Banking, fintech, funds, capital markets and cross-border investment
Saudi Arabian state oil company Aramco is nearing a deal for a $10 billion revolving credit facility with an international banking syndicate. The lending group includes Bank of China and Industrial & Commercial Bank of China alongside global financial institutions. The facility is set to carry a margin of 60 basis points over the Secured Overnight Financing Rate.
Linklaters advised Bank of China on the issuance of RMB 2 billion fixed-rate Yulan notes by its Dubai branch, due in 2028. The senior unsecured notes are dual-listed on Nasdaq Dubai and the Hong Kong Stock Exchange, marking the first Yulan notes listed on Nasdaq Dubai. The transaction connects offshore Renminbi liquidity with Gulf debt capital markets.
OpenAI is in talks to raise up to USD 30 billion in fresh funding led by UAE investors alongside US investment firm Coatue, according to CNBC as reported by EnterpriseAM. The ChatGPT developer is targeting a pre-money valuation of USD 1.25 trillion, down from an earlier pitch of USD 1.4 trillion. The transaction discussions also include securing additional computing capacity within the UAE.
Artificial intelligence investments may not deliver broad economic gains for China in the near term due to weak domestic demand and limited monetization, according to Fitch Ratings. While policy is promoting AI adoption across various sectors, intense competition and early-stage commercialization continue to limit financial returns. Fitch noted that AI could reinforce existing divisions between export-oriented sectors and domestic businesses facing constrained credit conditions.
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