#Qatar’s $580 Billion Wealth Fund Said to Weigh Radical Overhaul - Bloomberg

Qatar’s $580 Billion Wealth Fund Said to Weigh Radical Overhaul - Bloomberg

The $580 billion Qatar Investment Authority has considered separating its overseas holdings from its domestic portfolio, according to people familiar with the matter, setting the stage for a landmark reshaping of one of the world’s largest wealth funds.

Executives at the QIA have discussed setting up a new entity to house domestic assets worth tens of billions of dollars and develop them into global champions, people familiar with the matter said, declining to be identified as the information is confidential.

The move would enable QIA to better prioritize global investments across a swathe of sectors, the people said, as it prepares for a windfall from an expansion of the country’s gas projects.

Talks are ongoing and no final decisions have been made. Representatives for the QIA declined to comment.

The fund’s Chief Executive Officer Mohammed Al Sowaidi has pledged to invest an additional $500 billion in the US over the next decade, and has recently said the final outlay could be higher. The QIA has ramped up investments in sectors like artificial intelligence, adding to a portfolio that includes stakes in Glencore Plc, Volkswagen AG and RWE AG, as well as London landmarks including the Harrods department store and the Shard skyscraper.

Earlier this week, it agreed to expand its strategic partnership with Goldman Sachs Group Inc. in a move that could see the Qatari investor commit a total of $25 billion with the Wall Street bank’s asset management arm.

Locally too, the QIA is a prolific investor with stakes in firms that touch every corner of the Qatari economy, from the biggest banks and developers to utilities and telecommunications firms. Many of these firms, like the $50 billion Qatar National Bank and Ooredoo QPSC, trade on the Doha bourse.

The moves now under consideration would mirror the creation of Abu Dhabi wealth fund ADQ, which holds local assets including one of the largest health-care providers in the Middle East, a port operator and Etihad Airways. The Emirati investor has spent the past few years building new platforms out of the assets it received from the government in sectors including logistics, energy and food.

Saudi Arabia’s $1 trillion Public Investment Fund is also planning to sharpen its focus on portfolio companies like artificial intelligence firm Humain in coming years, Bloomberg News has reported, with a goal to attract investors and build some of its subsidiary firms into global champions.

#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.

Most Gulf markets gain ahead of earnings | Reuters

Most Gulf markets gain ahead of earnings | Reuters

Most stock markets in the Gulf ended higher on Wednesday, as investors turned their attention to upcoming earnings despite lingering global trade and geopolitical concerns.

Saudi Arabia's benchmark index (.TASI), opens new tab gained 0.3%, with petrochemical maker Saudi Basic Industries (2010.SE), opens new tab rising 2.5%.

Oil prices rose as investors assessed a temporary shutdown at two large fields in Kazakhstan, expectations of a build in U.S. crude inventories and fresh concerns tied to U.S. tariff threats in its bid to gain control of Greenland.

Dubai's main share index (.DFMGI), opens new tab rose 0.4%, closing at its highest since April 2006, helped by a 1.5% rise in top lender Emirates NBD (ENBD.DU), opens new tab. India's competition regulator said on Tuesday it had cleared ENBD's acquisition of a stake in RBL Bank (RATB.NS), opens new tab.

In Abu Dhabi, the index (.FTFADGI), opens new tab edged 0.1% higher.

Abu Dhabi sovereign wealth fund Mubadala is targeting opportunities in artificial intelligence and robotics, viewing the sectors as a major source of industrial growth and a guide for future investments, its group CEO said on Tuesday.

The Qatari index (.QSI), opens new tab gave up early gains to finish flat.

Qatari Prime Minister Sheikh Mohammed bin Abdulrahman al-Thani said on Tuesday Qatar intends to support local firms in competing internationally, indicating fresh measures in the country's drive to diversify its economy beyond energy.

Outside the Gulf, Egypt's blue-chip index (.EGX30), opens new tab gained 0.3%, hitting a record high.

Analysts have raised their estimates for Egypt's economic growth to 4.9% this fiscal year as reforms taken under an International Monetary Fund programme two years ago bear fruit faster than anticipated, a Reuters poll showed on Tuesday.