Abu Dhabi's Money Machine, Dubai Real Estate Boom, Egypt's Early Elections - Bloomberg
Abu Dhabi, one of few cities globally to oversee about $1.5 trillion in sovereign wealth, has just added another heavy hitter to its roster.
As home to some of the biggest wealth funds, the emirate’s moves in the world of dealmaking tend to resonate around the world. Its latest creation, a $50 billion behemoth, will target alternative investments.
Called Lunate — lunatus is Latin for crescent-shaped — the new vehicle will have three managing partners drawn from Abu Dhabi entities overseen by Sheikh Tahnoon bin Zayed Al Nahyan. It’s being set up by Chimera Investment, which is also part of the royal’s sprawling empire.
Chimera and a unit oversee a portfolio of assets worth almost $20 billion. The firm was folded under Sheikh Tahnoon’s $240 billion conglomerate International Holding earlier this year. In a statement issued at the time, IHC — the United Arab Emirates’ largest listed company — said the move “lays the foundation for the development of a regional champion.”
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