The Finance World Magazine| Edition: April 2023

Peninsula Real Estate in talks with Abu Dhabi firm
over pre-IPO funding
Peninsula Real Estate is reportedly
in discussions with Yas
Holding, an Abu Dhabi-based
investment group, to secure
funding before its planned IPO, according
to anonymous sources. The
IPO is expected to take place in Abu
Dhabi during the first half of 2023,
and the sources suggest it could raise
around $550M. The potential size of Yas
Holding’s investment is unknown, and
the discussions are ongoing. Peninsula
had previously considered listing a real
estate investment trust in London but
abandoned those plans in favour of an
IPO in Abu Dhabi due to a variety of
factors, including the strength of the
local market and government initiatives.
Sheikh Mohammed bin
Rashid approves $100B
Asian Infrastructure Investment
Bank Office in UAE
The Asian Infrastructure
Investment Bank (AIIB) is
set to establish an office in the
UAE. The AIIB, which has 57
member countries and an initial capital
of $100B, aims to drive infrastructure
investments and promote accelerated
development in Asia. The UAE was
unanimously chosen by the AIIB’s Board
of Directors. The Cabinet also approved
the UAE Circular Economy Policy 2031,
which includes 22 policies related to
sustainable transport, food production
and consumption, manufacturing, and
green infrastructure. Additionally,
the Cabinet passed four international
agreements and approved the ‘UAE
Award for Market Leadership’.
UAE’s Mubadala & Stone
Point to Acquire 20% of
Truist Insurance for $1.95B
Abu Dhabi’s Mubadala
Investment Company and
private equity firm Stone
Point Capital are set to
acquire a 20% stake in Truist Insurance
Holdings for $1.95B. The subsidiary
of Truist Financial Corporation is
the sixth-largest insurance broker
in the US and operates more than
240 offices through its subsidiaries.
The deal, which includes other coinvestors,
values the broker at $14.75B
and is expected to close in Q2 2023.
After the transaction, Truist Financial
Corporation will retain an 80% stake in
Truist Insurance Holdings. Mubadala’s
portfolio spans various sectors and asset
classes with a total value of $284B.
Saudi Arabia provides a $5B deposit to the Central
Bank of Turkey
Saudi Arabia has agreed to deposit
$5B in the Central Bank
of Turkey, as per an agreement
signed by the Saudi Fund for
Development (SFD). The announcement
follows Saudi Minister of Finance
Mohammed Bin Abdullah Al-Jadaan’s
statement in December about the
country’s plan to make the deposit.
While Turkey’s net foreign exchange
reserves had improved since last summer’s
low of just over $6B, the reserves
lost $8.5B since a deadly earthquake
hit the country in February, leaving
over 45,000 people dead and millions
homeless. The deposit was signed by
SFD Chairman Ahmed Aqeel Al-Khateeb
and Turkish Central Bank Governor
Sahap Kavcioglu.
April 2023 www.thefinanceworld.com 73