One of the GCC’s largest private equity deals, new venture capital guidelines, upcoming Islamic funds and digital assets – this week has been brimming with Islamic investment activities. Read all about it in this edition of IFN Investor weekly round-up.
Dubai-based GEMS Education took the spotlight last week in one of the largest private equity deals in a closely held business in the Gulf. Estimated to be valued at around US$2 billion, the deal involved a Brookfield Asset Management-led consortium with Gulf Islamic Investments, Marathon Asset Management and the State Oil Fund of the Republic of Azerbaijan.The transaction is expected to close in Q3 2024 for the education group, founded in 1959, which has grown to become one of the world’s largest providers of private K-12 education, educating 140,000 students.
UAE-based Aditum Investment Management said it plans to launch a global fixed-income strategy and Islamic multi-asset fund in the coming weeks.
Shariah compliant blockchain network HAQQ plans to launch a range of asset-backed tokens, including gold-backed stablecoins as well as tokenized securities and Sukuk.
The Central Bank of Iran is to introduce a digital currency. Bank Mellat and Tejarat Bank will participate in the pilot project, scheduled to launch in July 2024.
The first ‘Practical Guide on Venture Capital and Private Equity in Malaysia’ was issued by Securities Commission Malaysia, in collaboration with Bank Negara Malaysia, the Labuan Financial Services Authority, Malaysian Venture Capital and Private Equity Association and EY Tax Consultants.
The Turkish government has collected 12.89 kilograms of gold from the issuance of its gold-denominated lease certificate from institutional investors. The certificate was issued on the 13th June 2024 and will mature on the 12th June 2026.
Qatar’s Alkhaleej Takaful Insurance signed an agreement to sell its 25% equity in Baharain National Life amounting to QAR29.04 million (US$7.79 million), to Bahrain National Holding.
Engineering company Drake & Scull International and Unikai Foods joined the DFM Sharia Index while the FTSE4Good Bursa Malaysia Shariah semi-annual review saw the inclusions of Bank Islam Malaysia, Carimin Petroleum, Icon Offshore and more, plus the exclusion of Eco World International. Hardeep Dogra joined Franklin Templeton as the new portfolio manager and research analyst on its Global Sukuk MENA Fixed Income team, to be based in Dubai.
