Emaar Properties goes for full control of Emaar Development

Emaar Properties is going ahead with a 100% buyout of its construction arm Emaar Development, according to a DFM disclosure (pdf). The developer is offering AED 15 per share for up to 100% of the issued and paid-up share capital of Emaar Development that it doesn’t already own. Currently, it owns just over 79% of the unit. The proposal is still subject to shareholder approval.

The transaction would value the construction arm at around USD 16.3 bn and would cost Emaar Properties about AED 12.6 bn. The AED 15 share price on offer is 7.9% higher than its last close on the day Emaar Properties’ plans first got out, but still down 25% from a February high, having shed value during the war. October alone saw it lose 7.3% after Dubai residential sales values fell 47% y-o-y in 3Q. It’s also below its average price target of AED 16.54, according to data compiled by Bloomberg.

Adnoc-ADQ joint venture Ta’ziz has closed USD 1.39 bn (AED 5.1 bn) of financing for a chemicals export terminal and an ammonia plant at Ruwais with both oversubscribed, according to an Abu Dhabi Media Office statement. With the USD 2 bn raised for its methanol plant in April, Ta’ziz has now funded three projects in a zone set to produce 4.7 mn tons of chemicals a year by 2028.

The terminal took two-thirds of it. Ta’ziz Terminals, a joint venture between Adnoc and Advario Star Energy, raised more than USD 928 mn from nine regional and international banks, including USD 225 mn of Islamic financing, on a non-recourse long-term loan — which leaves about USD 462 mn for the ammonia plant, by our math. The terminal will store liquid chemicals from the zone for shipment to regional and global markets, and Rotary Engineering has finished about 70% of the EPC work.

The PIF and a Blackstone unit were among the international investors in DIP Holding’s USD 529 mn IPO, Bloomberg reports, citing people familiar with the matter. Dubai Investments sold its 20% at about USD 0.305 a share, valuing the company at around USD 2.64 bn, at the midpoint of the marketed range and significantly oversubscribed. Shares are expected to start trading on the DFM on Wednesday, 11 November.

Knauf has taken United Mining Industries to 99.3% and is moving to delist it from Saudi Tadawul. Shareholders tendered about 5.05 mn shares, roughly 36.1% of capital, into Knauf International’s SAR 57-a-share offer, which ran from 27 September to 4 November, Argaam reported. Knauf went in holding about 8.85 mn shares, or 63.2%, bought from major shareholders in May for SAR 504.5 mn. Settlement is 18 November through Edaa, with a completion announcement expected by 19 November, and acceptances cannot be withdrawn.

It is paying what it paid in May. That block works out to SAR 57.01 a share, by our math, so the tender carries no premium to Knauf’s own entry price. With about 0.7% left outstanding, it intends to ask the CMA to approve a mandatory offer for the rest at no less than SAR 57, then delist the company subject to CMA approval and an extraordinary general meeting.

FAB is joining the lenders behind a USD 1.9 bn financing framework for Oaktree-backed Pure Data Centers Group. The facility funds a build-out across Europe and the Middle East and splits into a USD 780 mn Platform Growth Facility and a USD 1.1 bn accordion that lets the company borrow more, according to a statement. Citigroup Global Markets, First Abu Dhabi Bank, and Infranity come in alongside existing lenders ABN Amro, Allianz Global Investors, and Sumitomo Mitsui Banking Corporation.

Pearl Petroleum priced a USD 500 mn five-year senior secured bond at a 10.375% coupon, upsizing from an initial USD 400 mn target after books came in 1.7x covered, joint operators Dana Gas and Crescent Petroleum said (pdf). The notes mature in November 2031, and the Kurdistan-focused producer will refinance an existing USD 350 mn bond and fund further development at the Khor Mor and Chemchemal gas fields.

The coupon is in a different league from the region’s recent paper. It runs more than 400 bps above the 6.198% Kuwait paid on 10-year notes last month, and well clear of the 100-150 bps over Treasuries at which Gulf banks have been pricing. The gap is Kurdistan’s payment risk. DNB Carnegie and Pareto Securities are joint lead managers.

Gulf governments and state-backed companies are looking at borrowing onshore in RMB. Panda bonds, sold to investors inside China, have moved from curiosity to “a serious funding consideration,” Standard Chartered’s Sarmad Mirza told AGBI. Sharjah went first, borrowing CNY 2 bn in 2018 and again last October. That is the onshore market, distinct from the offshore CNH route Mashreq took for its debut Dim Sum bond last month.

The debuts are coming from everywhere. Panda volumes hit CNY 160 bn in 1H 2026, up 69% y-o-y. Kazakhstan’s Samruk-Kazyna started at CNY 3 bn in April under a registered CNY 10 bn program, Pakistan followed in May with CNY 1.75 bn of a CNY 7 bn program, and Indonesia came in July with the year’s biggest debut at about CNY 7 bn (c. USD 1 bn).

Istanbul prosecutors have ordered the detention of at least six senior figures in the fund probe, including the sitting head of Borsa Istanbul. Tuesday’s warrants covered Borsa Istanbul CEO Korkmaz Ergun, SPK ex-deputy chair Enver Usca, former SPK market surveillance chief Ercan Urkan, former family and social services minister Fatma Betul Sayan Kaya, and an unnamed banking watchdog official. At least 121 suspects are now in pretrial detention.

The regulators are the defendants now. Earlier waves ran through fund managers. Borsa Istanbul deputy CEO Atila Tureli took over as acting chief last week, days before Ergun’s arrest, and Muhsin Atcı was named SPK chair the same day, succeeding Mahmut Sutcu.

REMEMBER- The crisis broke in September when new SPK rules aimed at insider trading flagged by MSCI triggered a rout, leaving funds unable to meet redemptions and prompting the SPK to order the liquidation of 131 funds under seven companies, holding c. TRY 800 bn for 455k investors.

Omani trade finance platform Mamun has raised USD 3 mn in seed funding led by Phaze Ventures, with Jasoor Ventures joining. The shariah-compliant startup finances working capital for Omani businesses through post-shipment payment lags and has taken about USD 20 mn in all since it began operating in 4Q 2023. “We see significant potential in their AI-driven approach to solving longstanding trade finance challenges,” Phaze CEO Abdullah Al Shaksy tells us.

Its volume runs east. Mamun works across the GCC from Muscat, Abu Dhabi’s ADGM, and Hong Kong, and has financed more than 175 transactions for 84 businesses, with about 40% of volume tied to Hong Kong, mainland China, and the Greater Bay Area, co-founder and CEO Saleh Al-Tamimi told Oman Observer. Muscat and Beijing recently signed agreements covering jointly managed funds and a central bank currency swap.

ALSO WORTH KNOWING

Bahrain Bourse is putting BHD 40 mn (c. USD 106 mn) into a market making fund with Mumtalakat, Osool Asset Management, BBK, and NBB. Al Ramz Capital will manage it under the exchange’s Elevate 2026-2028 capital market strategy, Gulf Daily News and Reuters reported, with the aim of lifting liquidity and trading efficiency. The partners’ individual contributions and the operating mechanics were not disclosed.

Journify has raised a USD 12 mn Series A at more than four times its previous valuation, with Morocco’s Al Mada Ventures leading and seed investor Silicon Badia co-leading, Shorooq and Bunat Ventures adding to their holdings, and Du Ventures and Oraseya Capital coming in new, according to Wamda. No absolute valuation was given, and Silicon Badia says valuation is up more than 4x and revenue more than 5x since its first investment.

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