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(Bloomberg) — A US trading platform owned by crypto exchange Kraken has signed a $100 million private loan with a new Gulf investment firm, in another sign that Middle East financiers are looking past the regional conflict to press ahead with overseas investments.
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Bahrain-based Gulf Partners Group arranged the senior secured financing for NinjaTrader, a retail futures platform, the investment firm said in a statement on Wednesday. The transaction is GPG’s first major investment since launching in January. Kraken acquired NinjaTrader for $1.5 billion last year.
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The loan will help NinjaTrader expand while deepening Kraken’s ties with the Middle East, after its parent company, Payward, secured a preliminary license from Dubai’s Virtual Asset Regulatory Authority in May. The companies said they plan to explore additional investment opportunities and partnerships across the region.
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Founded by former executives of alternative investment firm Arcapita Group Holdings, GPG aims to invest across private equity, private credit and real estate special situations. It will target investments of up to $100 million and expects a quarter of its investments to be outside of the Gulf.
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GPG is in advanced stages of proceeding with deals in the energy services and healthcare sectors in the Gulf, its Chief Investment Officer Waleed Abdulaziz said in an interview.
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“We’re not finding any steal deals right now,” he said. Despite the war, there is intense competition with international and regional investors for quality deals in the Middle East, he added.
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Deal activity has held up since the Iran conflict began in late February, with Blackstone Inc. investing $250 million in an Abu Dhabi payments infrastructure platform. A range of private equity groups, including BlackRock Inc.’s Global Infrastructure Partners and Brookfield Asset Management Ltd., are vying for a stake in a $7.5 billion pipeline network in Kuwait, while Aramco is lining up a privatization program that could raise up to $35 billion.
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GPG is backed by Kuwait-listed firm Arzan Financial Group, part of the Al Bahar family, but plans to expand its shareholder base by bringing in additional Gulf family investors over time, with the aim of becoming a pan-GCC platform, Co-Chief Executive Officer Yousif Al Abdulla said.
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