s share capital by EFG Holding to its shareholders.
Amazon has acquired a 3.95 percent stake in Valu at 6.041 Egyptian pounds per share, while EFG Finance Holding retains a 67 percent ownership post-listing.
Valu now operates in both Egypt and Saudi Arabia and claims to have captured a 25 percent share of Egypt’s consumer finance market.
In 2024, Valu reported a 66.5 percent growth in issuances, significantly outpacing the broader market’s 31.2 percent growth rate.
AppliedAI raises $55m in series A round
UK-founded and UAE-based AppliedAI has raised $55 million in an oversubscribed series A round led by G42, Bessemer Venture Partners, and strategic partner e&.
Middle East Venture Partners also participated in the round, which will support the company’s global expansion and deepen its reach across the MENA region.
AppliedAI, founded in 2021 by Arya Bolurfrushan and relocated to the UAE in 2022, uses artificial intelligence to automate the processing of medical billing records and insurance claims — an area typically reliant on slower, manual outsourcing methods.
The new capital injection follows a $42 million raise in 2022 from G42 and the Al Maktoum family.
The company now plans to strengthen its product offerings and increase partnerships within the UAE’s emerging AI ecosystem.
Nowlun raises $600k to embed AI in logistics
Egyptian logistics startup Nowlun has secured a $600,000 seed round extension led by Ingressive Capital, raising its total funding to $2.3 million.
The Cairo-based company provides an online freight forwarding platform that lets users compare and book shipping services tailored to their needs.
Founded in 2021 by Moataz Khamis, Mahmoud Khaled, and Ahmed Emara, Nowlun plans to use the funds to scale its AI-powered Smart Logistics Assistant, expand operations across Egypt and Saudi Arabia, and improve decision-making in the region’s fragmented shipping industry.
“This is more than just funding; it’s a strategic push to embed AI at the core of logistics,” said CEO Moataz Khamis.
“We’re building your smart Logistics Assistant — a tool that puts decades of industry expertise in the palm of your hand, helping you make faster, smarter shipping decisions every day.”
Roomz.rent raises pre-seed funding
Egyptian startup Roomz.rent has closed a pre-seed funding round led by Qora71, Hub71’s angel syndicate, with participation from other regional angel investors.
Founded in 2024 by Ahmed Mandour and Yasser Al-Sarrag, Roomz.rent provides AI-powered room and flatmate matching services for furnished rentals on flexible leases.
The new capital will be used to scale operations in Egypt, enhance the platform’s technical capabilities, and expand into new urban centers across the MENA region.
The company aims to establish a leading regional co-living brand focused on convenience and compatibility.
Related secures $8m in new funding
UAE-based loyalty and rewards company Related has raised $8 million in new funding from Saudi investment firm Equivator.
Founded in 2014 by Rabih Farhat, Related offers loyalty programs and a digital rewards infrastructure across sectors including telecom, banking, retail, utilities, and entertainment.
The investment will be used to roll out AI- and blockchain-based solutions, improve gamification tools, and support expansion into the Saudi market and other territories.
Additionally, Related will launch the “Related Loyalty & Fintech Authority,” a regional forum aimed at advancing policy and knowledge in the loyalty sector.
“We are thrilled to welcome Equivator as a strategic partner on our journey to redefine loyalty and engagement in the region,” said Farhat, CEO of Related, adding: “This partnership is more than a transaction; it’s a transformation, a joint mission to reshape the future of fintech-powered loyalty solutions in line with the Kingdom’s innovation agenda.”
Netaj launches Iraq-focused venture studio Nawat
Iraq-based innovation platform Netaj has launched Nawat, a venture capital studio providing a structured six-month program for 40 early-stage startups.
Nawat includes three tracks — ideation, minimum viable product, and early-stage — accompanied by bootcamps, mentorship, and access to capital.
The studio offers hybrid investments combining in-kind support of $10,000–$25,000 and direct capital of $25,000–$250,000 via convertible notes or equity.
Nawat expects to back five to 10 high-potential companies with the aim of building scalable, investor-ready businesses capable of regional growth.
Aria Ventures commits $1m to early-stage deep tech
Cairo-based venture studio Aria Ventures has launched a $1 million investment initiative to support early-stage deep tech startups in Egypt over 2025–2026, with plans to increase this to $4 million over four years.
The studio focuses on startups in AI, robotics, biotechnology, and other science-intensive sectors.
Aria Ventures’ approach involves end-to-end company building — offering support from ideation to product development, infrastructure, legal, and commercialization.
This is complemented by strategic capital deployment aimed at turning pioneering research into scalable, investor-ready businesses.
The studio recently introduced the DeepTecher competition to identify high-potential innovations that can be developed into viable companies.
Winners will receive investment and access to Aria’s venture-building resources.
Talenteo raises undisclosed investment to expand in Francophone Africa
Algerian human resources tech startup Talenteo has secured an undisclosed six-figure investment from Tunisia-based 216 Capital.
Founded in 2022 by Tarik Metnani and Louai Djaffer, Talenteo provides HR and payroll management software tailored to African SMEs and mid-sized companies.
The new funding will be used to support Talenteo’s entry into Tunisia, accelerate product development, and facilitate expansion across Francophone Africa.
The company aims to offer comprehensive HR solutions for a region often underserved by enterprise-grade platforms.
Global markets: Shares rise on China-US trade hopes, dollar on the back foot
PARIS: Global shares rallied on Friday, helped by signs of progress in US-China trade talks, while the dollar held close to its lowest levels in more than three years.
World stock markets have rallied to record highs this week, as traders took confidence from a ceasefire between Iran and Israel and markets stepped up bets for US rate cuts.
A trade agreement between the US and China on Thursday on how to expedite rare earth shipments to the US was also seen by markets as a positive sign, amid efforts to end the tariff war between the world’s two biggest economies.
Asian shares hit their highest in more than three years in early trading, and US stock futures pointed to a firm start for Wall Street shares.
The pan-European STOXX 600 index was up 0.8 percent on the day, set for a 1.1 percent weekly gain — its best week since mid-May.
London’s FTSE 100 was up 0.5 percent and Germany’s DAX gained 0.6 percent.
The MSCI World Equity Index touched a fresh record high and was set for a weekly gain of 2.8 percent.
The S&P 500 index is up just 4.4 percent this year overall, following a volatile first half of the year, dominated by US President Donald Trump’s “Liberation Day” tariff announcement on April 2, which sent stocks plunging.
“What we are having right now is potentially some optimism about some trade deals,” said Vasileios Gkionakis, senior economist and strategist at Aviva Investors.
“We have ... come from quite low levels in the aftermath of the Liberation Day in April. To a certain extent we have also had some mini-selloff on the back of the events in the Middle East, and in that sense we’re rebounding.”
Trump has set July 9 as the deadline for the EU and other countries to reach a deal to reduce tariffs.
Mark Haefele, chief investment officer at UBS Global Wealth Management said that in the near-term, the firm saw greater upside potential in US and emerging markets than in Europe.
Dollar drop
The dollar remained on the backfoot, hovering near its lowest level in 3-1/2 years against the euro and sterling.
The dollar index was down a touch on the day at 97.269 , holding near its lowest in more than three years. The euro was at $1.1708, getting a lift after data showed French consumer prices rose more than expected in June.
It held near multi-year peaks hit a day earlier.
“We see the US dollar as unattractive,” said Haefele at UBS Wealth Management.
Markets are focused on US monetary policy, as traders weigh up the possibility of Trump announcing a new, more dovish chair of the Federal Reserve.
Traders have stepped up their bets on US rate cuts, and are now pricing in 64 basis points (bps) of easing this year versus 46 bps expected on Friday.
The dollar is having its worst start to a year since the era of free-floating currencies began in the early 1970s.
“I don’t think it’s just the repricing of the Fed, I think there is a broader issue here of some tarnishing of US exceptionalism,” Aviva Investors’ Gkionakis said.
Core PCE price data, the US central bank’s preferred measure of inflation, is due later in the session.
German 30-year government bond yields were on track for their biggest weekly increase in nearly four months after rising this week on expectations of increased borrowing by Germany’s government.
PIF embraces ‘precision finance’ with diversified debt strategy, says Global SWF
RIYADH: Saudi Arabia’s Public Investment Fund is embracing a calibrated, multi-instrument approach to debt issuance described by Global SWF as a model of “precision finance.”
According to the research firm, the purpose — following the issuance of the commercial paper program in June — is to align PIF’s funding tools with investment timelines, liquidity needs, and investor targeting, while reinforcing financial discipline across its expanding portfolio.
In its report, Global SWF noted that PIF is moving away from a singular focus on long-term mega-bond issuances and toward a more agile debt framework that includes commercial paper, sukuk, green bonds, and multi-tranche conventional bonds.
This strategy is designed not just to raise capital, but to do so with precision, which is matching maturities to project lifecycles and diversifying funding sources across global markets.
Global SWF highlighted that PIF’s latest move, completes a full-spectrum debt portfolio that now includes ultra-short to ultra-long maturity instruments.
The commercial paper, issued in US dollar and euro denominations via offshore special-purpose vehicles, secured the highest short-term credit ratings available: Prime-1 from Moody’s and F1+ from Fitch.
These ratings reflect exceptional credit quality and grant PIF access to deep liquidity pools among institutional investors such as money market funds.
The commercial paper program is a critical addition to a borrowing strategy that also includes a $3 billion 100-year green bond issued in October 2022, a $5.5 billion green bond in February 2023, a $3.5 billion sukuk in October 2023, and a series of multi-tranche bonds and sukuk issued through early 2025.
With each offering, PIF has tailored tenor, currency, and structure to match specific financial and investor objectives.
The evolution of PIF’s financial strategy is closely tied to its broader transformation under Vision 2030. Since 2016, the fund has grown its assets under management from $160 billion to $941.3 billion, according to the latest Vision 2030 Annual Report. It has now increased its 2030 AUM target to $2.67 trillion, reflecting its expanded mandate and rising international profile.
PIF’s investment strategy is balanced between domestic development and global positioning. About 40 percent of its assets are allocated to Saudi-based companies and projects, while the remaining 60 percent target international sectors such as technology, logistics, mining, and tourism.
According to the Vision 2030 report, PIF’s initiatives have helped create 1.1 million jobs, attracted over $37 billion in private capital, and grown the number of PIF-established companies from 45 in 2021 to 93 in 2024.
A strategic departure from Gulf norms
While other sovereign wealth funds such as Norway’s NBIM remain entirely debt-free, and Singapore’s Temasek or China Investment Corporation borrow sparingly, PIF has opted for a hybrid model, one that combines government equity injections with strategic use of debt instruments.
According to Global SWF, this is not a matter of opportunistic borrowing. Rather, PIF is practicing deliberate asset-liability matching which focuses on issuing long-dated bonds to support giga-projects like NEOM or The Line, while using short-term debt for working capital needs and market-timed investments.
Sukuk offerings help tap into regional Islamic finance liquidity, and green bonds target environmental, social, and governance-focused global capital.
This differentiated approach allows PIF to broaden its investor base while keeping funding costs aligned with the nature and duration of its projects.
Why ratings matter
The fund’s credibility is bolstered by strong long-term credit ratings: Aa3 from Moody’s and A+ from Fitch. This has allowed it to secure favorable terms on successive bond offerings and confirmed that PIF is regarded as an exceptionally low-risk short-term borrower, giving it seamless access to institutional liquidity globally.
Global SWF emphasized that the ratings, combined with diverse issuance formats, position PIF among a small group of sovereign wealth funds with the internal capability to manage complex, multi-layered debt programs.
Saudi Arabia is currently navigating a tighter fiscal environment, with a projected 2.3 percent budget deficit in 2025 and a more disciplined approach to public spending.
In this context, PIF’s access to capital markets is more than just financial, according to Global SWF, it serves as a strategic bridge that enables ongoing project execution without placing undue pressure on state reserves.
The firm noted that the fund’s recent bond and sukuk calendar illustrates a sequenced and diversified funding plan, rather than reliance on a single issuance type. This is especially important as global interest rates remain volatile and investors increasingly scrutinize sovereign debt sustainability.
Rather than treating debt as a one-off tool, the fund is deploying it systematically, by tenor, purpose, and investor group, to support a $2.6 trillion vision for economic diversification and global investment leadership.
As the Kingdom approaches the final stretch of Vision 2030 implementation, PIF’s capital strategy offers a case study in how sovereign wealth funds can combine financial discipline, market sophistication, and national ambition under a unified financing framework.
Safe-haven gold near a 1-month low as global tensions ebb
BENGALURU: Gold fell more than 1 percent to its lowest level in nearly a month on Friday due to easing geopolitical and trade tensions and as investors awaited US inflation data for clues on the future trajectory of interest rates.
Spot gold lost 1.4 percent to $3,282.68 per ounce by 1:55 p.m. Saudi time, its lowest since late May. Prices have fallen by over 2 percent this week and more than $200 from a record high scaled in April.
US gold futures fell 1.6 percent to $3,294.50.
The Iran-Israel ceasefire, brokered earlier this week by US President Donald Trump, is holding for now.
A White House official said on Thursday that the US has reached an agreement with China on how to expedite rare earths shipments to the US.
July 9 is the deadline for Trump’s “reciprocal” tariffs as nations rush to get an agreement.
“The loss of haven demand has meant that despite the latest leg down in the dollar, gold has not benefited from this at all,” said Fawad Razaqzada, market analyst at City Index and FOREX.com.
“A bit of a pullback would not be too bad an outcome as that will allow long-term technical overbought conditions on higher time frames to work off, allowing the metal to shine again when macro conditions are more favorable once more.”
Spot silver fell 1.8 percent to $35.96.
Platinum dropped 5.9 percent to $1,334.63, after hitting its highest since 2014. Palladium fell 1.2 percent to $1,117.96.
The main reason for the price increase in platinum was likely to be the high discount to gold, which is apparently considered too expensive, said Commerzbank in a note.
Oil Updates — crude set for steepest weekly decline in two years as risk subsides
- Brent, WTI down 12 percent this week, most since March 2023
- No major supply disruption from Mid-East crisis, analysts say
LONDON: Oil prices rose on Friday though were set for their steepest weekly decline since March 2023, as the absence of significant supply disruption from the Iran-Israel conflict saw any risk premium evaporate.
Brent crude futures were up 51 cents, or 0.75 percent, to $68.24 a barrel at 3:02 p.m. Saudi time, while US West Texas Intermediate crude was up 51 cents, or nearly 0.8 percent, to $65.75.
During the 12-day war that started after Israel targeted Iran’s nuclear facilities on June 13, Brent prices rose briefly to above $80 a barrel before slumping to $67 a barrel after US President Donald Trump announced an Iran-Israel ceasefire.
That put both contracts on course for a weekly fall of about 12 percent.
“The market has almost entirely shrugged off the geopolitical risk premiums from almost a week ago as we return to a fundamentals-driven market,” said Rystad analyst Janiv Shah.
“The market also has to keep eyes on the OPEC+ meeting – we do expect room for one more month of an accelerated unwinding basis balances and structure, but the key question is how strong the summer demand indicators are showing up to be.”
The OPEC+ members will meet on July 6 to decide on August production levels.
Prices were also being supported by multiple oil inventory reports that showed strong draws in the middle distillates, said Tamas Varga, a PVM Oil Associates analyst.
Data from the US Energy Information Administration on Wednesday showed crude oil and fuel inventories fell a week earlier, with refining activity and demand rising.
Meanwhile, data on Thursday showed that the independently held gasoil stocks at the Amsterdam-Rotterdam-Antwerp refining and storage hub fell to their lowest in over a year, while Singapore’s middle distillates inventories declined as net exports climbed week on week.
Additionally, China’s Iranian oil imports surged in June as shipments accelerated before the conflict and demand from independent refineries improved, analysts said.
China is the world’s top oil importer and biggest buyer of Iranian crude. It bought more than 1.8 million barrels per day of Iranian crude from June 1-20, according to ship-tracker Vortexa, a record high based on the firm’s data.
