L’Imad takes over ADQ in shake-up of Abu Dhabi wealth funds

Abu Dhabi is consolidating the assets of ADQ, its third-largest sovereign wealth fund, under its newly-created investment vehicle L’Imad Holding.

L’Imad, which was launched late last year, will now hold a portfolio of 25 investment companies and platforms, with more than 250 subsidiaries including Etihad Airways, Etihad Rail, Abu Dhabi Ports, McLaren, Louis Dreyfus, PureHealth, Modon Properties, Wio Bank and Taqa.

The decision to create another investment giant is one of the most significant overhauls of Gulf sovereign funds in years and comes after it was announced on Thursday that Mohamed Alsuwaidi would step down as CEO of ADQ after seven years to take up a new role at alternative investment manager Lunate.

Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and Chairman of the Abu Dhabi Executive Council, was appointed Chairman of L’Imad in January, with Jassem Al Zaabi, Chairman of the Abu Dhabi Department of Finance and Vice Chairman of the UAE Central Bank, appointed as Managing Director and CEO.

The resolution to roll ADQ’s $263 billion in assets into L’Imad was issued by the Supreme Council for Financial and Economic Affairs, the body which oversees Abu Dhabi’s principal sovereign funds, including the Abu Dhabi Investment Authority, Mubadala and L’Imad, as well as state oil company ADNOC.

ADQ, which was set up in 2018, quickly became one of the world’s fastest-growing investors. It is chaired by Sheikh Tahnoon bin Zayed, the UAE National Security Advisor who oversees a broad swath of Abu Dhabi investment entities, including ADIA and AI firm MGX. 

L’Imad first made headlines in October, when it bought a $7 billion stake in real estate investor Modon from IHC Real Estate Holding and Alpha Dhabi Holding, both subsidiaries of Sheikh Tahnoon’s International Holding Co.

Since then, it joined the fray in the Warner Bros. bidding war, backing a hostile offer for the entertainment giant from David Ellison’s Paramount, and took over ownership of McLaren Automotive from another state investment firm.

ADQ chief Mohamed Alsuwaidi steps down to steer Lunate

Mohamed Alsuwaidi has stepped down as CEO of Abu Dhabi sovereign wealth fund ADQ to take up a new role at three-year-old Lunate, marking a major leadership change among the emirate’s state-linked investment firms.

Alsuwaidi, who spent seven years at ADQ, has been appointed Executive Chairman and Managing Partner at Lunate, a unit of Chimera Investment LLC, which is controlled by UAE National Security Advisor Sheikh Tahnoon bin Zayed.

“Building ADQ from inception into a globally significant investment institution has been one of the most meaningful chapters of my professional life,” Alsuwaidi said in a press release.

Lunate, which was launched in 2023 as an independent alternative investment manager backed by Abu Dhabi capital, manages about $115 billion in assets and invests across public and private markets.

The firm has quickly gained prominence since its start by teaming up with some of Wall Street’s biggest banks, investing in OpenAI and buying a stake in Brevan Howard Asset Management.

Saudi sovereign fund mulls LIV Golf’s future after $5B in losses

After pouring nearly $5 billion into its upstart LIV Golf tournament, Saudi Arabia’s Public Investment Fund is facing questions about whether its high-stakes confrontation with the PGA was worth it.

Inside the $925 billion sovereign wealth fund, senior officials are reflecting on nearly four years of sparse attendance, lower-than-expected TV ratings and sagging global influence as they make decisions on whether to keep financing LIV, Bloomberg reports.

The PIF, which is led by Aramco Chairman and golf enthusiast Yasir al-Rumayyan, rattled the PGA when it signed some of the sport’s biggest names with nine-figure contracts, including Phil Mickelson, Jon Rahm, Bryson DeChambeau, and Dustin Johnson.

U.S. President Donald Trump is one of LIV’s biggest fans and hosted several of its tournaments at his golf resorts in New Jersey, Virginia and Florida.

Since its splashy first year, competitive pressure from the Tour has intensified with moves such as a “Returning Member Program,” which lured Brooks Koepka back to the PGA fold under the threat of heavy financial penalties.

Attempts to merge the LIV with the PGA have faltered, meanwhile, leaving the Saudi backers to carry continued operational losses and come up with a formula for reviving the league or pulling the plug.

AD Ports seeks majority stake in Alexandria container terminal

AD Ports, the maritime company owned by Abu Dhabi’s ADQ sovereign wealth fund, is seeking to increase its stake in Alexandria Container & Cargo Handling Co., and become the majority holder of Egypt’s largest publicly traded container terminal operator.

Cementing control over the Alexandria-based firm, which handles more than 1 million containers a year and plays a central role in trade flows linking Europe, Africa and Asia, deepens ADQ’s involvement in Egypt, where it has become a leading acquirer of state assets. AD Ports earlier bought a stake in the company from a unit of Saudi Arabia’s Public Investment Fund.

ADQ is the lead investor in the $35 billion Ras El Hekma coastal development project, the largest foreign direct investment in Egyptian history, that grants it rights to develop a huge swath of Mediterranean coastline to create a new city, tourism hub and free zone.

Beyond Ras El Hekma, ADQ’s portfolio in Egypt includes stakes in Abu Qir Fertilizers and Chemical Industries, one of the country’s largest nitrogen fertilizer producers, and Amoun Pharmaceutical Company, along with holdings in logistics, transportation and food supply chains.

AD Ports said it would buy the stake in Alexandria Container through a mandatory tender offer that requires a buyer taking control of a company to give all other shareholders a chance to sell as well.

Mubadala aims to double Asia portfolio to 25% within a decade

Abu Dhabi’s Mubadala sovereign wealth fund plans to double its exposure to Asia, raising the share of Asian assets in its portfolio to about 25% over the next decade. 

Currently, Asia accounts for roughly 13% of Mubadala’s $330 billion in assets under management, or about $43 billion, the Zawya news agency reports. “In the next five to 10 years, we would love to see that double,” Mohamed Albadr, Mubadala’s Head of Asia, said during a discussion at Abu Dhabi Finance Week.

China, Japan, South Korea and India will be Mubadala’s core target markets in Asia, Albader said, citing their mature private-equity markets and exit-opportunity potential. The fund already maintains a Beijing office, a Hong Kong joint-venture office and a growing list of activities, including recent large deals in real estate and healthcare. 

Albadr said Mubadala would deploy capital in real estate, infrastructure and private equity, which will play a key role in late-stage and buyout investments.

Khazna Data Centers, meanwhile, a growing AI infrastructure business backed by Mubadala, appointed Mohammed Bin Hassan as Country Head for Saudi Arabia following the company’s acquisition of land in the port city of Dammam to develop new data capacity.

QIA launches $2.5 billion private equity fund with Japan’s Orix

Qatar’s sovereign wealth fund is joining forces with Orix, a Tokyo-based financial services company, to launch a $2.5 billion private equity vehicle hunting for opportunities across Japan.

The agreement marks the Qatar Investment Authority’s first Japan-focused PE investment, with Orix supplying 60% of the capital and QIA filling in the rest, Bloomberg reports.

Qatar joins a growing number of investment firms, including Blackstone and KKR, that are looking into buyouts in Japan.

The new Japan fund will target companies valued above $195 million, guided by an independent investment entity while both firms participate as limited partners.

Saudi sovereign wealth fund buys Electronic Arts for $55 billion

Saudi Arabia’s Public Investment Fund is pursuing its goal of dominating the global gaming industry by executing the largest leveraged buyout in history.

The kingdom’s sovereign wealth fund, which manages assets of about $925 billion, is leading a consortium that agreed to pay $55 billion for Electronic Arts, the U.S. maker of such hit video games as “Battlefield” and “The Sims.”

The investor group also includes private equity firm Silver Lake Partners and Affinity Partners, the firm headed by Jared Kushner, son-in-law of U.S. President Donald Trump. 

The PIF, which already owns 9.9% of EA, plans to roll over its stake into the new ownership structure. The transaction is expected to close in the first quarter of fiscal 2027, subject to regulatory and shareholder approval.

Kushner said he has admired EA’s “ability to create iconic, lasting experiences, and as someone who grew up playing their games – and now enjoys them with his kids – I couldn’t be more excited about what’s ahead.”

Mubadala, Milken convene D.C. forum on sports, economic development and promoting AI

Playing off the annual pro tennis tournament it co-sponsors in Washington, D.C., Abu Dhabi’s Mubadala sovereign wealth fund convened a business forum this week to explore how governments can stimulate economic growth through investment in sports and bolstering use of artificial intelligence.

The event, which took place on the sidelines of the Mubadala Citi DC Open, was organized with the Los Angeles-based Milken Institute think tank and drew participants from politics, business and sports, including U.S. Secretary of Commerce Howard Lutnick and Uber CEO Dara Khosrowshahi.

Michael Milken, the billionaire finance guru and Chairman of the Milken Institute, joined discussions at the conference with Homaid Al Shimmari, Deputy Group CEO of Mubadala, and Washington, D.C., Mayor Muriel Bowser. Also participating was Mark Ein, Owner of the Mubadala Citi DC Tennis Open, Partner in the NFL’s Washington Commanders and CEO and Founder of security firm Kastle Systems.

A key theme in the discussions, which were off-the-record, was the role of sports in Abu Dhabi’s emergence as a global city and in the urban development of Washington, D.C. Participants also discussed the UAE’s trillion-dollar economic partnership with the U.S., the need for public-private cooperation in AI, and strategies to ensure that technological advances benefit all sectors of society.

Al Shimmari said Mubadala is seeking to play a greater role in the city beyond tennis and funding by introducing educational, art and youth development programs. “Our time here also enabled important conversations – like those with the Milken Institute – on investment, economic growth, and the role of sport in unlocking opportunity,” Al Shimmari told The Circuit.

Among the business participants at the forum were Talal Al Kaissi, Group Chief Global Affairs Officer at Abu Dhabi’s G42 technology company; David Scott, Chief Strategy and Safety Officer at Abu Dhabi investment firm MGX; and Mitchell Rales, Co-Founder and Chairman of Washington, D.C.-based Danaher Corp., and a limited partner in the Commanders.

Several players at the tennis tournament joined the discussions, including Frances Tiafoe and Reilly Opelka from the U.S., Australia’s Nick Kyrgios and Eugenie Bouchard from Canada.

UAE’s Wio digital investing platform tops $1 billion in assets

Wio Invest, the app-based platform backed by Abu Dhabi sovereign wealth fund ADQ, has surpassed $1 billion in assets under administration in less than two years, propelled by a new wave of digitally native and financially curious investors in the UAE.

Wio Invest said it has seen more than $4 billion in order volume year-to-date.

The so-called “neobroker” is now among the fastest-growing digital platforms globally and offers simplified access to global markets, ETFs and virtual assets via the Wio Personal app, which is run by related entity Wio Bank.

The platform seamlessly integrates opportunities to invest in UAE ventures, including a tab for taking part in local market IPOs and a partnership with Abu Dhabi alternative investment manager Lunate offering the option to place recurring orders for Lunate Chimera ETFs.

Customers have shown a strong interest in U.S. tech stocks and crypto.

Mubadala’s Khaldoon Al Mubarak touts fund’s ‘AI copilot’ at conference in Pittsburgh

Khaldoon Al Mubarak, Chief Executive Officer of Abu Dhabi’s Mubadala Investment Co., said the sovereign wealth fund is integrating artificial intelligence at every level of its decision-making process, describing AI as a transformative tool that is rapidly strengthening the fund’s capabilities.

Speaking Tuesday at the Pennsylvania Energy and Innovation Summit at Carnegie Mellon University, organized by Republican Sen. Dave McCormick, Al Mubarak said Mubadala makes about 40% of its investments in the U.S. and wants to play a pioneering role in the global use of AI.

“What we’re doing a lot of right now is not just investing, but also enabling the technology,” he said while participating in a panel discussion. “When it comes to the enablement of AI, we’re probably, surprisingly, one of the leaders in the world.”

President Donald Trump headlined the summit with an address in which he hailed more than $92 billion in new investments made in Pennsylvania by such firms as Blackstone, CoreWeave and Meta Platforms focused on artificial intelligence and energy infrastructure.

Mubadala is an investor in G42, an Abu Dhabi-based tech firm that raised $1.5 billion from Microsoft last year to work together on AI and build data centers. The fund is also a shareholder in MGX, an investment firm participating alongside OpenAI, Softbank and Oracle in the $100 billion venture announced by Trump in January to fund artificial intelligence infrastructure in the U.S.

At the one-day conference, Blackstone President Jon Gray outlined some $25 billion the firm plans to invest in data centers. He was joined in Pittsburgh by BlackRock’s Larry Fink, Bridgewater’s Nir Bar Dea and a roster of other top corporate executives and cabinet members.

Al Mubarak said Mubadala’s Investment Committee now includes an “AI copilot” that interacts with both committee members and external teams pitching investment proposals. The fund, which manages approximately $300 billion in assets, has increasingly positioned itself as a technology-focused investor, backing AI firms alongside deploying the tools internally. 

“In Mubadala, our AI copilot sits with us in the Investment Committee,” he said. “All the board members, all the Investment Committee members obviously interact directly with the agent and obviously the teams (that are) coming in (and) pitching us.”

The panel in which Al Mubarak participated was moderated by Dina Powell McCormick, the senator’s wife who was Deputy National Security Advisor to Trump in his first term and is now Vice Chairman and President of Global Client Services at BDT & MSD Partners, a merchant bank based in Chicago and New York.

He described the AI copilot as a powerful analytical tool used to challenge investment propositions and support human judgment.

“What I found now after almost one year of implementation is a huge learning curve, and really that capability is strengthening in a way that is phenomenal,” Al Mubarak said. 

Among corporate leaders at the event were ExxonMobil CEO Darren Woods, Chevron’s Mike Wirth, Alphabet/Google’s Ruth Porat, Palentir’s Alex Karp and Anthropic’s Dario Amodei.

From Trump’s cabinet, Treasury Secretary Scott Bessent, Interior Secretary Doug Burgum, Commerce Secretary Howard Lutnick and Energy Secretary Chris Wright attended the forum.