Mideast Funds Ride China AI Wave to World-Beating IPO Gains

Middle Eastern funds have racked up outsize gains from bets on newly listed Chinese artificial intelligence companies, bucking a broader selloff in equity markets caused by the ongoing conflict in the Gulf.

Abu Dhabi Investment Authority’s $65 million cornerstone investment in MiniMax Group Inc. had risen more than sixfold as of Tuesday’s close to over $400 million since the firm listed in Hong Kong in January. Aramco Ventures’ roughly $30 million pre-IPO investment in Knowledge Atlas Technology JSC Ltd., known as Zhipu, has climbed to about $415 million since its debut at the start of the year.