The UAE authorities will create a firm to store $27 billion in assets
The largest listed company in Abu Dhabi, headed by a key member of the emirate's royal family, will create a holding firm with assets of $27 billion in various sectors - 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 Sheikh Tahnun bin Zayed Al Nahyan's empire, Bloomberg reports.
Lunate, the newest foundation in Abu Dhabi, 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 join the new holding company. In addition, it will include private investment company Chimera, Egyptian Beltone Financial, crypto miner Citadel Technologies and Sagasse Investments, focused on the Middle East.
Sheikh Tahnun bin Zayed Al Nahyan holds the post of National Security Adviser to the United Arab Emirates and is the brother of the President of the country. Bloomberg writes that he is de facto "the business head of the Al Nahyan family." According to the agency, over the years he has become one of the most influential businessmen in the world and now heads two wealth funds, a private investment firm with a turnover of $300 billion, as well as the country's largest creditor.
IHC is a key part of this empire. Yesterday, on January 3, its shares rose by 3.2%, which was the highest figure in five months. As a result, the company's market value increased by about $7.5 billion, Bloomberg specifies.
