Saudi SAB Invest Makes First Foray Into MENA Private Credit
SAB Invest has already secured about $100 million from regional wealth managers and family offices and intends to raise the rest within the next year, according to Osama Alowedi, chief investment officer.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
24 minutes ago
- Yahoo
Worldpay leverages Mastercard Move to ease money transfers in UAE
Worldpay and Mastercard have teamed up to the ease the money transfers for consumers and businesses in the United Arab Emirates (UAE). The move will see the integration of Worldpay's Push-to-Card solution with Mastercard Move to facilitate payment transactions. The Push-to-Card solution will allow for a range of fast payment services, including local and international transactions, covering requirements such as payments for freelance work, settlement of insurance claims, money remittances, and the processing of cryptocurrency proceeds. Mastercard said that its security services and infrastructure will support these transactions. Worldpay merchant country leader MEA Tausif Ahmed said: 'Worldpay plays a pivotal role in shaping the future of payments globally. As one of the first acquirers in the country to enable Mastercard Move, we're offering individuals and businesses a fast, secure, and convenient way to send and receive funds.' Consumers can receive funds, and businesses can expect more streamlined payment processes without the need to disclose bank account details, Mastercard said in its press release. Additionally, Worldpay merchants will be able to fund these payouts through their existing transaction flows. The Push-to-Card solution has been previously made available by Worldpay to merchants in several regions, including the UK, EU, US, and Australia. Mastercard market development executive vice president for EEMEA Mete Güney said: 'At Mastercard, we are committed to building a digital ecosystem by providing seamless payment options that cater to diverse customer bases and use cases. 'With Mastercard Move, we're delivering speed, security, and convenience to Worldpay's customers in the UAE. In June, dtcpay, a Singapore-based digital payments solutions provider, leveraged Mastercard Move to enable global money transfers for its users. Mastercard Move offers a suite of money transfer solutions to banks, non-bank financial institutions, and their customers, including those who manage direct payouts. The reach of this service spans over 200 countries and supports more than 150 currencies. "Worldpay leverages Mastercard Move to ease money transfers in UAE " was originally created and published by Electronic Payments International, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Gizmodo
25 minutes ago
- Gizmodo
$11 Billion in 2 Weeks: AI Bets Mint Money for Masayoshi Son
Japanese billionaire Masayoshi Son's fortune added $11 billion in just the first two weeks of August as his SoftBank Group's aggressive push into artificial intelligence buoyed shares to historic highs. Son's net worth now stands at $33.3 billion, solidifying his position as the second-richest person in Japan, according to the Bloomberg Billionaires Index. The resurgence comes amid a broader recovery at SoftBank's flagship Vision Fund, coupled with sizable payouts from asset sales, including stakes in T-Mobile US, that have bolstered Son's financial firepower. These gains are fueling further bets on AI hardware and technology companies, with Son's investments across chipmakers like Nvidia and Taiwan Semiconductor Manufacturing Co. gaining ground in the recent quarter. At 68, Son's wealth has long been characterized by volatility. During the dot-com bubble of 2000, he briefly surpassed Bill Gates in fortune, only to see that wealth evaporate as tech stocks collapsed. His early investments in Alibaba and exclusive rights to Apple's iPhone sales in Japan helped him stage a dramatic comeback, reaching a peak of $38.3 billion in 2021 following record profits from SoftBank's investments in newly listed tech firms. But no one has been immune to routs in tech: the value of Son's fortune has waned in recent years amid the tech downturn and shifting global markets. Son's latest surge reflects his unwavering confidence in AI's potential. After years of caution highlighted by a sharp retrenchment in 2022 amid falling tech valuations, he has renewed his focus on AI hardware, increasing holdings in Nvidia and TSMC in the March quarter despite critics warning of a bubble and oversupply risks. These investments are now contributing significantly to SoftBank's earnings, with the company's stock serving as an on-the-ground proxy for what many see as a burgeoning AI infrastructure boom. Recent developments suggest Son's strategic moves aren't limited to chipmakers. SoftBank is also backing a major push into electric vehicles through its acquisition of Foxconn's Ohio plant. That effort is being seen as integral to the company's Stargate AI data center project, a $500 billion initiative aiming to partner with firms like OpenAI and Oracle. SoftBank's expanding digital footprint includes plans to list its payments unit, PayPay, in the U.S., hinting at potential future payouts that could further enhance Son's wealth. But questions around his personal stakes in these investments and the governance issues they raise have heightened scrutiny among investors, who question whether his interests are best for the company's long-term survival. As Son continues to bet heavily on AI's transformative power, his recent wealth sprint underscores his belief that the tide is turning, and that his vision for a future dominated by intelligent infrastructure is finally gaining momentum.
Associated Press
26 minutes ago
- Associated Press
INVESTIGATION NOTICE: Girard Sharp Law Firm Encourages Former or Current 3M Company (NYSE:MMM) Investors Who Received Neogen Corporation (NASDAQ:NEOG) Shares in Connection With Neogen Corporation's Acquisition of 3M Company's Food Safety Business in September 2022 to Contact the Firm
SAN FRANCISCO, Aug. 19, 2025 (GLOBE NEWSWIRE) -- Girard Sharp LLP, a national investment, securities, and consumer class action firm, is investigating potential securities claims on behalf of former or current investors of 3M Company ('3M') who received shares of Neogen Corporation ('Neogen' or the 'Company') in connection with Neogen's acquisition of 3M's Food Safety Business on September 1, 2022 ('Merger'). Neogen is a Michigan corporation that, with its subsidiaries, 'manufacture and market a diverse line of products and services dedicated to food and animal safety.' The Company's Food Safety segment consists primarily of 'diagnostic test products and complementary products (e.g., culture media) sold to food producers and processors to detect dangerous and/or unintended substances in human food and animal feed, such as foodborne pathogens, spoilage organisms, natural toxins, food allergens, genetic modifications, ruminant by-products, meat speciation, drug residues, pesticide residues and general sanitation concerns.' The Company's Animal Safety segment is engaged in the 'development, manufacture, marketing and distribution of veterinary instruments, pharmaceuticals, vaccines, topicals, diagnostic products, rodenticides, cleaners, disinfectants, insecticides and genomics testing services for the worldwide animal safety market.' The offering materials for the Merger ('Offering Materials') stated that the combined Company expected to 'have improved EBITDA margins and stronger free cash flow relative to Neogen on a standalone basis, allowing Neogen to deleverage following the [Merger]' and 'generate run-rate revenue and cost synergies of $30 million within three years following the closing of the [Merger] due to efficiencies in product innovation, sales, marketing, distribution and production.' On January 10, 2025, Neogen announced its preliminary 2Q25 financial results and reported a net loss of $456.3 million due to a non-cash goodwill impairment related to the 3M Food Safety Division acquisition. Moreover, Neogen reported that, as of November 30, 2024, the Company had material weaknesses in its internal control over financial reporting. On April 9, 2025, Neogen announced its 3Q25 financial results, reporting a net loss of $11 million and a drop in revenue of 3.4% to $221 million. The Company also reported that its capital expenditures were expected to be approximately $100 million as a result of 'lowered Adjusted EBITDA' and a 'pull-forward of integration capex into fiscal 2025.' It also reported the Company's CEO, John Adent, would be stepping down. Since September 1, 2022, the date upon which Neogen issued shares to former or current 3M investors, Neogen's share price has declined by 75%. Girard Sharp's investigation focuses on whether the Offering Materials may have included misrepresentations and omissions regarding Neogen's and 3M's financial conditions and the Merger. If you are a former or current 3M investor with losses, please fill out this form, email [email protected], or call (866) 981-4800 for a free consultation. Why Girard Sharp? Girard Sharp represents investors, consumers, and institutions in class actions and other complex litigation nationwide. We recently obtained a $36.5 million securities settlement against Maxar Technologies, a space imagery company, after its share price collapsed following its acquisition of DigitalGlobe. Our attorneys have obtained multimillion-dollar recoveries for victims of unfair and deceptive practices in antitrust, financial fraud, and consumer protection matters against some of the country's largest corporations, including Raymond James, John Hancock, and Sears. Girard Sharp has earned top-tier rankings from U.S. News and World Report for Securities and Class Action Litigation and has been repeatedly selected as an Elite Trial Lawyers finalist by the National Law Journal. Contact Girard Sharp LLP (866) 981-4800 [email protected] [email protected]
