{"id":115067,"date":"2026-05-13T00:00:00","date_gmt":"2026-05-13T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/menaplus\/?p=115067"},"modified":"2026-05-13T06:52:48","modified_gmt":"2026-05-13T06:52:48","slug":"foreign-appetite-bolstered-sharjah-islamics-usd-710-mn-rights-issue","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/foreign-appetite-bolstered-sharjah-islamics-usd-710-mn-rights-issue\/","title":{"rendered":"Foreign appetite bolstered Sharjah Islamic\u2019s USD 710 mn rights issue"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"> <strong>The latest sign that foreign capital has appetite for UAE opportunities despite the war: <\/strong>Sharjah Islamic Bank\u2019s AED 2.59 bn (USD 710 mn) rights issue closed 3.2x oversubscribed, with foreign investors driving 55% of demand, <a target=\"_blank\" href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/sib-rights-issue-attracts-over-aed-83bln-oversubscribed-by-32-times-ei7iivx8\" style=\"\">the bank said<\/a>. It\u2019s the first major UAE equity raise since the war began.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MEANWHILE- Dubai Holding has become Emaar Properties\u2019 largest shareholder<\/strong> after completing the acquisition of a 22.27% stake from the Investment Corporation of Dubai (ICD), taking its overall holding to 29.73%, per a <a target=\"_blank\" href=\"https:\/\/www.dubaiholding.com\/en\/media-hub\/press-releases\/dubai-holding-and-icd-announce-completion-of-strategic-transaction-in-emaar-properties\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.dubaiholding.com\/en\/media-hub\/press-releases\/dubai-holding-and-icd-announce-completion-of-strategic-transaction-in-emaar-properties\" style=\"\">press release<\/a>. Financial terms weren\u2019t disclosed, but <a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/dubai-ruler-tightens-grip-on-emaar-with-6-5-billion-reshuffle?srnd=homepage-middle-east\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.bloomberg.com\/news\/articles\/2026-05-12\/dubai-ruler-tightens-grip-on-emaar-with-6-5-billion-reshuffle?srnd=homepage-middle-east\" style=\"\">Bloomberg<\/a> pegged the transferred stake at roughly AED 23.9 bn (USD 6.5 bn) based on Emaar\u2019s latest close. The deal came on the back of Emaar\u2019s <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/12\/emaar-binghatti-salik-spinneys-orient-ins-also-post-1q-results\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2026\/05\/12\/emaar-binghatti-salik-spinneys-orient-ins-also-post-1q-results\/\" style=\"\">strong 1Q earnings<\/a>, the company\u2019s bottom line up 38% y-o-y to AED 6.4 bn.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Think of it as a shuffle rather than a takeover:<\/strong> This is more \u201ca government-level restructuring rather than a commercial transaction, as the ultimate ownership remains within the Dubai government,\u201d CI Capital\u2019s Marlene Milad says.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Mubadala has invested USD 325 mn in \u00d8rsted\u2019s Hornsea 3 offshore wind farm off the UK <\/strong><strong>coast<\/strong>, joining a consortium led by Apollo Global Management, Mubadala said in a <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-hornsea-3-offshore-wind-farm-alongside-consortium-led-by-apollo-funds\" style=\"\">statement<\/a>. Apollo holds a 50% stake in the JV, with \u00d8rsted retaining the other half and operational control. At 2.9 GW, Hornsea 3 will be the world\u2019s single largest offshore wind farm when it comes online in 2028 \u2014 and it sits inside a broader Mubadala renewables push that also includes <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/what-we-do\/skyborn-renewables\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/what-we-do\/skyborn-renewables\" style=\"\">Skyborn Renewables<\/a>, <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/tata-power-create-indias-most-comprehensive-renewable-energy-platform\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/tata-power-create-indias-most-comprehensive-renewable-energy-platform\" style=\"\">Tata Power Renewables<\/a>, <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/23\/mubadala-is-now-a-joint-owner-of-romanian-renewables-player-rezolv\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/uae\/2025\/12\/23\/mubadala-is-now-a-joint-owner-of-romanian-renewables-player-rezolv\/\" style=\"\">Rezolv<\/a>, and <a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-zenobe-reinforcing-commitment-to-sustainable-infrastructure\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.mubadala.com\/en\/news\/mubadala-invests-in-zenobe-reinforcing-commitment-to-sustainable-infrastructure\" style=\"\">Zenob\u0113<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Shuaa Capital and Key Capital have launched the region\u2019s first dedicated venture capital <\/strong><strong>secondaries fund<\/strong> \u2014 a USD 50 mn ADGM-domiciled limited partnership that has already closed two transactions, the two said in a <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/551.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/551.pdf\" style=\"\">statement (pdf)<\/a>. Dubai-based Shuaa is bringing the institutional advisory and capital markets know-how, while Abu Dhabi-based Key Capital is the sourcing and investment strategy side of the equation. The fund targets shares from the cap table \u2014 angels, founders, employees \u2014 rather than LP positions. \u201cWe think they have the biggest need, [because] it impacts their life directly,\u201d Key Capital Managing Partner Basil Moftah tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Pricing reflects the asset class.<\/strong> Haircuts in the region run \u201canywhere between 20% and 40% for immediate liquidity based on current valuations,\u201d Moftah says \u2014 which makes sense, considering \u201cyou\u2019re holding an illiquid asset that you need to sell now.\u201d The regional secondaries market is already worth over USD 1 bn by Key Capital\u2019s count, and Moftah says demand has grown 20-25% in the past month alone. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Our take:<\/strong> With IPO windows still tight (see our story above), this is the kind of release valve a maturing VC ecosystem may have been waiting for.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>SRMG, the influential Tadawul-listed media group that publishes Asharq Al-Awsat and <\/strong><strong>Arab News, is pushing deeper into digital media<\/strong>, saying in a <a target=\"_blank\" href=\"https:\/\/www.saudiexchange.sa\/wps\/portal\/saudiexchange\/newsandreports\/issuer-news\/issuer-announcements\/issuer-announcements-details\/?anId=95273&anCat=1&cs=4210&locale=en\" style=\"\">filing with Tadawul<\/a> that it\u2019s going to take its ownership of digital platform Thmanyah to 75% from 51% today. Thmanyah will raise its capital by tapping SAR 52.4 mn in accumulated funding already extended by SRMG\u2019s Arab Media, alongside a SAR 45 mn cash payment to minority partners. Arab Media will also pour in some SAR 200 mn in additional funding over the next four years.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Why it matters: <\/strong>Thamanyah\u2019s has evolved from a niche podcast network into a serious digital media play, buying up the exclusive rights to broadcast (state-backed) Saudi sports competitions for six seasons and pushing deeper into live sports and digital advertising.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>A joint fund of Beltone Venture Capital and UAE-based Citadel International Holdings has <\/strong><strong>exited its stake in Egyptian last-mile logistics player Bosta at a 75% IRR<\/strong>, Beltone\u2019s <a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/493.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/2026\/5\/493.pdf\" style=\"\">said in a statement (pdf)<\/a>. Buyer and valuation weren\u2019t disclosed. Bosta is reportedly <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/02\/02\/bosta-may-soon-be-delivering-itself-to-the-egx\/\" style=\"\">lining up a USD 170 mn EGX listing<\/a> later this year. A 75% IRR is a real number in a market where devaluation of the EGP has eaten through three years of growth. It\u2019s Beltone\u2019s fifth exit since the VC arm launched in 2023.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Beltone isn\u2019t fully out:<\/strong> \u201cWe have exited via our joint fund with Citadel, but Beltone Venture Capital still holds an undisclosed stake in Bosta,\u201d Beltone Venture Capital CEO and managing partner Ali Mokhtar tells EnterpriseAM.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Egypt\u2019s PickAlbatros has filed to acquire M\u00f6venpick Casablanca from Casablanca-listed <\/strong><strong>insurer Sanlam Morocco<\/strong> and its hotel-holding subsidiary Luxor, according to a <a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/701583.pdf\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/ent.news\/internal\/701583.pdf\" style=\"\">competition watchdog notice (pdf)<\/a>. It\u2019s the group\u2019s second Casablanca acquisition in roughly a month \u2014 after <a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/pickalbatros-hospitality-luxuryhotels-share-7458290830244597760-Snhs\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/www.linkedin.com\/posts\/pickalbatros-hospitality-luxuryhotels-share-7458290830244597760-Snhs\" style=\"\">Sofitel Casablanca Tour Blanche for USD 47 mn<\/a> in April \u2014 and the third hotel purchase inside a USD 200 mn 2026 pipeline that also includes <a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/andalusia-health-gets-a-booster-shot-from-banque-misr\/\" style=\"\"><\/a><a target=\"_blank\" href=\"https:\/\/enterpriseam.com\/egypt\/2026\/05\/11\/andalusia-health-gets-a-booster-shot-from-banque-misr\/\" style=\"\">the EGP 3.8 bn cash acquisition of Oberoi Sahl Hasheesh<\/a> from EBank. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Driving the interest: <\/strong>Morocco logged 19.8 mn arrivals and USD 13.9 bn in tourism revenues last year, and the country is co-hosting the 2030 World Cup.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\">ALSO WORTH KNOWING TODAY<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>GameStop<\/strong>\u2019s audacious USD 55.5 bn bid for <strong>eBay<\/strong> has been rejected \u2014 and a quiet <strong>Gulf <\/strong><strong>subplot<\/strong> may go out with it unless the game goes hostile. GameStop CEO Ryan Cohen had been <a target=\"_blank\" href=\"https:\/\/www.wsj.com\/business\/deals\/gamestop-ebay-bid-fd330f5a\" style=\"\">courting GCC sovereign wealth funds<\/a> to bridge a roughly USD 26.1 bn equity gap on his 50-50 cash-and-stock offer, which carried a 20% premium to eBay\u2019s closing price. eBay\u2019s board called the proposal \u201cneither credible nor attractive\u201d yesterday, <a target=\"_blank\" href=\"https:\/\/www.reuters.com\/sustainability\/sustainable-finance-reporting\/ebay-rejects-gamestops-audacious-56-billion-takeover-bid-2026-05-12\/\" style=\"\">per Reuters<\/a>.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>MENA corporate venture capital<\/strong> is now an 86%-Gulf story, with <strong>Saudi Arabia<\/strong> leading on 57% of regional capital deployed over the past five years (c. USD 1.1 bn across 170 transactions) per a Magnitt report seen by EnterpriseAM. <\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">\n<p class=\"tag-border-left\"> Market Snapshot<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><strong>Tadawul<\/strong> -1.1% \u2022 <strong>ADX<\/strong> -0.9% \u2022 <strong>DFM<\/strong> -0.6% \u2022 <strong>EGX30<\/strong> -0.8%<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\">Brent USD 107.27 \/ bbl \u2022 Gold USD 4,724 \/ oz \u2022 USD \/ SAR 3.75 \u2022 USD \/ EGP 53.02<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Plus: A new fund will buy shares off founders and others locked into pre-public startups<\/p>\n","protected":false},"author":1,"featured_media":115068,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2630],"tags":[2559,2586,2538,2872,2870,2628,2873,2657,2655,2869,2868,2871,2854],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-115067","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-markets-deals","tag-beltone","tag-capital-markets","tag-enterpriseam","tag-hotels","tag-key-capital","tag-markets-deals","tag-media","tag-mubadala","tag-sharjah-islamic-bank","tag-shuaa-capital","tag-sovereign-wealth-funds","tag-srmg","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"8f64e5fe-1c19-456d-be0b-880afdaa2b9d","order":"5","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1976.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Foreigners with appetite","related_issue":[115057],"teaser":"Plus: A new fund will buy shares off founders and others locked into pre-public startups"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Foreign appetite bolstered Sharjah Islamic\u2019s USD 710 mn rights issue - MENA+ Edition<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/menaplus\/2026\/05\/13\/foreign-appetite-bolstered-sharjah-islamics-usd-710-mn-rights-issue\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Foreign appetite bolstered Sharjah Islamic\u2019s USD 710 mn rights issue\" \/>\n<meta property=\"og:description\" content=\"Plus: A new fund will buy shares off 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