Abu Dhabi’s CYVN Holdings to merge McLaren with EV maker
After taking control of McLaren Automotive last year, Abu Dhabi’s state-owned CYVN Holdings is starting to roll out its turnaround plans for the venerable British sports car maker.
The investment company, a unit of the ADIA sovereign wealth fund, is preparing to merge McLaren with its London-based electric-vehicle startup Forseven Holdings, Bloomberg reports.
At that point, the combined company will start producing high-end sport utility vehicles and sedans, following a blueprint that has been successful for Ferrari, Lamborghini and Porsche, the news agency said.
CYVN plans to announce the move in the coming weeks, with former Jaguar Land Rover executive Nick Collins in charge of the merged automaker.
Abu Dhabi’s ADIA joins sovereign wealth’s $1 trillion club
As 2024 careens to its close – with financial markets jumping even as geopolitical conflicts multiply – Gulf sovereign wealth funds continue to pile up assets.
Leading the way has been ADIA, the Abu Dhabi Investment Authority, which entered the elite $1 trillion club this year with assets reaching $1.06 trillion – trailing only Norway and China – the Sovereign Wealth Fund Institute reports.
Among regional neighbors close to joining the club, the Kuwait Investment Authority holds $980 billion in assets and Saudi Arabia’s Public Investment Fund has about $950 billion. The Qatar Investment Authority stands at $530 billion, according to the SWF ranking.
In Abu Dhabi, a regional center for investing sovereign wealth, Mubadala trails ADIA with $330 billion, followed by ADQ with $250 billion.
G42 board plots AI strategy with Microsoft’s Smith at the table
G42, the Abu Dhabi technology firm backed by the emirate’s sovereign wealth and Microsoft, is cooking up plans for its new investments in artificial intelligence next year.
At a board meeting on Thursday led by G42 Chairman Sheikh Tahnoon bin Zayed, who is also the UAE’s Deputy Ruler and National Security Advisor as well as Chairman of ADIA and International Holding Co., the company worked out its growth strategy for 2025.
Among those around the board table were Mubadala CEO Khaldoon Al Mubarak, G42 CEO Xiao Peng, G42 Group Counsel Marty Edelman, Microsoft President and Vice Chairman Brad Smith, and Bridgewater Associates Founder Ray Dalio, Etisalat Chairman Jassem Al Zaabi and Silver Lake Technology CEO Egon Durban.
“We emphasized the Group’s crucial role in shaping the future of global technology and making innovation a cornerstone for a more prosperous future globally,” Sheikh Tahnoon said in an Instagram post.
As G42 grows, Saudi Arabia is planning a new AI initiative with as much as $100 billion in backing as it seeks to compete with the UAE, Bloomberg reports. A tech hub being built by the Saudi Public Investment Fund and Google may serve as the starting point for the project, the news agency said.
