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A look at Mideast power brokers key to global deals who control $3 trillion in assets


The Middle East is home to some of the world’s largest sovereign wealth funds.

Overseeing close to $3 trillion of assets, these investing giants have become key players in global dealmaking.

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Flush with cash from last year’s commodity boom, entities from Abu Dhabi Investment Authority to Saudi Arabia’s Public Investment Fund have splashed out billions of dollars on everything from technology and finance to sport, in countries spanning Australia to Canada.

That’s attracted top names in global finance, from Ray Dalio to Rajeev Misra, who’re working closely with the influential heads of these funds.

Sheikh Tahnoon bin Zayed al-Nahyan

The Abu Dhabi royal, born in the late 1960s, helms a $1.5 trillion empire encompassing two wealth funds, the region’s most important private investment firm, the country’s largest lender and its biggest listed corporate. He’s also one of two deputy rulers in Abu Dhabi, the United Arab Emirates’ national security advisor and brother to its president.

Abu Dhabi Investment Authority, helmed by Sheikh Tahnoon since March, has been the second-biggest spender among the main Middle East wealth funds since the start of 2022, according to data from Global SWF.

As chairman of ADQ, Sheikh Tahnoon also oversees a fund that’s snapped up assets worth billions in Egypt and pledged investments to help shore up Turkey’s economy. It’s also been at the forefront of deals orchestrated with an eye on food security, including an agreement to buy a stake in Louis Dreyfus Co.

Sheikh Mansour bin Zayed al-Nahyan

A brother to Sheikh Tahnoon and UAE President Mohammed bin Zayed, Sheikh Mansour is perhaps best known globally as the owner of Manchester City Football Club. He’s one of the emirate’s most influential businessmen.

The royal, also UAE vice president and deputy prime minister, was named chairman of the $276 billion Mubadala Investment Co. in March. Khaldoon al-Mubarak, a prominent Emirati executive, has been CEO of the fund for close to two decades.

The duo oversee an array of investments including in Abu Dhabi’s largest lender, First Abu Dhabi Bank PJSC. Other holdings include Carlyle Group Inc. and GlobalFoundries Inc., which is America’s largest supplier of made-to-order semiconductors.

The fund is also backing Misra’s new $6.8 billion entity, and took opportunistic punts on technology firms amid last year’s rout in valuations. From investments in health care to finance, Mubadala has been at the forefront of attempts to diversify Abu Dhabi away from oil.

Sheikh Mansour, who is in his fifties, is also chairman of the $90 billion Emirates Investment Authority. The EIA owns 60 percent of the $60 billion Emirates Telecom — Vodafone Group Plc’s biggest shareholder — which is pushing ahead with an ambitious global expansion strategy.

Yasir al-Rumayyan

Governor of Saudi Arabia’s powerful Public Investment Fund, Yasir al-Rumayyan is one of the main people charged with delivering on Crown Prince Mohammed bin Salman’s Vision 2030 strategy aimed at overhauling the Kingdom’s economy.

From the $500 billion futuristic city of NEOM and deals upending the economics of global sport, to investments in mining, gaming and technology, the fund is leading the way on Saudi Arabia’s diversification efforts. Boosted by last year’s oil-price rally, the $760 billion PIF has outspent every regional wealth fund since the start of 2022.

The Crown Prince is chairman of the PIF and has helped shaped its strategy, including a move into sectors like gaming. Meanwhile, al-Rumayyan, who’s in his fifties and a keen golfer himself, was instrumental in orchestrating this year’s surprise PGA-LIV merger.

The fund owns a stake in state oil giant Aramco, of which al-Rumayyan is chairman. Outside Riyadh, the PIF is a major backer of Lucid Group Inc. and has holdings in Electronic Arts Inc. and Nintendo Co. Ltd.

Mansoor al-Mahmoud

As CEO of the $450 billion Qatar Investment Authority, Mansoor Ebrahim al-Mahmoud oversees one of the biggest sovereign investors in Europe. The QIA has stakes in companies ranging from commodities miner Glencore Plc to supermarket chain J Sainsbury Plc and automaker Volkswagen AG — where al-Mahmoud, who was born in the 1970s, is a board member.

Qatar’s coffers have been bolstered by soaring prices for LNG, of which Doha is one of the biggest exporters. Al-Mahmoud, appointed CEO in 2018, earlier this year indicated the fund would ramp up spending in Asia and the US, where it plans to invest across climate change, infrastructure and digitization.

The fund is also eyeing a more prominent position in the economic growth story of Qatar itself, now that years of heavy spending on hosting the football World Cup are over.

Sheikh Bandar bin Mohammed bin Saud al-Thani, who’s also governor of Qatar’s Central Bank was named the QIA’s chairman this year. That move is unlikely to result in tweaks to the fund’s strategy or its investment appetite.

With Bloomberg

Read more:

Saudi Telecom buys $2.25 billion stake in Spain’s Telefonica

Saudi PIF to create steel giant with $3.3 bln acquisition of Sabic’s metal unit deal

Qatar sovereign wealth fund invests $1 bln in Ambani’s retail arm

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Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

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At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

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US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM

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