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☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

Shareholders of Credit Suisse and UBS were not granted a vote on the deal that was sealed over one weekend in March. Officials for QIA, UBS, the Swiss finance ministry and Credit Suisse declined to comment. QIA's investment in Credit Suisse dates back to the global financial crisis of 2008. The sovereign wealth fund had increased its stake in Credit Suisse to just under 7%, only trailing largest shareholder Saudi National Bank's roughly 10% stake, according to a January filing. Among them, Middle Eastern backers which own more than 20% of Credit Suisse face the largest hit.

☆ India's Mankind Pharma soars 31%, valuing condom maker at almost $7 bln
▼ + stars: | 2023-05-09 | by ( Rama Venkat | ) www.reuters.com time to read: +2 min

BENGALURU, May 9 (Reuters) - Shares of Manforce condom maker Mankind Pharma Ltd (MNKI.NS) surged as much as 31% in debut trading on Tuesday, valuing the company at 566.43 billion rupees ($6.93 billion) in the country's biggest listing so far this year. The company, which also owns India's top at-home pregnancy testing kit Prega News, opened at 1,300 rupees, staying above that mark through the morning session and hitting its highest at 1,414 rupees. It was seeking a valuation of 432.64 billion rupees ($5.29 billion) at the upper end of a price band it set for its initial public offering last month. The strong debut will likely lift the sentiment for the IPO market overall." The company's IPO had an offer for sale of shares worth 43.26 billion rupees from existing shareholders, including its founder Ramesh Juneja, and allocated 12.98 billion rupees worth of shares to 77 anchor investors including Canada Pension Plan Investment Board, Government of Singapore, Goldman Sachs and Abu Dhabi Investment Authority.

☆ Fanatics moves one step closer to IPO, hiring Meta's head of investor relations
▼ + stars: | 2023-04-27 | by ( Ian Thomas | ) www.cnbc.com time to read: +7 min

While an IPO is not on the immediate horizon, the company is taking a step in the direction of preparing for one, hiring Meta's investor relations head to further build out its engagement with current and future shareholders. Deborah Crawford, who has served as Meta 's vice president of investor relations for more than eight years, is being appointed as Fanatics' head of investor relations, a new position at the company. Prior to Meta, Crawford was head of investor relations for Netflix, where she helped initiate the streaming company's first formal investor relations function, according to Fanatics. Schiffman declined to comment on the potential timing of a Fanatics IPO but confirmed the company has a goal of going public. Fanatics has seen its valuation and investor roster drastically expand in recent years, which has also helped to fuel IPO chatter.

☆ James Murdoch's Bodhi Tree slashes planned investment in Reliance JV Viacom18
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +1 min

BENGALURU, April 14 (Reuters) - Bodhi Tree, a joint venture between James Murdoch and a former Star India executive, has reduced its planned investment in Reliance's (RELI.NS) broadcast venture Viacom18 by 70% and will now pump in 43.06 billion rupees ($527.84 million), Viacom18 said late on Thursday. Indian billionaire Mukesh Ambani's Reliance Industries had said in April last year that Qatar Investment Authority-backed Bodhi Tree would spend 135 billion rupees out of a planned 151.45 billion rupees investment in the media behemoth that is also backed by Paramount Global (PARA.O). Reliance is now leading the investment with a 108.39 billion rupees infusion. A source familiar with the matter said the investment amount was reduced due to a broader funding squeeze amid a slowdown in dealmaking. Reliance, which is expanding in every sector from retail to ecommerce, made its big splash in the Indian streaming space last year, with its acquisition of digital streaming rights for the Indian Premier League T20 cricket tournament from 2023 to 2027.

☆ EQT's pet-drug foray could yield tame returns
▼ + stars: | 2023-04-14 | by ( ) www.reuters.com time to read: +2 min

LONDON, April 14 (Reuters Breakingviews) - EQT (EQTAB.ST) is turning to furry friends to defy the buyout market’s record slowdown. Still, it looks a stretch to secure the sort of 20% returns buyout shops usually seek. EQT’s offer values Dechra at 27 times its EBITDA for the last 12 months. Bullishly assume the group can grow revenue at 10% annually, improve the current 28% EBITDA margin to 30%, and sell after five years at a superior 28 times EBITDA multiple. Even financing a quarter of the deal with debt at 6 times EBITDA, the deal’s internal rate of return would only amount to 17%.

☆ Only the big will crack the $1 trln LBO code
▼ + stars: | 2023-04-12 | by ( Jonathan Guilford | ) www.reuters.com time to read: +9 min

Lenders will only tiptoe back, meaning deals need the big checks and extra elbow grease in credit markets that favor the largest private equity firms. Private equity firms depend on borrowed money to reduce how much of their own they use in any single deal and to magnify returns as a percentage of their initial investment. Imagine a private equity firm acquires a company for $1 billion, then flips it five years later for $1.5 billion. Though the private equity industry is awash in so-called dry powder, fundraising is increasingly tilting to the largest fund managers. Buyout firms are apt to keep their plans more conservative to garner higher ratings – meaning, again, less leverage and more upfront cash.

☆ 9 Middle Eastern funds and investors pouring money into US media, sports, and entertainment
▼ + stars: | 2023-04-03 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Governments and investors in the Middle East are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ Jared Kushner's PE firm was backed by Emirates, Qatar - NYT
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

March 30 (Reuters) - Wealth funds in the United Arab Emirates (UAE) and Qatar have invested hundreds of millions of dollars with former U.S. President Donald Trump's son-in-law Jared Kushner's private equity firm, the New York Times reported on Thursday. The Emiratis invested more than $200 million with Kushner's Affinity Partners, while a Qatari entity also put in a similar sum, the newspaper said, citing people with knowledge of the transactions. Kushner, who was also a top adviser to Trump, formed the Miami-based Affinity Partners in 2021, Reuters had reported. The investment from the UAE came through a sovereign wealth fund, but the Qatari investor's identity was unclear, the NYT report said. Abu Dhabi Investment Authority, Mubadala, Emirates Investment Authority, Affinity Partners, and the Qatar and UAE embassies in Washington did not immediately respond to Reuters requests for comment.

☆ UAE leader breaks with tradition, appoints son as crown prince
▼ + stars: | 2023-03-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, the UAE leader's eldest son, is now the oil-rich Middle Eastern country's crown prince, effectively next in line for its leadership. Sheikh Tahnoon was already named chair of the $790 billion Abu Dhabi Investment Authority, the emirate's main sovereign wealth fund, earlier in March. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi. He described the decision as "formalizing the leverage Abu Dhabi has over Dubai, and how little Dubai will be allowed to say in foreign policy." Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum attends the Global Women's Forum in Dubai, United Arab Emirates, February 16, 2020.

Sheikh Mohammed, who became president and Abu Dhabi ruler last year after running the U.S.-allied OPEC oil producer for years, named his brother Sheikh Mansour as UAE vice president, alongside Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. This appeared to further centralise power in Abu Dhabi, which is the political capital by virtue of its immense oil wealth, of the UAE federation of seven emirates. Abu Dhabi has held the presidency since the founding of the UAE federation by Sheikh Mohammed's father in 1971. Sheikh Mohammed, known as MbZ, had been grooming his son in positions of authority in security - including intelligence - economy and governance, analysts say. Earlier this month, Sheikh Tahnoun was named chair of Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds.

☆ Galderma owners delay IPO, review Credit Suisse role - source
▼ + stars: | 2023-03-29 | by ( ) www.reuters.com time to read: +1 min

The shareholders, including Swedish buyout house EQT (EQTAB.ST) and the Abu Dhabi Investment Authority (ADIA), are also reviewing Credit Suisse's (CSGN.S) role as global coordinator for the IPO, the source added, after the troubled lender agreed to be taken over by rival UBS in a government-brokered rescue. Bloomberg first reported on the IPO delay and the review of Credit Suisse's role. Galderma had been preparing to list as soon as after the Easter holidays, sources had told Reuters, having previously delayed its IPO plans because of poor market conditions. Last year, the group was forced to postpone its listing ambitions after the invasion of Ukraine and soaring interest rates ground the IPO market almost to a halt, as reported. Galderma and Credit Suisse declined to comment.

☆ Abu Dhabi's Presight AI soars on market debut
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight's shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE's national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He was also recently named chair of Abu Dhabi Investment Authority, the emirate's largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

The remainder was equity checks by the private equity firms. Typically, debt accounts for between 60% and 80% of the deal consideration, allowing the buyout firms to juice returns. REFINANCING RISKTo be sure, a handful of private equity firms have already been accustomed to this kind of refinancing risk. An upside to the shift toward equity financing, dealmakers say, is that the companies owned by the private equity firms have more cushion to absorb losses if their business deteriorates. Many of the leveraged buyouts that became bankruptcies in the wake of the 2008 financial crisis were the result of private equity firms saddling companies with debt to the hilt.

☆ Saudi is far from the last Western bank bagholder
▼ + stars: | 2023-03-21 | by ( George Hay | ) www.reuters.com time to read: +5 min

LONDON, March 21 (Reuters Breakingviews) - Saudi Arabia has joined the Western bank bagholder club. The bank only made its play in November, when client money was already flowing out of Credit Suisse. Saudi National Bank bought 307.6 million Credit Suisse shares for 3.82 Swiss francs ($4.11) per share. The UBS offer of 3 billion Swiss francs ($3.23 billion) values Credit Suisse shares at 0.76 francs each, more than 80% lower than the price paid by the Saudi bank. Saudi National Bank's statement added that the potential impact to its capital adequacy ratio is about 35 basis points, with no impact on profitability.

☆ The Biden administration considered probing Elon Musk's Twitter purchase over national security concerns, report says
▼ + stars: | 2023-03-21 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Biden administration reportedly considered an official review of Elon Musk's Twitter takeover. The White House had national security concerns over its foreign investors, per Bloomberg. Changpeng Zhao, the Binance CEO; Saudi Prince Alwaleed bin Talal; and Qatar's sovereign wealth fund are all investors in Musk's Twitter. Some in the Biden administration considered whether Musk's deal should be brought in front of the Committee on Foreign Investment in the United States, which can block business transactions over security concerns, Bloomberg reported. In response to Insider's request for comment on the government's concerns, Twitter responded with a poop emoji – an auto-reply Musk announced Sunday.

☆ Explainer: Credit Suisse: How did it get to crisis point?
▼ + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +3 min

Credit Suisse confirmed last month that clients had pulled 110 billion Swiss francs of funds in the fourth quarter while the bank suffered its biggest annual loss of 7.29 billion Swiss francs since the financial crisis. In December, Credit Suisse had tapped investors for 4 billion Swiss francs. Reuters Graphics Reuters GraphicsWHAT STEPS CAN CREDIT SUISSE TAKE TO CALM INVESTORS? HOW IMPORTANT IS CREDIT SUISSE? Credit Suisse has a local Swiss bank, wealth management, investment banking and asset management operations.

☆ What happened at Credit Suisse and how did it reach crisis point?
▼ + stars: | 2023-03-16 | by ( Anshuman Daga | ) www.reuters.com time to read: +4 min

In December, Credit Suisse had tapped investors for 4 billion Swiss francs. Credit Suisse shares have lost more than 75% of their value over the past twelve months. Reuters Graphics Reuters GraphicsWHAT STEPS CAN CREDIT SUISSE TAKE TO CALM INVESTORS? HOW IMPORTANT IS CREDIT SUISSE? Credit Suisse has a local Swiss bank, wealth management, investment banking and asset management operations.

☆ Saudi money is pouring into Hollywood and media, 5 years after the murder of Jamal Khashoggi. Here's who's cashing in and how.
▼ + stars: | 2023-03-15 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +13 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Even those media players that are comfortable with invetment from the Middle East may not find funds flowing, one Hollywood veteran said. A major live WWE event in Saudi Arabia is slated for May. Of the growing ties between US entertainment and media and Middle East investors, this person added, "Presumably media organizations got into this to help society make better decisions."

☆ Blackstone to acquire Cvent in deal valued at $4.6 bln
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

March 14 (Reuters) - Cvent Holding Corp (CVT.O) said on Tuesday buyout firm Blackstone Inc (BX.N) would purchase the U.S. software provider that facilitates in-person and virtual meetings in a deal valued at $4.6 billion. Cvent said its shareholders would receive $8.50 per share, adding that a subsidiary of the Abu Dhabi Investment Authority (ADIA) will be a significant minority investor. The offer price represents a premium of about 29% from Jan. 30, before media reports of a potential deal surfaced. Reuters had previously reported that Cvent was exploring a sale of the company. Reporting by Akash Sriram in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

☆ UAE exchange house Al Ansari to float 10% in Dubai IPO
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - UAE-based exchange house Al Ansari Financial Services said on Thursday it plans to float 10% of the company on the Dubai Financial Market (.DFMGI) through an initial public offering (IPO). Al Ansari said Abu Dhabi Commercial Bank (ADCB.AD), EFG Hermes UAE and Emirates NBD Capital were mandated as joint global coordinators for the IPO. It made 595 million dirhams ($162.01 million) in net profit last year, up from 491 million dirhams in 2021. Operating income rose to 1.15 billion dirhams from 988 million dirhams in 2021. The Emirates Investment Authority, the UAE's only federal sovereign wealth fund, has the right to subscribe to up to 5% of the offering, Al Ansari added.

☆ UK regulator tells Heathrow to cut fees in win for airlines
▼ + stars: | 2023-03-08 | by ( Sarah Young | ) www.reuters.com time to read: +3 min

[1/2] A worker sanitises a barrier at the International arrivals area of Terminal 5 in London's Heathrow Airport, Britain, August 2, 2021. The lower fees will boost airlines such as IAG's (ICAG.L) British Airways and Virgin Atlantic, two of Heathrow's biggest, making the airport cheaper for them. They have long complained that fees at Heathrow, the busiest airport in western Europe, are the highest in the world. The strong bounceback in travel since the lows of the pandemic prompted the CAA to reduce the fees Heathrow can charge in the coming years. Improved forecasts for passenger numbers this year and next year mean Heathrow will be able to generate higher revenue, said the CAA, which uses passenger numbers to calculate the charges.

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