The sovereign wealth fund is receiving 25% holdings in Al-Ittihad, Al-Ahli, Al-Hilal and Al-Nassr that are currently held by nonprofit foundations

The plan could give Japan and South Korea a bigger cushion against supply disruptions, although Japan may not have enough spare tank capacity

Space42 reported first-half revenue of $260 million, up about 15% from $226 million a year earlier, while net profit fell about 65% to $18 million

The move comes after L’Imad said it would delist $81 billion utility TAQA, reversing Abu Dhabi’s push to sell major state assets on the public market

The UAE supplied 32% of Middle Eastern oil shipments to Asia in June and 27% in July, compared with 20% during the same months of last year