#AbuDhabi Folds McLaren, Nio Stakes Into New Investment Fund L’imad - Bloomberg

Abu Dhabi Folds McLaren, Nio Stakes Into New Investment Fund L’imad - Bloomberg

Abu Dhabi has folded the owner of McLaren Automotive and its stake in Chinese electric vehicle maker Nio Inc. into state-owned L’imad Holding Co., indicating a broad remit for the emirate’s newest investment vehicle.

CYVN Holdings LLC, a mobility-focused investment firm owned by the government, has been transferred under L’imad, according to people familiar with the matter. The move is aimed at building up L’imad and simplifying the management of some of Abu Dhabi’s investments by putting them under one roof, the people said, asking not to be identified discussing private information.

A regulatory filing earlier this month showed that the arm of CYVN that houses its 18% stake in Nio is also now owned by L’imad. A spokesperson for McLaren confirmed it will ultimately be controlled by L’imad but said CYVN remains its immediate parent.

Representatives for CYVN, the Abu Dhabi government media office, the emirate’s finance department and L’imad couldn’t immediately be reached for comment. A spokesperson for Nio declined to comment.

L’imad is the latest investing force in Abu Dhabi, the oil-rich capital of the United Arab Emirates that’s home to wealth funds controlling close to $2 trillion in assets.

The new firm burst into prominence late last year, when it joined established Gulf wealth funds to back Paramount Skydance Corp.’s hostile bid for Warner Bros. Discovery Inc. It recently unveiled a board staffed with heavyweight executives and chaired by Abu Dhabi’s crown prince, Sheikh Khaled bin Mohamed bin Zayed Al Nahyan.

Jassem Al Zaabi, who chairs entities including Abu Dhabi’s Department of Finance and telecommunications group e&, was named managing director and chief executive officer. He will be joined on the board by Mubadala Investment Co. CEO Khaldoon Khalifa Al Mubarak and Deputy CEO Waleed Al Mokarrab Al Muhairi.

L’imad first appeared on the Abu Dhabi scene late last year, after agreeing to buy a controlling stake in Modon Holding PSC — an Emirati property developer with a market value of about $15 billion, from wealth fund ADQ and International Holding Co.

It plans to develop a diversified portfolio across sectors around the world, including infrastructure and real estate, financial services and asset management, advanced industries and technology, urban mobility, and smart cities, according to a statement earlier this month.