Daily Brief - 28 May 2024

Saudi Arabia’s new health-care fund gets big boost with $250 million investment

Saudi Arabia’s sovereign wealth fund, Jada, is investing in TVM Capital Healthcare’s $250 million Afiyah fund. This fund aims to support health-care companies in Saudi Arabia and international firms expanding into the kingdom.

It will focus on specialist treatment centres and clinics, already having four investments lined up. This initiative is part of Saudi Arabia's plan to grow the private sector and diversify the economy.

The country has seen significant interest in health-care, with recent IPOs attracting huge investments.

ABN Amro expands wealth management with €672 million German bank purchase

Dutch bank ABN Amro has agreed to buy German lender Hauck & Aufhäuser Lampe Privatbank AG for €672 million. This acquisition from Fosun International Ltd. adds €26 billion in assets under management, boosting ABN Amro's total in Germany to €70 billion.

The move aims to strengthen ABN Amro’s position in wealth management, making it the third-largest private bank in Germany. The purchase is part of the bank's strategy to grow in wealth services amid declining lending revenues.

Shares of ABN Amro rose following the announcement, reflecting investor confidence in the deal.

Adani firms secure approval for $3.5 billion fundraising

Adani Enterprises and Adani Energy Solutions, key parts of Gautam Adani’s conglomerate, have received board approval to raise $2 billion and $1.5 billion, respectively. These funds will support their growth and capital spending.

The fundraising, potentially through share sales to institutions, requires additional approvals. This move follows the group's recovery from a significant stock decline triggered by a short-seller's report last year.

Adani Enterprises’ shares have risen 15% this year, reflecting renewed investor confidence. The group aims to attract major international investors, broadening its shareholder base and enhancing its global presence.