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ADIA Backs $3.1B IPO; Zain Expands Into Syria; Saudi PIF Profit Soars
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Thursday, July 2, 2026
Happy Thursday everyone!
Gulf investors continue to make bold moves across global markets and strategic industries. Abu Dhabi Investment Authority has backed Luxshare's $3.1 billion Hong Kong IPO, reinforcing the region's growing influence in international capital markets. Meanwhile, Kuwait's Zain Group is investing more than $1.5 billion to rebuild and modernise Syria's telecom network, marking one of the country's biggest foreign investments in years. In Saudi Arabia, the Public Investment Fund more than doubled its annual profit as assets climbed to $1.21 trillion, underscoring the financial firepower behind Vision 2030.
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Abu Dhabi Investment Authority Backs $3.1 Billion Luxshare IPO In Hong Kong
What Is It About
The Abu Dhabi Investment Authority (ADIA) is backing what could become Hong Kong’s biggest IPO of the year by investing $45 million in Chinese electronics manufacturer Luxshare Precision Industry. The Apple supplier aims to raise up to HKD 24.3 billion ($3.1 billion) through its listing, with shares expected to begin trading on July 9 after pricing is finalized on July 7.
Why It Matters
ADIA’s participation highlights continued Gulf investment in Asia’s technology and manufacturing sectors. Joining major cornerstone investors including Temasek, GIC, Tencent, Hillhouse Investment, and Millennium Management, the sovereign wealth fund is supporting a company that plays a key role in Apple’s global supply chain and is expanding into the fast-growing electric vehicle market.
What’s Next
Luxshare plans to use the IPO proceeds to expand production capacity, invest in research and development, pursue acquisitions, repay debt, and strengthen working capital. The investment also continues ADIA’s active participation in global equity markets, following recent investments in other international IPOs as it looks to capture long-term growth opportunities.
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Kuwait’s Zain To Invest More Than $1.5 Billion In Syria Telecom Expansion
What Is It About
Kuwait’s Zain Group will invest more than $1.5 billion to build and modernise a mobile network in Syria after securing a 25-year operating licence from the country’s communications ministry. The company will acquire the existing network previously operated by MTN Group and launch Zain Syria in the first quarter of 2027, subject to regulatory approvals.
Why It Matters
The investment marks one of the largest foreign commitments to Syria’s telecom sector in years and expands Zain’s footprint in the Levant. The company plans to invest over $800 million in network upgrades, including 5G and AI-powered technologies, with the first phase targeting coverage for more than 98% of Syria’s population.
What’s Next
Zain will establish a new operating company with a 75% stake, while a Syrian government entity will own the remaining 25%. The network upgrade will be funded through cash generated by the Syrian business over the next decade, with the rollout expected to strengthen regional digital connectivity and support the country’s telecom infrastructure.
Saudi Arabia’s PIF More Than Doubles Profit As Assets Reach $1.21 Trillion
What Is It About
Saudi Arabia’s Public Investment Fund reported a sharp rise in earnings for 2025, with net profit more than doubling to SR65.1 billion ($17.3 billion). Revenue climbed 9% to SR449.9 billion, while total assets grew 5% to SR4.54 trillion ($1.21 trillion), reinforcing the sovereign wealth fund’s position as one of the world’s largest state investors.
Why It Matters
The results highlight PIF’s growing financial strength as it continues to drive Saudi Arabia’s Vision 2030 agenda. Strong liquidity of more than SR350 billion and higher operating profit provide the fund with greater capacity to invest in strategic sectors, including artificial intelligence, tourism, infrastructure and global partnerships aimed at diversifying the Kingdom’s economy.
What’s Next
PIF is expected to accelerate investments across priority sectors after launching AI company Humain, expanding international partnerships and debuting its first euro-denominated green bond. The fund is also advancing projects including Expo 2030 Riyadh while continuing to back domestic industries and overseas investments as it pursues long-term economic transformation.
Smashi Business Exclusive: Al Haboob Racing Founders On Turning Camel Racing Into A Global Franchise Model
Ahmed Al Haboob and Safwan Modir, founders of Al Haboob Racing, spoke on Smashi Business about building the world’s first professional camel racing team in Saudi Arabia. They explained how they are transforming a traditional, individual sport into a structured, franchise-style model inspired by Formula 1, with teams, sponsorships and long-term commercial value.
The founders discussed leaving corporate careers during the pandemic to pursue entrepreneurship in a “virgin” sports market, despite high operational risks tied to livestock performance. They also highlighted media ventures like their Netflix series Camel Quest, partnerships including Paul Pogba, and their vision to modernize the sport using data and technology.
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