UAE authorities will create a company to store $27 billion in assets – Kommersant
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Abu Dhabi’s largest listed company, led by a key member of the emirate’s royal family, will create a holding firm with $27 billion in assets in sectors ranging from financial services to mining. The company, called 2PointZero, will be transferred to Abu Dhabi International Holding Co (IHC), whose turnover is estimated at $239 billion. Its assets will include parts of the empire of Sheikh Tahnoun bin Zayed Al Nahyan, reports Bloomberg
Lunate, Abu Dhabi’s newest fund, will be part of 2PointZero. International Resources Holding, which invested over $1 billion in the Mopani copper mine in Zambia in December 2023, will also be part of the new holding company. In addition, it will include the private investment company Chimera, the Egyptian Beltone Financial, the crypto miner Citadel Technologies and Sagasse Investments, focused on the Middle East.
Sheikh Tahnoun bin Zayed Al Nahyan serves as the National Security Advisor of the United Arab Emirates and is the brother of the country’s president. Bloomberg writes that he “is the de facto business head of the Al Nahyan family.” Over the years, he has become one of the world’s most powerful businessmen, according to the agency, and now heads two wealth funds, a $300 billion private equity firm and the country’s largest lender.
IHC is a key part of this empire. Yesterday, January 3, its shares rose by 3.2%, which was the highest in five months. As a result, the company’s market value increased by approximately $7.5 billion, Bloomberg clarifies.
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