Adia + Mubadala back major UK take-private deal

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WHAT WE’RE TRACKING TODAY

THIS MORNING: Dragon Oil in running for Egypt oil field concessions + MGX eyes USD 20 bn data center player

Good morning, wonderful people. We'd like to report that the optimism we signed off with on Friday has held up. We'd like to — but we can’t.

Iran once again said it was closing the Strait of Hormuz on Saturday following Israel’s ongoing attacks in Lebanon, and scheduled talks between the US and Iran in Switzerland seem to have been scrapped after Iranian negotiators suspended them.

Adnoc had already been preparing to ship some barrels through the strait, with its fourth crude tender this month offering up Upper Zakum, Um Lulu, and Das crude for June-August loading, with buyers able to vie for up to 2 mn barrels per cargo. The tender offered multiple loading options, including FOB liftings from Zirku and Das Island within the strait, alongside alternatives outside the chokepoint via Fujairah storage, ship-to-ship transfers between Fujairah and Sohar, and transfers around Malaysia.

And right on cue, UAE stocks felt the uncertainty and retreated on Friday after rallying earlier on Thursday following news of the agreement. The ADX lost nearly 1% on the session, and the DFM dropped 1.7%.

The one thing that’s not been susceptible to the volatility of war? Abu Dhabi sovereign wealth funds’ ongoing investments abroad. Case in point: Both Mubadala and Abu Dhabi Investment Authority backed a major take-private transaction in the UK, while individually continuing to make smaller investments (and exits) across their portfolios.

We've got the full breakdown in The Big Story Today, plus Amanat's AED 105 mn full buyout of Cambridge Health Group, FAB's oversubscribed green bond, and much more.

WEATHER- Expect a high of 42°C in Abu Dhabi today, and 41°C in Dubai, along with lows between 30-32°C, according to our favorite weather app.

MGX looks east

Abu Dhabi-backed AI investor MGX is eyeing its first Asian buyout, exploring a multi-bn-USD acquisition of Singapore-based data-center operator DayOne, Reuters reports, citing sources it says are in the know. The investor is working with an undisclosed investment bank on the potential transaction.

The price could be the sticking point: DayOne is preparing for a US IPO targeting a USD 20 bn valuation, which MGX may be unwilling to match. Talks could still fall through, with DayOne still keeping the option open to pursue a US or dual US-Singapore listing.

Why it matters: DayOne would give MGX an operating footprint across Southeast Asia, Hong Kong, Japan, and Finland as the Abu Dhabi firm builds exposure across the AI infrastructure chain. MGX is targeting more than USD 100 bn in asset investments, and it already backs OpenAI, Anthropic, and xAI.

DGCX strikes gold

Gold spot trading is available as of today on the Dubai Gold and Commodities Exchange (DGCX), the DGCX said in a statement. The Gold Spot T+0 contracts will be settled in AED, with physical delivery taking place through approved vault infrastructure.

A closer look: The roll-out allows for same-day settlement, offering a more liquid and tradeable option for retail investors looking to buy or sell the safe haven asset, compared to the traditionally longer settlement cycles. The move makes the DGCX the first GCC exchange to offer the T+0 contracts for spot gold.

ICYMI- Last week, the Dubai Multi Commodities Center’s CEO said it was eyeing rolling out T+0 gold contracts to tap into growing local market demand. Other UAE players, including fractional gold ownership firm O Gold and Dubai-based Fasset, have also made moves to facilitate trading gold.

Dewa goes global

The Dubai Electricity and Water Authority (Dewa) is setting up a new growth engine for projects beyond Dubai, launching wholly owned subsidiary Dewa International to develop conventional and clean-energy projects overseas and export the emirate’s energy and water infrastructure services, according to an X post.

What we know: While no markets, pipelines, or investment figures have been disclosed, the subsidiary will work with governments, financial entities, investors, and developers on joint projects, Gulf News reports.

Dragon Oil eyes Egypt concession

Dragon Oil is among five companies competing for three mature oil fields in Egypt’s Gulf of Suez, the Arabic press reports, citing a government official. The oil and gas producer is bidding alongside Saudi drilling contractor Ades, Cheiron Petroleum, and two other companies for the North Shadwan blocks. The proximity of the company’s production facilities to the concession areas may improve its chances of securing the concessions, which are expected to be awarded in 3Q.

Dragon Oil recently doubled down on its commitment to invest some USD 3 bn in Egypt. It remains bullish on its Gulf of Suez presence, pointing to a recent discovery at the North Safa field — the first in two decades — followed by another find at its East Crystal-1 well as evidence of the area’s investment potential. The company also recently struck oil at its South El Wasl B.B2 exploration well.

Investcorp advances Gulf M&A pipeline

Investcorp is acquiring a majority stake in UK facilities management player Smart Managed Solutions for over USD 200 mn, Bloomberg reports, citing unnamed sources. The global alternative asset management firm aims to expand the company via further acquisitions, penetrating new regions and end markets in the UK.

About the firm: Established in 2017, Smart Managed Solutions specializes in mechanical and electrical upkeep, integrating data-analytics software as well as providing engineering services for commercial properties and data centers, according to its website. It has recorded upwards of EUR 100 mn in revenue and recently expanded at a rate above 30% annually.

Why this matters: The acquisition indicates that Investcorp’s acquisition drive — bolstered recently by last week’s acquisition of a strategic stake in UAE-based Metra — is undaunted by the unrest in our region.

Happening this week

Is Rubio coming to town? Axios reported that US Secretary of State Marco Rubio is coming to the UAE this week as part of a wider regional tour that will see him visit Bahrain and Kuwait as well, though Andalou Agency said a state department official denied any travel plans at this time, citing Axios.

The visit would come in the wake of the US-Iran MoU to end the regional war, which has already been put in jeopardy after continued Israeli strikes in Lebanon, violating the first clause of the MoU and leading Iran to close the Strait of Hormuz once again.

The big story abroad

Ongoing US-Iran peace talks in Switzerland have made “encouraging progress,” establishing a 60-day roadmap for a final agreement, mediators said. The parties agreed to set up a communication line for safe shipping through the Strait of Hormuz and a “de-confliction cell” with Lebanon to help maintain the halt in military operations.

Talks had looked incredibly fragile just hours earlier. US President Donald Trump threw a wrench into the negotiations, threatening to restart strikes and demanding Tehran stop Hezbollah from “causing trouble.” The Iranian delegation reportedly paused negotiations in response to Trump’s threats.

SpaceX flunks ESG metrics: Elon Musk’s SpaceX received the lowest possible environmental, social, and governance (ESG) rating from index provider MSCI, scoring a triple C. The report found that the company is “lagging its industry based on its high exposure and failure to manage significant ESG risks,” and is indirectly involved in one or more serious controversies.

Wars are changing the way VCs look at defence startups: Defence technology startups are attracting USD bns as investors flock to the sector amid drone-heavy wars in Ukraine and the Gulf. Sector companies have raised USD 12.3 bn from VC funds so far this year, already eclipsing last year’s full-year total of USD 10 bn.

It’s shaping up to be a boom year for the box office, with estimates now expecting US theaters to rake in some USD 4.5 bn this year, the highest figure since the Covid-19 pandemic six years ago, thanks to a string of blockbusters, the latest of which is Disney’s Toy Story 5.

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Abu Dhabi writes another big buyout check

Staying active: The Abu Dhabi Investment Authority (Adia) and Mubadala are co-investing in a major take-private transaction — and continuing to make individual investments and exits — as Abu Dhabi's sovereign funds keep up a busy pace of overseas deployment.

The two sovereign wealth funds committed a combined GBP 1.5 bn (c. USD 2 bn) to back Swedish investment firm EQT’s GBP 9.3 bn takeover of UK testing and certification group Intertek, according to a filing (pdf) as well as figures reported by Bloomberg.

Who’s paying what: Adia is putting in GBP 1 bn, getting an 18% stake in the firm, while Mubadala is contributing GBP 500 mn, with an 8% stake. The transaction ranks among this year’s largest UK take-privates and will remove another major company from the London Stock Exchange.

What does Intertek do? The group provides testing, inspection, and certification services across consumer goods, healthcare, energy, and infrastructure, helping companies meet safety, quality, and regulatory standards worldwide.

Why it matters: The transaction puts Abu Dhabi’s sovereign funds in the financing stack of another mega-buyout as private equity firms increasingly turn to large, long-term institutional investors to help fund acquisitions of this size.

ADVISORS- Morgan Stanley, Barclays, and Deutsche Bank advised EQT financially; JPMorgan, Goldman Sachs, and PJT Partners advised Intertek. FGS Global handled communications for EQT, with DGA advising Intertek on comms. On the legal side, Freshfields acted for EQT and Slaughter and May for Intertek. Linklaters advised Luxinva (Adia's investment vehicle), while Clifford Chance acted for Mubadala. Simpson Thacher and Sweden's Vinge advised the buyer consortium on regulatory matters.

That’s not all

Adia has been around the block: Adia is also investing alongside CVC and Groupe Bruxelles Lambert in their EUR 10.7 bn bid to take Italian drugmaker Recordati private, Reuters reported late May. The EUR 51.29-per-share offer is aimed at giving the owners more room to pursue further transactions across Recordati’s businesses.

It has also added another Indian name to its portfolio, joining investors buying a 7.3% stake in drugmaker Corona Remedies for INR 7.77 bn — around USD 82.4 mn — through a block transaction on India’s National Stock Exchange, Zawya reports. The sovereign wealth fund bought 39.1k shares at INR 1.7k apiece, alongside UK-based investment firm Aberdeen Group and several Indian funds. Sepia Investments, Anchor Partners, and Sage Investment Trust sold a combined 4.58 mn shares.

MEANWHILE- Mubadala is exiting Turkish tech firm Getir’s delivery arm after Turkey cleared Uber’s takeover of Mubadala’s controlling stake in the unit, Reuters reports. The transaction also comes with a USD 500 mn investment commitment from the US ride-hailing and delivery giant.

BACKGROUND- The move is the latest in a series of exits for the sovereign wealth fund from the Turkish delivery firm amid a boardroom battle with its founders. It sold Getir’s food delivery arm to Uber for USD 335 mn, with the latter also set to up its stake in the grocery, retail, and water delivery arms. Mubadala has also offloaded Getir’s car rental subsidiary and was in talks to sell its remaining stake in Getir’s finance unit.

Zooming out

Gulf entities announced around USD 47 bn of acquisitions as of April since the regional war began, more than 120% above the same period last year, even as global M&A values fell 8%, according to data compiled by Bloomberg — a sign that regional instability has done little to slow the Gulf’s overseas deployment push. Abu Dhabi funds have continued to back large transactions across healthcare, infrastructure, technology, and alternative assets.

Some of the big ones to name:

Emirates NBD bought 60% of RBL Bank in the largest foreign investment in India’s banking sector;
IHC acquired a stake in Richard Caring’s hospitality portfolio;
EIIC took a minority stake in Joe & The Juice at a USD 1.8 bn valuation;
AD Ports agreed to acquire Germany’s MBS Logistics core business for EUR 70 mn ;
BlueFive Capital acquired stakes across several GCC ins. and mobility businesses ;
Masdar bought 49.99% of a EUR 849 mn renewables portfolio from Repsol;
Plynth Energy invested more than USD 100 mn in US fusion startup Commonwealth Fusion Systems.

MAF’s biggest Egypt venture yet

Majid Al Futtaim (MAF) is anchoring East Cairo’s Mada City with a USD 3.1 bn+ mixed-use project under a strategic partnership inked with Midar, according to a cabinet statement. The Egyptian-Emirati private-sector partnership will build an integrated urban development across 553 feddans inside the New Cairo development under a revenue-sharing model. Midar’s future returns from the agreement are expected to exceed EGP 40 bn.

The details: The first phase will cover 200 feddans over the first four years of implementation, followed by a 300-feddan second phase. Another c. 60 feddans are earmarked for a shopping and entertainment destination, allocated gradually based on development progress and occupancy rates in the surrounding residential communities. Once that component is factored in, the project’s total development value could exceed USD 4 bn.

REFRESHER- We reported last year that MAF was planning a residential and hotel project in East Cairo in partnership with Midar, with the agreement expected to be signed in 3Q 2025. While the timeline was delayed and the final 553-feddan footprint came in leaner than the 1k feddans originally rumored, the sealed agreement gives the megaproject a firm structure and a hefty price tag.

The agreement gives Midar another major partner inside Mada, after our friends at SODIC signed on last year for a EGP 110 bn wellness-focused project on a 500-feddan plot under a revenue-sharing model. That was Midar’s second major Mada partnership last year, following Emaar Misr’s EGP 100 bn New Mivida agreement with Midar in New Cairo. We also reported last year that Saudi real estate investor Sumou Holding was in preliminary talks to acquire Midar in a potential transaction reportedly worth USD 3.5 bn.

FAB returns to debt markets

First Abu Dhabi Bank (FAB) is back in the debt market, and investors showed up. The UAE’s largest lender by assets saw more than EUR 1.1 bn in orders for its EUR 750 mn, three-year green bond offering, Zawya reports.

Pricing tightened significantly from initial price thoughts in the mid-swap plus 100-105 bps area to a final spread of mid-swap plus 75 bps. The senior unsecured bond was priced at par with a reoffer yield of 3.535% and a coupon of 3.5302%.

Next up: The issuance, expected to be rated Aa3 by Moody’s and AA- by S&P and Fitch, will be issued under FAB’s USD 20 bn Euro Medium Term Note Program and listed on the London Stock Exchange. Proceeds will be used to finance or refinance eligible green projects under the bank’s Sustainable Finance Framework.

IN CONTEXT- The oversubscribed issuance is a welcome sign for Gulf borrowers who have slowly been finding their way back to debt markets after a war-induced slowdown. FAB raised USD 700 mn in a five-year senior unsecured sukuk in May, while Dubai Islamic Bank has already tapped markets twice this month, including through a USD 1 bn AT1 sukuk.

Amanat finalizes takeover of Cambridge Health Group

Amanat Holdings took full control of Cambridge Health Group (CHG) after the Dubai-listed healthcare and education investor spent another AED 105 mn to acquire an additional 10.03% stake, according to a press release.

BACKGROUND- The investor has been steadily increasing ownership of its healthcare subsidiary through a phased buyout, which saw it acquire around 3% earlier in the month.

What’s next? Full control over one of the GCC's largest post-acute and rehabilitative care platforms will give Amanat more flexibility for growth plans, which include expanding capacity to more than 1k beds through a mix of greenfield and brownfield projects, as well as acquisitions. It’s also planning to broaden its clinical offering with new surgical, outpatient, and inpatient rehabilitation services.

CHG? The group currently operates 715 beds across six facilities in the UAE and Saudi Arabia and employs more than 1.2k healthcare professionals.

The financial contribution: The investor said CHG’s top line grew 11% y-o-y in 2025 and 27% y-o-y in the first quarter of this year. Full ownership will boost net income for equity shareholders by AED 9 mn on an annualized basis.

IN CONTEXT- Amanat has been on an expansion drive, especially in KSA, where it recently raised its stake in Jeddah-based healthcare firm Sukoon International Holding via CHG to 100%. Its Riyadh-based education arm Almasar Education wrapped up a USD 159.7 mn IPO on Saudi’s Tadawul last November. Back in 2023, Amanat was also reported to have tapped advisors for a possible listing of its healthcare arm.

Board reshuffle at Etihad Credit Ins.

Etihad Credit Ins. (ECI) is getting a new leadership lineup with a roster of senior government, banking, and investment executives joining the board as Foreign Trade Minister Thani bin Ahmed Al Zeyoudi remains as chairman, Wam reports.

Who’s in? The new board includes executives from Emirates Development Bank, Abu Dhabi Exports Office, Abu Dhabi Investment Office, and Dubai’s Department of Economy and Tourism, as well as HSBC, Standard Chartered, and Orient Ins.. This comes as ECI looks to boost the UAE’s position as a trade, exports, and re-exports hub.

Another defense manufacturing agreement

More defense manufacturing localization lined up

The UAE is doubling down on manufacturing defense systems locally: UAE-based defense and tech firm Generation 5 Holding inked an exclusive partnership with South Korean defense manufacturer Hanwha Aerospace to collaborate on manufacturing and marketing a South Korean artillery weapon in the UAE, Wam reports. The partnership, which will focus on the K9 155mm Howitzer, comes as the Emirates continues to focus on investments and partnerships to bring more defense manufacturing in-house.

Abu Dhabi’s robobuses move closer to rollout

Abu Dhabi’s autonomous-bus plans are moving closer to rollout, with Abu Dhabi Mobility and Emirati smart-mobility firm Lumo now working through implementation, pilot projects, and technical studies for what they say would be MENA’s first autonomous public-bus trial, according to an Abu Dhabi Media Office statement. Abu Dhabi is aiming for smart and autonomous transport to account for 25% of all trips by 2040.

REMEMBER- Abu Dhabi has been preparing to launch autonomous buses with WeRide and K2, including a 20-passenger vehicle for Yas Island and campus shuttles at UAE University, with later expansion planned for Al Maryah and Reem islands. Ras Al Khaimah was also lining up WeRide robobuses for Al Marjan Island.

Private equity’s exit door remains jammed

Private equity firms are increasingly borrowing against portfolio companies to pay themselves as traditional exits remain difficult. More than USD 3.5 bn of leveraged loans and junk bonds have been launched over the past four weeks to fund sponsor dividends, accounting for roughly half of all dividend recapitalization activity this year, Bloomberg reports.

The resurgence of dividend recaps reflects a broader challenge facing the industry: According to Bain’s latest Global Private Equity Report (pdf), a growing number of portfolio companies are now “essentially trapped” as higher interest rates and stubborn valuation gaps make it harder for buyout firms to sell assets at acceptable prices. Many firms are also holding investments well beyond the traditional three-to-five-year timeline.

This is creating pressure to return money to limited partners some other way: Managers are facing a growing backlog of aging assets, while limited partners are placing greater scrutiny on firms’ ability to generate distributions, Bain says.

The exit market is showing signs of recovery, but not enough to clear the bottleneck: Global buyout-backed exit value jumped 47% y-o-y to USD 717 bn in 2025, making it the second-best year on record, according to Bain. Yet the number of exits fell 2% to 1.6k transactions, suggesting the rebound was driven largely by a handful of blockbuster transactions rather than a broad recovery across the market.

As a result, firms are increasingly turning to alternative liquidity tools: Bain says returning capital to investors is now the top reason sponsors launch continuation vehicles, while secondary sales and dividend recapitalizations are also becoming more common.

Those alternatives remain relatively small: Continuation vehicles still account for less than 10% of global exit value, according to Bain. But their growing use underscores a reality facing much of the industry — selling assets remains harder than buying them.

MARKETS THIS MORNING-

Asia-Pacific markets are trading up this morning, led by South Korea’s Kospi and Japan’s Nikkei. Over on Wall Street, equities are set to open lower with US futures down this morning, as news of US President Donald Trump’s threats of renewed attacks against Iran makes the rounds.

ADX	10,017	-1.0% (YTD: +0.2%)
DFM	6,164	-1.7% (YTD: +1.9%)
Nasdaq Dubai UAE20	4,894	-1.9% (YTD: +0.1%)
USD : AED CBUAE	Buy 3.67	Sell 3.67
EIBOR	3.4% o/n	4.2% 1 yr
TASI	11,077	-0.4% (YTD: +5.6%)
EGX30	52,679	+0.1% (YTD: +25.9%)
S&P 500	7,501	+1.1% (YTD: +9.6%)
FTSE 100	10,363	-0.4% (YTD: +4.4%)
Euro Stoxx 50	6,293	-0.5% (YTD: +8.6%)
Brent crude	USD 80.57	+0.9%
Natural gas (Nymex)	USD 3.20	-1.1%
Gold	USD 4,173	-1.7%
BTC	USD 63,802	-0.4% (YTD: -27.2%)
Chimera JP Morgan UAE Bond UCITS ETF	AED 3.72	+1.4% (YTD: -0.8%)
S&P MENA Bond & Sukuk	152.44	-0.1% (YTD: +0.4%)
VIX (Volatility Index)	16.78	+2.3% (YTD: +12.2%)

THE CLOSING BELL-

The DFM fell 1.7% on Friday on turnover of AED 1.6 bn. The index is down 1.7% YTD.

In the green: Al Mal Capital REIT (+5.3%), Agility The Public Warehousing Company (+4.9%), and Mashreqbank (+3.5%).

In the red: Dubai Refreshment Company (-5.0%), Etihad Energy Holding (-4.7%), and Emirates NBD (-4.4%).

Over on the ADX, the index fell 1.0% on turnover of AED 1.9 bn. Meanwhile, Nasdaq Dubai was down 1.9%.

CALENDAR

JUNE

22-24 June (Monday-Wednesday): The International Glass Manufacturing Show, Dubai.

23-24 June (Tuesday-Wednesday): Forbes Middle East Building The Future Summit, Berklee Abu Dhabi, Abu Dhabi.

JULY

28-29 July (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

SEPTEMBER

1-3 September (Tuesday-Thursday: Middle East Energy, Dubai World Trade Center, Dubai.

7-9 September (Monday-Wednesday): AIM Congress, Dubai World Trade Center.

7-9 September (Monday-Wednesday): International Property Show, Dubai World Trade Center, Dubai.

12-13 September (Saturday-Sunday): Emirates International Congress on AI & Visionary Leadership in Transforming Healthcare, Adnec Center Abu Dhabi.

14-17 September (Monday-Thursday): Arabian Travel Market, Dubai World Trade Center, Dubai.

15-16 September (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

29-30 September (Tuesday-Wednesday): AFCM Annual Conference, Abu Dhabi.

OCTOBER

4-10 October (Sunday-Saturday): World Space Week, Abu Dhabi.

5-7 October (Monday-Wednesday): AI Everything Global, Adnec Center, Abu Dhabi.

12-14 October (Monday-Wednesday: Airport Show, Dubai World Trade Center, Dubai.

20-22 October (Tuesday-Thursday): Future Health Summit, Adnec Center Abu Dhabi.

27-28 October (Tuesday-Wednesday): Arab Competition Forum, Dubai.

27-28 October (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

30 October (Friday): Large businesses achieving annual revenues equal to or above AED 50 mn must appoint an accredited service provider for e-invoicing implementation.

Signposted to happen sometime in October 2026:

Abu Dhabi Space Week, Abu Dhabi.

NOVEMBER

2-6 November (Monday-Friday): Dubai Future Finance Week, Dubai.

4 November (Wednesday): Digital Transformation Summit, Sofitel, Abu Dhabi.

9-10 November (Monday-Tuesday): Annual government meetings, Abu Dhabi.

9-12 November (Monday-Thursday): EMEA Council on Hotel, Restaurant and Institutional Education Conference, Dubai College of Tourism, Dubai.

10-12 November (Tuesday-Thursday): Dubai International Electric Vehicle Exhibition & Conference, Dubai World Trade Center.

16-18 November (Monday-Wednesday): World Police Summit, Dubai World Trade Center, Dubai.

DECEMBER

2-4 December (Wednesday-Friday): UN Water Conference, UAE.

4-6 December (Friday-Sunday): Formula 1 Abu Dhabi Grand Prix, Abu Dhabi.

8-9 December (Tuesday-Wednesday): Capital Market Summit, Madinat Jumeirah, Dubai.

8-9 December (Tuesday-Wednesday): Federal Open Market Committee (FOMC) meeting.

8-10 December (Tuesday-Thursday): Abu Dhabi Water & Power Week, Adnec Center, Abu Dhabi.

Signposted to happen sometime in 2027:

1 January: Deadline for large businesses to implement e-invoicing;
1Q 2027: Completion of the first phase of Hassyan seawater desalination project;
1-3 February (Monday-Wednesday): World Governments Summit;
31 March: Small businesses with annual revenues of less than AED 50 mn are obliged to contract with an accredited service provider for e-invoicing implementation;
31 March: Government entities are required to appoint an accredited service provider for e-invoicing implementation;
21-22 April (Wednesday-Thursday): Token2049, Dubai;
1 July: Deadline for small businesses to implement e-invoicing;
1 October: Deadline for governments to implement e-invoicing;
Abu Dhabi’s solar and battery energy facility, combining 5.2 GW of solar capacity and 19 GWh of battery storage, is set for commissioning.

Signposted to happen sometime in 2028:

Artificial Intelligence Summit.

Signposted to happen sometime in 2029:

Sibos 2029 organized by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), Dubai;
Annual Meetings of the World Bank Group and the International Monetary Fund, Abu Dhabi;
The commissioning of the seventh phase of Mohammed bin Rashid Al Maktoum Solar Park.

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