BlackRock joins Abu Dhabi’s IHC in $1 billion reinsurance venture
The venture is one of a cavalcade of deals being cooked up amid U.S. President Donald Trump's visit to Saudi Arabia, Qatar and the UAE
ADGM
Abu Dhabi Global Market is the capital city's international financial center
Wall Street titan BlackRock is teaming up with Abu Dhabi’s International Holding Co. to create a $1 billion reinsurance firm with its foundations in AI.
The venture announced Thursday is one of a cavalcade of deals that are being cooked up amid Trump’s tour of the Gulf next week, which will take him to Saudi Arabia on Tuesday, followed by Qatar and the UAE.
BlackRock, the world’s largest alternative investment firm, and Abu Dhabi asset manager Lunate will join as minority partners, according to a statement issued by IHC.
The new company will be chaired by Dr. Sultan Al Jaber, the UAE Minister of Industry and Advanced Technology and Chairman of ADNOC. Mark Wilson, the former chief executive of Aviva and AIA Group, will serve as CEO.
Lunate, which was founded two years ago and manages $110 billion, will provide expertise in private and public markets to the reinsurance company, which will operate from the capital city’s free zone financial center, ADGM.
Also in the run-up to the Trump visit, the U.S. is developing a fast-track process for screening foreign investments, which could smooth the process for sovereign wealth funds such as the Saudi Public Investment Fund, the UAE’s Mubadala, and the Qatar Investment Authority to sign contracts next week, Bloomberg reports.