Deals came to the fore last week with acquisitions and forging of partnerships.
UK technology investment fund Mayfair Equity Partners is acquiring a majority stake in Shariah compliant private wealth advisory and fund services provider VG. Bahrain’s GFH Financial Group raised its majority stake in GFH Equities to 76.63% by acquiring 12.5% of the share capital.
Jeddah Economic Company is getting new partners for its Alinma Jeddah Economic City Real Estate Fund via a SAR6.8 billion (US$1.81 billion) deal that will see the entry of Saudi Arabia’s Kingdom Holding Company and Sumou Holding Company.
Mulkia Gulf Real Estate REIT finalized its acquisition Malathak Tower 2, located in Al Maather District in Riyadh.
Dubai Islamic Bank underwrote and committed to over 50% of the US$3.25 billion financing transaction for the GEMS Education takeover by Brookfield Asset Management, Gulf Islamic Investments and other investors. Others in the financing consortium are Mashreq Bank, Abu Dhabi Commercial Bank and First Abu Dhabi Bank.
A partnership forged between ZLK Islamic Financial Services and Dubai Islamic Bank Pakistan lets the latter’s customers gain access to ZLK’s brokerage services to invest in a variety of Riba-free financial products.
On the funds front, the Saudi Exchange saw the listing and trading units of SEDCO Capital Multi Asset Traded Fund as a closed ended investment traded fund while Forsat Afarin listed its tradable investment funds on the Tehran Stock Exchange.
The Capital Market Authority of Saudi Arabia granted its approval of the public offer of the SNB Capital Waqf Investment Fund. Meanwhile, Alkhabeer Capital intends to buy back up to 20% of the initial outstanding units of Alkhabeer Growth and Income Traded Fund.
Bursa Carbon Exchange auctioned the first Malaysian Nature-based Carbon Credits Plus from the Kuamut Rainforest Conservation Project, with seven successful bidders.
Regulations-wise, UAE’s Securities and Commodities Authority announced updates to special purpose vehicles to advance the investment funds industry and encourage securitization and Sukuk issuances.
