Boutiqaat + Apparel Group ready IPOs, Adia cashes out some AI gains, and GEMs is doubling down on its home market

We have a mixed bag of markets news with which to send you into the weekend, and it’s particularly nice to see IPOs at the top:

Kuwait could move ahead with another rare IPO as online beauty and fashion retailer Boutiqaat is reportedly in talks that could see Goldman Sachs take it public on Boursa Kuwait as early as 1Q 2027, Bloomberg reports, citing people it says have knowledge of the matter. Boutiqaat is reportedly looking for a USD 1 bn valuation — double what it raised at in its 2019 funding round — which would make the retailer Kuwait’s biggest-ever private sector IPO. The listing would be Goldman’s first such mandate in Kuwait.

MEANWHILE- Dubai-based Apparel Group is in early discussions with banks about a potential Mumbai IPO of its Indian unit, which could go to market later this year or in early 2027. Apparel Group India gives the UAE retailer exposure to Indian consumers through more than 300 stores across more than 50 cities and over 20 brands, including Victoria’s Secret, Aldo, Crocs, Charles & Keith, Tim Hortons, and Nike Littles.

Timing will be the main test, with India’s IPO market cooling as companies delay listings amid Iran-war-linked volatility and foreign investor outflows from the equity market.

Adia just cashed out some of its AI gains: German gas-engine maker Innio — think of it as picks-and-shovels for the power-hungry data centers behind the AI boom — priced its Nasdaq IPO at USD 27, the top of its range, raising USD 2.4 bn after strong demand saw bankers boost the number of shares on offer. The stock jumped 23% on its Nasdaq debut, valuing Innio at USD 20.7 bn. Because it was an all-secondary sale, every dollar flows to the sellers — Adia and Advent — whose joint vehicle still owns 90% after listing.

MEANWHILE- Adia is writing another large check in India — this time in its property market. A wholly owned subsidiary of the Abu Dhabi sovereign wealth fund anchored a USD 1 bn investment vehicle for India’s Kotak Alternate Asset Managers with a contribution of more than USD 675 mn, CNBC TV18 reports. The vehicle is Kotak Mahindra Group’s fourteenth real estate fund and the sixth Kotak real estate play Adia has backed.

The mandate: The fund will focus on providing growth and development financing across residential, commercial, and other real estate segments in major Indian cities.

Dubai-based school operator Gems Education plans to invest AED 2 bn (USD 540 mn) over the next three years to add 20k new student seats across Dubai and Abu Dhabi, Group CEO Dino Varkey told the Dubai Media Office (watch, runtime: 4:36). That’s nearly double last year’s AED 1.1 bn (USD 300 mn) commitment, with around 75% earmarked for the affordable segment.

The demand is there: “We continue to see growing demand from families across the world,” Varkey said, calling this year one of momentum. His statement comes against a backdrop of reports of residents leaving the UAE earlier in the conflict, although since then many seem to have returned.

Emirati telco Du launched a USD 50 mn corporate venture fund with Mubadala-backed venture capital firm Shorooq, according to a press release (pdf). The fund will back startups across AI, fintech, cybersecurity, cloud services, gaming, enterprise software, and customer experience technology, with a significant share earmarked for UAE-based companies.

Strategic fit comes first: Startups will run through Shorooq’s standard sourcing and due diligence process, with an additional filter on whether they advance du’s digital ambitions, Shorooq Founding Partner Shane Shin tells EnterpriseAM. The portfolio will be built “with discipline rather than to a quota,” he says. “We'll be active in the market from launch, and we'll move at the pace the right opportunities allow.”

What startups get beyond funding: Portfolio companies will also gain access to du’s distribution channels, enterprise relationships, and customer reach, Shin says.

Two GCC finance players are pushing into Oman from opposite ends of the market. Saudi Arabia’s Jadwa Investment signed an MoU with State Street to chase institutional clients in the Sultanate together, focused on asset servicing and global custody. State Street has run from a Muscat office for more than two decades. Even though it’s an MoU, not a signed agreement, it’s a sign that Oman’s institutional pool may be getting deep enough to take more seriously.

At the retail end, Al Ansari Financial Services is buying rather than partnering. The UAE exchange house istaking a stake in Muscat-based FX and remittance firm Mustafa Sultan Exchange. The transaction isn’t big, but it’s worth keeping an eye on. Al Ansari was already the GCC’s largest network of its kind by branch count after it took full control last year of Bahrain’s BFC Group.

Asyad buys into Uzbekistan’s inland freight network: Oman’s state-backed logistics player Asyad Group acquired a controlling stake in Uzbekistan’s key logistics platform alongside Orient Group and the Uzbek-Oman Investment Company, according to a statement. The size of the transaction was not disclosed.

The acquisition gives Asyad ownership of Universal Logistics Services and Highway Logistics Center — both positioned within Tashkent’s freight network. The two platforms handle roughly 25% of Uzbekistan’s railway container traffic and hold a leading position in premium warehousing. The move gives Asyad access to rail, road, warehousing, customs clearance, and last-mile capacities from within the market.

Egypt’s Ascom is closing in on a homecoming deal. The Qalaa Holdings mining arm’s board approved a fair value study to buy 90% of Raya Holding‘s logistics unit Ostool at a 30% premium to fair value. The EGO 640 mn (USD 12.4 mn) transaction will see Ostool return to the Qalaa umbrella after a six-year detour: It started life in 2010 as a Raya-Qalaa joint venture. Ascom shares rose 14% on the news.

ALSO WORTH KNOWING TODAY-

India is moving to scrap its 12.5% long-term capital-gains tax — and possibly the 20% withholding — on foreign holdings of government bonds, abid to draw inflows and steady the INR.

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