Abu Dhabi’s largest listed company, which is led by a key member of the emirate’s royal family, is setting up a new holding firm with assets worth 100 billion dirhams ($27 billion) across sectors ranging from financial services to mining.
The new firm, called 2PointZero, will be transferred into Abu Dhabi’s $239 billion conglomerate International Holding Co. Its holdings will include portions of Sheikh Tahnoon bin Zayed Al Nahyan’s sprawling empire, according to a statement late Tuesday.
Lunate, Abu Dhabi’s newest fund, will be part of 2PointZero. International Resources Holding, which last month invested more than $1 billion in Zambia’s Mopani copper mine, will also be transferred into the vehicle. Other holdings will include private investment firm Chimera, Egypt’s Beltone Financial, crypto mining firm Citadel Technologies and Middle East-focused Sagasse Investments.
“Our dedication to technology and Artificial Intelligence is evident in our commitment to developing solutions that redefine industries such as Financial Services, Investment Banking, and Resource Management,” Sheikh Tahnoon, who’s chairman of IHC, said in the statement.
Sheikh Tahnoon is the United Arab Emirates’ national security adviser and brother to the nation’s president. The de facto business chief of the Al Nahyan family, he’s emerged as one of the world’s most influential businessmen over the years, and now helms two wealth funds, the region’s most important private investment firm as well as the country’s largest lender.
The royal also oversees Abu Dhabi’s leading artificial intelligence firm, G42. ChatGPT maker OpenAI has held discussions to raise funding for a new chip venture with the firm, Bloomberg reported late last year.
Bloomberg
