The biggest move on this week’s map came out of Sheikh Tahnoon bin Zayed’s stable. Tahnoon chairs the MGX board, chairs G42, and chairs ADIA’s board. IRH, the company behind this week’s bid, sits inside his International Holding Co.
IRH bids for Kenmare (Oct 6)
On Tuesday, Kenmare Resources confirmed a nonbinding proposal from IRH for a possible cash offer for the whole company. Kenmare runs the Moma titanium minerals mine in Mozambique. Its shares rose nearly 41% on the news, and CEO Tom Hickey is on the other side of the table.
Since 2024, IRH has put over $1.1 billion into Mopani, its first acquisition, including $620 million in equity, according to the company. A week before the Kenmare news, Zambia’s ZCCM-IH accused IRH of “pervasive and sustained” breaches at Mopani, according to Bloomberg, and warned it could seek damages or go to arbitration. IRH said it has a strong and constructive relationship with ZCCM-IH. IRH made the Kenmare approach with that dispute still open.
The questions I’m working on are who sits around Ali Rashed Alrashdi, what IRH has bought since Mopani, and how far Lusaka will push the arbitration threat before November 17, IRH’s deadline to firm up a Kenmare bid.
The full piece on IRH is up for paid subscribers this week.
Mubadala in Singapore (Oct 7)
At Milken Asia, CFO Carlos Obeid said Mubadala’s Asia share has grown from about 10% of the portfolio three years ago to about 13%. He named China, South Korea, India and Japan as the main targets. The China consumer piece is already on the board: Philip Yifei Bao, Mubadala’s Director of Private Equity China, joined Luckin Coffee’s board on September 29, following the stake Mubadala took alongside Centurium Capital.
QIA in Singapore (Oct 7)
Nasser Al-Attiyah, QIA’s Director of Strategic Partnerships for Emerging Markets, was in Singapore and met Qatar’s ambassador there, Abdulaziz Al-Malki. No deal was announced, but QIA’s Asia advisory office is based in Singapore, and the visit landed the same week Mubadala was there talking up Asia.
PIF in Seoul
PIF co-hosted a Korea-Saudi investment forum at FKI Tower in Seoul with about 280 business representatives. The agenda went past construction and energy into AI, aerospace and mobility.
Mubadala clears Washington (Oct 9)
Mubadala Capital and Mark Walter’s TWG Global received CFIUS clearance for their $6.2 billion take-private of Clear Channel Outdoor, and the deal is expected to close around October 14. The definitive agreement was signed in February. Clearance from the US foreign-investment review panel means a Gulf-backed buyer will own one of America’s largest billboard networks.
What I’m watching
- November 17. That’s IRH’s deadline to announce a firm intention to bid for Kenmare. Whether IRH firms up the offer with Zambia threatening arbitration will show how much weight Abu Dhabi gives the Mopani dispute.
- Mopani’s ramp-up. IRH is targeting 300,000 tonnes of copper cathode a year by 2029. Mopani produced just over 5,000 tonnes in June, so the next few quarters’ output will show how fast the expansion is moving.
- Gulf funds turning to Asia. Mubadala and QIA were both in Singapore this week, and PIF has been courting Seoul. I expect Korean and Japanese deal flow to follow.
- FII10 in Riyadh, October 26–29. Al-Rumayyan leads the lineup. This is the next place to watch for Korea follow-through.
- October 14. The expected close of Clear Channel Outdoor. Once it closes, Mubadala Capital will own a US media asset with a national footprint.
Tickers I’m watching
- Kenmare Resources (LSE: KMR). It’s the direct play on IRH’s bid. The stock gapped up on the approach. If IRH announces a firm offer by November 17, the stock would likely trade toward the offer price; if IRH walks away, it could give back the gap.
- International Holding Co (ADX: IHC). IRH sits inside IHC through its 2PointZero unit. This is the listed way to track Tahnoon’s mining push, including how the market prices the Mopani dispute.
- Luckin Coffee (OTC: LKNCY). Mubadala now has a director on Luckin’s board, which makes it the clearest listed name tied to Mubadala’s China consumer bet.
- Presight AI (ADX: PRESIGHT). It’s G42’s listed AI arm, 68.4% owned by G42 as of February, and sits inside the same Tahnoon network.
- Hyundai Rotem (KRX: 064350), Korea Aerospace Industries (KRX: 047810), Naver (KRX: 035420). All three sent people to PIF’s Seoul forum, so they’re the names I’ll check first if Korea-Saudi deals in aerospace, AI and mobility come out of FII10.