#AbuDhabi Firm That Backed Paramount’s Hostile Bid Gets a Board - Bloomberg

Abu Dhabi Firm That Backed Paramount’s Hostile Bid Gets a Board - Bloomberg

Abu Dhabi has appointed the board for L’Imad Holding Co., the recently created entity that drew attention after joining established Gulf wealth funds to back Paramount Skydance Corp.’s hostile bid for Warner Bros. Discovery Inc.

Jassem Mohamed Bu Ataba Al Zaabi will serve as managing director and chief executive officer of the sovereign investment platform, according to a statement on Monday. Al Zaabi chairs several Abu Dhabi-based entities, including the emirate’s Department of Finance and telecommunications group e&.

He will be joined on the board by representatives of Mubadala Investment Co., including Group CEO Khaldoon Khalifa Al Mubarak and Deputy Group CEO Waleed Al Mokarrab Al Muhairi.

The board will be chaired by Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the crown prince of Abu Dhabi.

In addition to L’Imad and Mubadala, the emirate is home to major sovereign investors such as ADQ and the Abu Dhabi Investment Authority, which together oversee about $1.8 trillion in assets.

Aside from its high-profile support for the Warner Bros. bid, L’Imad has publicly disclosed only one significant transaction so far. In late October, it agreed to buy a controlling stake in Modon Holding PSC, an Emirati property developer with a market value of about $15 billion, from ADQ and Sheikh Tahnoon bin Zayed Al Nahyan’s International Holding Co.

L’Imad plans to develop and manage a diversified portfolio across priority sectors in the United Arab Emirates and abroad, including infrastructure and real estate, financial services and asset management, advanced industries and technology, urban mobility, and smart cities, according to the statement.