RIYADH: The UAE and Malaysia have agreed to negotiate a Comprehensive Economic Partnership Agreement, the two countries said on Tuesday. It is a type of bilateral trade deal the UAE has been pursuing with various countries since 2021. The agreement will cover trade in goods and services, investments, economic cooperation, Malaysia’s Trade Ministry said in a statement. “The UAE is Malaysia’s 17th trade partner globally and the second in the Middle East, accounting for 32 percent of Malaysia’s trade with Arab countries. The UAE is also the first destination for Malaysian merchandise exports to Arab countries,” UAE Trade Minister Thani Al-Zeyoudi said in a statement on state news agency WAM. IPO stake size Abu Dhabi National Oil Co. is offering a larger stake in its marine and logistics unit in an initial public offering after attracting significant investor demand, it said on Monday. ADNOC will now offer 19 percent of ADNOC Logistics and Services in the IPO, up from 15 percent, potentially raising $769 million based on the top end of indicated prices, according to Reuters calculations. ADNOC said it had received strong demand across all tranches and the decision was also part of the company’s commitment to a supportive trading environment for the company’s stock after listing. It set the price range for the unit at 1.99 dirhams ($0.5420) to 2.01 dirhams per share on May 16. The final offer price is expected to be announced on May 25. Reuters reported in March that ADNOC was gearing up to list ADNOC L&S in June, the oil giant’s second IPO this year after raising $2.5 billion from its gas business. Acquisition Abu Dhabi’s Mubadala Investment Co. has signed “definitive agreements” to acquire 90.01 percent of the equity of Fortress Investment Group from SoftBank Group Corp. Terms of the deal were not disclosed, and the deal is subject to customary closing conditions and regulatory approvals, the sovereign fund said in a statement. Fortress currently manages $46 billion of assets invested in the alternative investment space, particularly in credit and real estate across public and private markets. Once the deal is closed, Fortress management is expected to own a 30 percent equity interest in the company and will hold a class of equity entitling Fortress management to appoint a majority of seats on the board. Mubadala Capital, the wholly-owned asset management subsidiary of Mubadala Investment, which currently holds a 9.99 percent stake in Fortress through its Private Equity Funds II and III, will own 70 percent of Fortress equity. Also, after the close, Fortress will continue to operate as an independent investment manager under the Fortress brand, with full autonomy over investment processes and decision making, personnel and operations. Drew McKnight and Joshua Pack will be appointed co-CEOs of Fortress and Pete Briger will be appointed chairman. Mubadala Capital’s CEO and managing director, Hani Barhoush, who has served on Fortress’ board since 2019, will continue to serve on the board. The transaction is expected to close in the first quarter of 2024, subject to regulatory approvals.