Saudi Aramco, the world’s largest oil company, is generating renewed energy among investors as it moves forward with a secondary offering.

The share sale is currently being planned to start on Sunday with the booking process to take orders and could raise more than $10 billion, making it the largest offering of its kind in years, Bloomberg reports.

No final decisions have been made on the offering period and terms of the deal, including its size, could still change, according to the news agency.

Aramco didn’t immediately respond to requests for comment.

The offering is set to come days after Aramco’s stock dropped to the lowest level in over a year.

The deal’s opening will coincide with next week’s OPEC+ meeting to discuss oil output policy, where the group is expected to maintain supply curbs.

Saudi Arabia’s production is close to its lowest level in three years.

Saudi Arabia’s technology investment mega-fund Alat bought $2 billion worth of convertible bonds in Hong Kong PC giant Lenovo.

Under the deal, Alat has lured the world’s largest seller of personal computers to open a manufacturing plant to produce servers and PCs, as well as open a research center and its Middle East and Africa headquarters in Riyadh.

Launched earlier this year, Alat has previously signed partnerships with U.S.-based Carrier, Japan’s SoftBank Group and China’s Dahua Technology to build manufacturing plants in Saudi Arabia.

The SoftBank robotics plant is expected to open and assemble its first robot by year’s end.

In February, Saudi Arabia tapped ex-Dell Technologies executive Amit Midha to lead the new Public Investment Fund-owned industrial electronics company with $100 billion in backing that aims to become an AI investing and local manufacturing powerhouse.

Chaired by Saudi Crown Prince Mohammed bin Salman, Alat is targeting the creation of 39,000 direct jobs in Saudi Arabia and a $9.3 billion contribution to GDP by 2030.

The company is eyeing 30 product categories including robotics, computing and digital entertainment, as well as advanced heavy machinery. 

Abu Dhabi Investment Authority is among a handful of investors in formal talks with U.S. private equity firm Carlyle Group over the sale of a stake in Indian data centers.

ADIA, the biggest sovereign wealth fund in the Middle East, along with Singapore’s GIC and global private equity majors like KKR are in discussions on the sale of Carlyle’s 24% stake in Nxtra Data, the data center business of Indian telecom company Bharti Airtel, Moneycontrol reports.

Carlyle had picked up the stake in the company in 2020 for $235 million.

News of the potential deal comes amid a wave of interest in data centers by Gulf sovereign wealth funds. ADIA has earmarked billions of dollars over the last several years to deploy into this critical infrastructure amid the artificial intelligence boom.

In 2022, ADIA joined hands with Singapore’s SC Capital to deploy as much as $2 billion into data center infrastructure in developed Asian economies.

Landing in Seoul on Tuesday for a two-day state visit to South Korea, UAE President Sheikh Mohamed bin Zayed swiftly set the strengthening of ties with Asia’s business elite at the top of his agenda.

He travels to Beijing on Wednesday amid ongoing negotiations within the Gulf Cooperation Council on a proposed free trade agreement with China.

Ahead of ceremonies and strategic talks with South Korean President Yoon Suk Yeol, the Emirati leader met with leaders of the country’s biggest conglomerates to discuss expanding trade in fields ranging from construction and shipbuilding to green energy, the Korea Herald reports.

Among those at the meeting were Samsung Electronics Chairman Lee Jae-yong, SK Group Chairman Chey Tae-won, Hyundai Motor Group Executive Chair Chung Euisun and GS Group Chairman Huh Tae-soo.

Sheikh Mohamed brought his own corporate heavyweights on the swing through Asia, including Dr. Sultan Al Jaber, the Minister of Industry and Advanced Technology who is Group CEO of the national oil company ADNOC and President of COP28, which led the U.N. climate summit in Dubai.

Khaldoon Al Mubarak, Chairman of the UAE Executive Affairs Authority and Group CEO of the Mubadala sovereign wealth fund, is also traveling in the presidential delegation.

Other key UAE cabinet members on the trip are Minister of Energy and Infrastructure Suhail Al Mazrouei, Minister of Investment Mohamed Alsuwaidi and Minister of State for Foreign Trade Dr. Thani Al Zeyoudi.

The four units of the UAE’s new $20 billion Barakah power plant in Abu Dhabi were built by Korea Electric Power Corp. and a consortium of Korean companies.

Saudi Arabia’s Prince Alwaleed Bin Talal and his Kingdom Holding Co. continue to rank among Elon Musk’s biggest backers, participating in the $6 billion Series B funding round of the tech billionaire’s startup, xAI.

In a blog post on xAI’s website, a description of key investors includes the Saudi prince’s personal office and his Tadawul-listed company.

The kingdom’s sovereign wealth fund, the Public Investment Fund, acquired a $1.05 billion stake in KHC in 2022.

The conglomerate, along with the private office of Prince Alwaleed, were jointly the second-largest investors after Musk’s Twitter takeover in 2022, according to a statement released by the Saudi prince at the time.

xAI, which is focused on the development of advanced AI systems, is valued at $24 billion, following the latest funding round that saw participation from Valor Equity Partners, Vy Capital, Andreessen Horowitz, Sequoia Capital and Fidelity Management & Research Company.

The cash will be used to take xAI’s first products to market as the Musk entity rises to challenge OpenAI’s ChatGPT, which is working on an update to its flagship AI product.  

Meanwhile, MGX, the artificial intelligence mega-fund created in January through a partnership between Abu Dhabi sovereign wealth fund Mubadala and G42, held its first board meeting this week, chaired by Sheikh Tahnoon bin Zayed, Deputy Ruler of Abu Dhabi.

The board meeting was attended by Mubadala CEO and MGX Vice-Chair Khaldoon Al Mubarak, as well as Jassem Mohamed Bu Ataba Al Zaabi, Peng Xiao and Ahmed Yahia Al Idrissi.

Emirates Development Bank (EDB) is loosening the purse strings, aiming to massively increase financing to the private sector by 2026.

The bank announced it will provide financing worth AED 30 billion ($8.2 billion) by 2026, targeting the 13,500 companies operating in key sectors for the UAE’s diversification efforts, including renewable energy, industry, advanced technology, healthcare and food security, according to Shaker Zainal, Business Finance Director at EDB.

On the sidelines of the Make it in the Emirates Forum on Monday, he said the bank has allocated $1.36 billion in financing for industrial projects so far this year.

Access to financing is one of the top hurdles for small- and medium-sized enterprises looking to grow in the Gulf. To address the access to credit or equity financing gap, development banks across the region have cropped up in the last decade, with EDB launching in 2015. 

Congressional China hawks are raising red flags over Microsoft’s $1.5 billion investment in Abu Dhabi artificial intelligence firm G42, Politico reports.

The deal, brokered with the help of the U.S. Commerce Department, was in part aimed at bringing the UAE – a regional leader in AI development – out of China’s “camp,” Commerce Secretary Gina Raimondo said at the time.

Microsoft and G42 are now in initial talks for a follow-on agreement that could include the transfer of cutting-edge U.S.-designed semiconductors to G42.

In February, G42 said it is divesting its stakes in Chinese companies and in recent months has “signaled a willingness” to replace hardware made by Huawei and other Chinese vendors with U.S. alternatives, according to Politico.

Sen. Marco Rubio (R-Fla.), the ranking member of the Senate Intelligence Committee, said he has “serious concerns that the Biden Commerce Department, under Secretary Raimondo, is not adequately safeguarding our advanced technologies.”

On the other hand, Rep. Ritchie Torres (D-N.Y.) hailed the deal and said Congress “should welcome countries who choose to align themselves with the United States,” describing the UAE as a strategic ally and a moderating force in the Middle East.

The UAE is likely to achieve its full oil capacity target of 5 million barrels a day more than a year earlier than expected, Bloomberg reports.

ADNOC, the state-owned oil company, is on course to reach the threshold by the end of next year or early 2026, which is ahead of the 2027 goal the company had set, according to people with knowledge of the operations.

The higher capacity will be a potential source of tension as OPEC+ debates new production quotas later this year, the news agency said.

OPEC and its partners have been restricting output for years to shore up the market and raise prices.

The UAE – which said this month that it had raised capacity from last year’s level – has been eager to use some of its spare volume, according to Bloomberg.

The country has occasionally clashed with Saudi Arabia on the issue, risking a split among the group three years ago, before a compromise was found.