Muhammed Yesilhark

I have been reading about the evolution of financial services ecosystem in the Gulf and made some fascinating discoveries 5 of the GCC Sovereign Wealth Funds (SWFs) ranked among the top 10 sovereign fund deployers in 2023, with UAE alone having 3 of the top 10 – Mubadala, ADIA and ADQ (refer image) One very important narrative caught my attention – The SWFs typically have two different styles of operations – pioneered mostly by two GCC neighbours i.e. Abu Dhabi’s SWFs i.e. Mubadala, ADIA and ADQ and Saudi Arabia’s PIF *** The Abu Dhabi Side Historically, Abu Dhabi Investment Authority (ADIA) was the Principal sovereign investor of UAE, since its early inception in 1976 In 1984, IPIC (JV between ADIA and ADNOC) was formed to pursue acquisitions overseas In 2002, Mubadala Development Company was formed to strike a balance between overseas and Emitrates investments In 2007, ADIA stripped off its domestic investments into ADIC and thus four very different SWFs co-existed for years until the consolidation of 2016 - 2017 In 2017, IPIC and Mubadala Development Company was merged to form Mubadala and subsequently ADIC was merged with Mubadala In 2018, ADQ emerged as another sovereign entity and had a spin-off Lunate in 2023 Despite the reorganizations, the overarching principle remained – different SWFs to cover all bases independently - theoretically, overlapping with each other, yet having different accountability and reporting lines Elsewhere in the Gulf region, Abu Dhabi’s approach is also followed by Dubai and by Bahrain *** The Saudi Side The second approach is the one seen in Saudi Arabia, in which the government consolidates all investments and strategic efforts, and its vision, into a single umbrella - the Public Investment Fund (PIF) PIF was born in 1971 and is the Gulf’s oldest SWF However, it was conceived as a development fund that would only support Saudi companies, while the central bank SAMA ran the country’s de-facto SWF with its portfolio of foreign holdings This changed in 2015, when PIF was transferred under the Council of Economic and Development Affairs (CEDA) In the past eight years, PIF has became one of the world’s most active (the most active in 2023) SWFs both at home and overseas, and a key enabler of the country’s Vision 2030 and transformation In 2017, Saudi Arabia set up a second fund, National Development Fund (NDF), that would support PIF’s push for Vision 2030, but with a much more domestic and low profile In this model, the govt. remains the main decision maker in investment management Elsewhere in the Gulf, the Saudi approach is followed by Qatar, Kuwait and Oman Quite fascinating to see two institutions achieving compelling results, yet following two very different models and forms of capital deployment structures! Source: globalswf #SWFs

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Golub Capital today announced that it is opening an office in Abu Dhabi in 𝗔𝗗𝗚𝗠 and that it has appointed Naser Almutairi as Managing Director, Middle East. The Firm also announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) for a license. Read more: https://okt.to/coyjdh #AbuDhabi #ADGM #privatecredit #investors #middleeast

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The #UAE ranked second worldwide for #Greenfield Foreign Direct Investment (#FDI) projects: In 2023, the UAE achieved an impressive 1,280 greenfield FDI projects, trailing only behind the United States. This represents a remarkable 36% year-on-year growth, elevating the UAE from fifth place in 2022 to second place globally. #Dubai led the charge, retaining its position as the top city globally with 1,036 projects, a 32% increase year-on-year. #AbuDhabi also made significant strides, ranking 6th with 172 projects, marking a substantial 74% growth. Total FDI capital inflows into the UAE surged by 33% year-on-year, reaching USD 15.08 billion. Dubai attracted the largest share with USD 6.81 billion, followed by Abu Dhabi with USD 4.48 billion and Sharjah with USD 2.75 billion. These achievements underscore the UAE's dynamic and attractive investment landscape, reinforcing its position as a global investment hub. #BearBull #MFO#Dubai #AbuDhabi #Sharjah #Investment #GreenfieldProjects #EconomicGrowth #GlobalBusiness #SustainableDevelopment Source: World Investment Report 2024

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The UAE and Bahrain lead the World Bank's updated 2024 Real GDP growth in the GCC: - UAE total 3.9%,Oil 5.8%, Non-oil 3.2% - Bahrain total 3.5%, Oil 1.3%, Non-oil ~4% - Kuwait total 2.8%, Oil 3.6%, Non-oil 2.1% - Saudi Arabia total 2.5%, Oil -0.8%, Non-oil 4.8% - Qatar total 2.1%, Oil 1.6%, Non-oil 2.4% - Oman: total 1.5% (no breakdowns provided in press) Growth in 2025 is also projected higher with more oil output expected and higher non-oil growth (tourism, infrastructure, services etc)

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In this week's #marketmovers, read more about: * OTC 835 Public Utilities Management Company Kuwait  announced record-high profits of KD 10.87 million, the highest since its inception. Read more about the company's #financialresults as shared at its #assemblymeeting. * OTC 89 Contracting & Marine Services Co. S.A.K  initiated the distribution of 5% #cashdividends for the 2023 financial year this week. *Knet​ "The Shared Electronic Banking Services Co." (OTC 322) has introduced the "Wamd" service to enhance #electronic. banking, aligning with payment technology developments at regional and international levels. The service aims to improve payment system infrastructure, offering efficient and secure user-friendly products. * Kuwait Credit Information Network Company (CINET) (OTC 359) announced this week that it considering to expand into the real estate industry by introducing a service for property owners to electronically verify the financial histories of potential tenants.  * OTC 469 Kuwait International Investment Company KSC started the distribution of a cash dividend of 15%. * Upcoming assembly meetings for OTC 344 Orient Education Services Company, OTC 845 Gulf Projects Company Cooling and Electricity, OTC 453 AlWafir Marketing Services Co. etc. Follow almowazi for the latest #companynews, #trading updates, #assembly meeting updates, #profit distributions etc. Visit our website to sign up for our #weeklymarketupdate. https://conta.cc/3Lh6uaE

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almowazi is your gateway to unlisted, delisted and OTC companies. In this week's #marketmovers: * BIG - Beyout Investment Group is Boursa Kuwait's latest Initial Public Offering (IPO) and newly listed company on the premier market. * Gulf Petroleum Investment International limited commonly known as PetroGulf is delisting from the main market of Boursa. * REAM Real Estate Company successfully completed an auction, which saw the sale of 21 residential plots in Fnaitees and an investment plot in Maboula.  * Assembly meeting of OTC 29 The International Investor Company (under liquidation) approved to extend the liquidation period. * At the upcoming #assemblymeeting of AlDawly Takaful Insurance Company the board of directors will propose the distribution of 7% cash #dividends to shareholders * Active trading in the shares of MUSHRIF Trading & Contracting Co. KSCP, and Jeeran Holding Co this week. Refer to the #weeklymarketupdate for details regarding #trades, #volumeoftrading, #vwap Sign up with the almowazi newsletter. https://conta.cc/3XeGAfc

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While the west has almost completely halted capital investment in China, Middle East sovereigns continue to be active as Qatar's sovereign wealth fund Qatar Investment Authority acquires a 10% stake in China Asset Management Co., Ltd. Co., one of the nation’s largest mutual fund firms. The stake will be sold by leading Chinese private equity fund manager Primavera Capital Group, creating a rare exit in the current China private equity market! The Chinese mutual fund industry expanded to more than 30 trillion yuan ($4.1 trillion) in April even after a stock-market rout earlier in the year, and is poised to continue to achieve attractive forward growth driven by domestic demand, in spite of the slowdown in global foreign capital. The Qatari's, alongside sovereign wealth funds from Saudi Arabia and the United Arab Emirates continue to actively deploy capital into China and there is no evidence of this slowing anytime soon. #china #sovereignwealthfunds #capitalmarkets #qatar #saudiarabia #unitedarabemirates #middleeast #mutualfunds https://lnkd.in/gBqqVSCH

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Abu Dhabi now oversees the largest sovereign wealth fund (SWF) in the world, with an impressive $1.7 trillion in assets, according to the latest report from Global SWF. #Abudhabi #SWF

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Golub Capital today announced that it is opening an office in Abu Dhabi in 𝗔𝗗𝗚𝗠 and that it has appointed Naser Almutairi as Managing Director, Middle East. The Firm also announced it has received In-Principle Approval (IPA) from the Financial Services Regulatory Authority (FSRA) for a license. Read more: https://okt.to/fMaTdL #AbuDhabi #ADGM #privatecredit #investors #middleeast

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A Dubai-based fund-of-funds focused on backing emerging venture investors, has raised $5 million of the $10 million target for its debut fund. Amkan Ventures is connecting family offices in the Gulf region and emerging U.S.-based VCs — two groups unlikely to otherwise meet. A fund led by Female GP Raida Daouk El Jisr decided to raise a fund after helping a number of family offices and other institutions vet and invest in American venture firms and tech startups as a consultant and building out another prior employer's portfolio. #fundraising #investment #GCC #USfunds #venturecapitalists #limitedpartners #generalpartners #Funds #LPs #GPs #VCs #emergingfunds #fundmangergs

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ADGM: Powering Abu Dhabi’s Rise as the "Capital of Capital" Q3 2024 marks yet another groundbreaking chapter for Abu Dhabi Global Market (ADGM), with achievements that resonate far beyond numbers. A 215% surge in Assets Under Management (AUM), 759 new business licenses, and global heavyweights like PGIM, Nuveen, a TIAA company, and Stonepeak joining the ecosystem—it’s clear that ADGM is not just growing; it’s redefining the financial landscape. 🚀 As someone deeply connected to the evolving dynamics of the region, I’ve seen firsthand how ADGM’s visionary leadership, regulatory strength, and strategic innovation have positioned it as the go-to hub for family offices, institutional investors, and global asset managers. It’s not just about what ADGM offers—it’s about how it connects people, ideas, and opportunities to create a ripple effect of prosperity. With initiatives like the “Path to Forward” and global roadshows, ADGM is taking Abu Dhabi to the world and bringing the world to Abu Dhabi. Its efforts are a testament to the UAE’s leadership vision: a future defined by collaboration, innovation, and sustainable growth. And now, with Abu Dhabi Finance Week (ADFW) on the horizon, the stage is set for ADGM to once again shine as the ultimate destination for financial leaders, innovators, and changemakers. ADGM isn’t just building a financial center; it’s shaping the future of finance. Whether you’re a family office exploring new strategies, an institutional investor seeking high-impact opportunities, or a visionary looking to collaborate, ADGM is the place where ambitions turn into action. Kudos to ADGM for its relentless pursuit of excellence and for putting Abu Dhabi firmly on the global financial map. This is just the beginning, and I’m excited to see what’s next. #adgm #capitalofcapital #adfw #abudhabi #leadership #finance #investmentmanagement #familyoffices #institutionalinvestors #sovereignwealthfunds #futureoffinance #bitcoin Source: https://lnkd.in/dZgQi-VD

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Interview on Al Arabiya News Channel Business with Maya Jureidini discussing precious metals and US markets: - The rally that started with gold in precious metals, is now dragging silver up, especially so that silver has practical usage in clean energy industries. However, for individual investors, gold might be a better choice. Remember, for $10,000 you can buy 4 ounces of gold (113 grams) or roughly 12 kilograms of silver. Which one is easier to store? - Copper is rallying on the back of Chinese demand, and industrial usage for the metal. We expect this play to be a longterm one, rather than a short term, and there will be dips, which are opportunities to buy, just like gold - China's real estate market is the biggest in the world, and for the Chinese economy to get back on track, the real estate situation has to stabilize, which the Chinese Government is taking the right actions to boost. Government intervention is happening in light steps, which is a good thing. We have re-entered Chinese equities 2 months Thank you Hanya Amr for having me again, always a pleasure.

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🎥 Sovereign Wealth Funds: The Shifting Sands of Private Capital in the Gulf The Gulf region is undergoing a transformative moment in the private capital landscape. With new leadership at sovereign wealth funds like the Qatar Investment Authority and Kuwait Investment Authority coupled with strategic moves like new leadership NEOM's and HE Yasir Al Rumayyan appearance at the #UFC309 with President Donald Trump, the ripple effects will be significant. 🌍 What does this mean for international investors eyeing the Middle East? And how should we, as an ecosystem, prepare for the opportunities ahead? Watch now and share your thoughts in the comments! 💬 👉 Don’t miss our insights and upcoming articles in MAGNiTT's bi-weekly newsletter. Sign up here: https://lnkd.in/dm4fgFWe #PrivateCapital #SovereignWealthFunds #VentureCapital #MiddleEast #GulfLeadership #QIA #KIA #PIF #NEOM #MENAStartups #FutureOfInvestment

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Interview on Al Arabiya News Channel Business yesterday with Nadine Hani and Naser El Tibi discussing the Fed rates hot topic: We think a stagflation scenario for several reasons: - The US economy has been growing asymmetrically, on one end boosted by gigantic deficit spending by the expansionary fiscal policy, where government/social services hiring compensated for the job losses in the private sector (the sector responsible for GDP growth!) and the other by massive spending on total unprofitable non-revenue generating AI related projects - The length of the high interest rate levels, comparable to the record period that proceeded the GFC has eroded symmetric economic growth, combined with the first point action - The world has totally changed compared to a few years ago, where the US benefited from buying cheaply manufactured goods, while the proceeds from these purchases was used by China to buy US treasuries. Due to politics and tariffs, this setup is no longer in effect, with the consequences it has on prices (upstream and downstream) - 25bps is the norm, but Mr Dudley has been all over the news marketing for a 50bps, which could trigger concerns about the US economy Thank you Hanya Amr for having me again, always a pleasure.

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Excited to share my latest thoughts on the growing trend of Fund of Funds (FoF) investments in the MENA & GCC region! In this article, I dive into: • Why FoFs are gaining popularity among GCC investors • The pros and cons of this investment strategy • How FoFs align with our region's economic diversification goals • My personal take on whether FoFs are worth considering As our financial landscape evolves, it's crucial to stay informed about new investment opportunities. Whether you're a seasoned investor or just starting out, this piece offers insights into a strategy that's reshaping portfolios across the Gulf. Read on to discover if Fund of Funds could be the right move for your investment journey. I'd love to hear your thoughts and experiences! #FundOfFunds #GCCInvestments #PortfolioDiversification #WealthManagement #MiddleEastFinance

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Abu Dhabi’s $1 trillion wealth fund is embracing an increasingly scientific approach to investing, leaning more on its own quant team to speed up decision-making as it seeks to bolster returns. Abu Dhabi Investment Authority (ADIA) is using a 125-person division of data scientists to guide in-house investing, As part of the broad changes, it’s also putting money more rapidly in private credit and has continued to ramp up allocations to private equity. #hedgefunds #privatequity #Familyoffices #Venturecapitalists #Investments #Abudhabi #GCC #UAE #deals #fundraising

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Middle East Investors Summit - Riyadh 2024 was nothing short of extraordinary. Hosted on October 27-28 at the breathtaking Narcissus The Royal Hotel, this gathering wasn't just an event—it was a movement, a bold step forward in reshaping the investment narrative of Saudi Arabia and the GCC. With Saudi Vision 2030 as its guiding light and the unwavering support of our Strategic Partner, the Ministry of Investment - Saudi Arabia, this summit brought together the most powerful minds in the investment world. From visionary family office heads to institutional investors, global fund managers, and senior government officials, the room was electrified by the possibilities of what’s to come. The summit began with a moment of prestige, inaugurated by the Ministry of Investment itself, setting the tone for what would become a groundbreaking two days. Dynamic panels explored the transformative potential of INVEST SAUDI and the bold aspirations of Saudi Vision 2030, offering not just dialogue but a clear pathway to action. The Ministry’s dedicated booth stood as a centerpiece of connection and strategy, embodying the spirit of partnership that fueled this summit. Taking place during Riyadh's “big week,” just ahead of the prestigious FII Institute (Future Investment Initiative) 2024, the atmosphere was magnetic. The world’s top investors, decision-makers, and thought leaders converged in Saudi Arabia, and this summit became the ultimate stage for forging alliances, sparking innovation, and envisioning a future that redefines the global investment landscape. Personally, it was an honor to lead this monumental effort. From orchestrating seamless connections between LPs and GPs to ensuring every detail resonated with purpose, my goal was simple: to leave every attendee inspired and empowered. The overwhelmingly positive response and the countless strategic connections made reaffirmed that we achieved something truly exceptional. This summit wasn’t just about deals and discussions; it was about creating momentum, sparking ambition, and laying the foundation for a brighter, bolder tomorrow. The official event video will soon take you behind the scenes of this unparalleled gathering, capturing the energy, vision, and passion that defined these two days. To everyone who joined us, thank you for being part of something extraordinary. Together, we’re not just shaping the future of investment in the Middle East—we’re writing history. #familyoffice #institutionalinvestor #swf #investment #vc #neom #vision2030 #aramco #pif #networking #capital #equity #oilandgas #wealthmanagement #capitalallocation #fintech #economy #diversification #cryptocurrency #stocks #finance #riyadh #healthcare #techinvesting #realestate #investing #privatecredit #privatecapital #generationalwealth #wealth #usd #gcc

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