Adveith Nair

(Bloomberg) -- Sanjay Shah, a hedge-fund trader accused of defrauding the Danish state of $1.3 billion in the Cum-Ex trading scam, will be handed over to Denmark to face criminal charges just over a year after he was arrested in Dubai. Most Read from BloombergBiden Says He Might Not Have Sought Reelection If Trump Weren’t RunningTreasury Frenzy Drives 10-Year Yield Below 4.2%: Markets WrapTruck-Stop Billionaire Fights Warren Buffett to Increase $18 Billion Fortune India Stock Value Tops $4 Trill

(Bloomberg) -- Dubai is setting up a new fund to drive investments in strategically-important projects, adding to a constellation of state-backed wealth funds in the region that manage close to $4 trillion.Most Read from BloombergJPMorgan Is in a Fight Over Its Client's Lost $50 Million FortuneAbu Dhabi Is the World’s Newest Wealth Haven for BillionairesJack Ma’s Biggest E-Commerce Rival Is Coming for AmazonHarvard’s Deepening Disunity Pits Alumni Against FacultyWall Street Holds Back on Big Bet

The oil-rich Middle East is close to becoming the only region with three trillion-dollar wealth funds.

(Bloomberg) -- Abu Dhabi sovereign wealth fund ADQ is consolidating some of its pharmaceutical assets to create one of the region's largest life sciences firms, with operations across four continents.

Over the next few days, private jets will ferry financiers to the site of Crown Prince Mohammed bin Salman’s $1.5 trillion desert dream — the futuristic city of Neom. The event is part of Saudi Arabia’s efforts to drum up interest in the project, unveiled seven years ago as the centerpiece of a massive rejig of the oil-dependent economy.

Mubadala Investment Co. deployed 89 billion dirhams ($24.2 billion) last year into a range of sectors including private credit and artificial intelligence, an area where Abu Dhabi is seeking to make greater inroads.

Saudi Arabia’s offer of a sliver of Aramco that will raise as much as $12 billion ranks among the largest share sales globally since the kingdom listed the oil giant five years ago.

Saudi Arabia kicked off a $12 billion secondary offering in Aramco on Sunday that’s been years in the making. As has been the case with recent share sales in the kingdom, investors snapped up all stock on offer in mere hours.

Welcome to the Mideast Money newsletter, I’m Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here.

Welcome to the Mideast Money newsletter, I’m Adveith Nair. Join us each week as my team and I chronicle the intersection of money and power in a region that's become one of the most influential in global finance. You can sign up here.