The largest listed company in Abu Dhabi, headed by a member of the emirate's royal family, is creating a new holding company with assets worth $27 billion in various sectors, from financial services to mining. Bloomberg reports UNN.
Details
It is noted that 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 Sheikh Tahnoon bin Zayed Al Nahyan's empire.
At the same time, Lunate, Abu Dhabi's newest fund, will be part of 2PointZero. International Resources Holding, which invested more than $1 billion in the Mopani copper mine in Zambia in December 2023, will also be part of the new holding company.
It will also include private investment company Chimera, Egypt's Beltone Financial, crypto miner Citadel Technologies, and Sagasse Investments, which is focused on the Middle East.
Sheikh Tahnoon bin Zayed Al Nahyan is the National Security Advisor of the UAE and is the brother of the country's president.
According to Bloomberg, he is "the de facto business head of the Al Nahyan family." According to the agency, in recent years he has become one of the most influential businessmen in the world and now heads two sovereign wealth funds, a private investment firm with a turnover of $300 billion, and the country's largest lender.
IHC is a key part of this empire. On January 3, its shares rose by 3.2%, the highest in five months. As a result, the company's market value increased by about $7.5 billion, Bloomberg adds.
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