Abu Dhabi Boosts Investing Heft With $237 Billion Financial Firm - Bloomberg
International Holding Co. is creating a new financial-services holding company that will oversee about 870 billion dirhams ($237 billion) in assets, the latest consolidation move by Abu Dhabi’s biggest listed firm.
The new entity, Judan Financial, will combine businesses spanning banking, insurance, asset management, alternative investments and financial technology, IHC said in a statement Friday. They include asset managers Chimera Investment and the $115 billion Lunate Capital as well as brokerage International Securities.
The move adds another investing heavyweight in Abu Dhabi, which is already home to investors that collectively oversee assets worth about $2 trillion. Many of them are prolific dealmakers across a range of sectors, from finance to artificial intelligence, and have deep ties to the titans of Wall Street.
Judan, which is expected to raise third-party and institutional capital, will have a valuation of about 100 billion dirhams and is expected to “substantially scale” over the next five years. A first cohort of strategic investors have already been secured, according to the statement.
The entity will be chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is a brother of the United Arab Emirates’ ruler, and the country’s national security adviser. In addition to his role at the $239 billion IHC, he oversees vast swathes of Abu Dhabi’s oil wealth as chairman of its biggest wealth fund, its top lender and and its main artificial intelligence investor.
“Judan Financial has been established to create a globally relevant financial services institution, built on strong governance, long-term capital and differentiated platforms,” he said in the statement.
The new entity will house Lunate, which has struck partnerships with Wall Street heavyweights and placed bets on the likes of OpenAI. It works with many of the world’s largest firms including BlackRock Inc., Blackstone Inc., CVC Capital Partners Plc and Brookfield Asset Management.
IHC’s latest move comes just months after it merged three units to create an investing behemoth with $33 billion in assets spanning finance, consumer and energy spread across 85 countries.
Abu Dhabi sovereign wealth apparatus, too, has seen sweeping changes. Last month, the newly-created L’Imad Holding — chaired by the emirate’s crown prince Sheikh Khaled bin Mohammed — absorbed wealth fund ADQ.
Mohamed Al Suwaidi, who was chief executive officer at ADQ before transitioning into a new role at Lunate, will serve as Judan’s vice chairman, managing director and CEO.
