TLDR:
- Money managers are converging on Abu Dhabi, leading to a doubling in assets under management in the first quarter.
- ADNOC, the UAE’s state-owned energy company, is expanding its international footprint by investing in the U.S.
Article Summary:
The article covers various financial and business developments in the Middle East, including the influx of money managers to Abu Dhabi and ADNOC’s strategic investment in the U.S. Here are some key points highlighted:
- Abu Dhabi Global Market saw a significant increase in assets under management and operational entities in the first quarter, attracting many new firms to the UAE capital.
- ADNOC signed a deal with NextDecade to acquire a stake in its liquefied natural gas project in Texas, marking the company’s first strategic investment in the U.S.
- Saudi Arabia’s Future Aviation Forum resulted in 47 deals totaling $19 billion, with Saudia Group making a major aircraft purchase from Airbus.
- Mubadala, the Abu Dhabi sovereign wealth fund, invested $150 million in Spain’s Tubacex and reported strong performance with $302 billion in assets under management.
- Various other business deals and developments in the region were also highlighted, including IPOs, acquisitions, and investments in healthcare and technology.
