L’imad, BlackRock, Temasek, ADNOC to co-invest $30 billion

Abu Dhabi’s rapidly expanding L’imad Group and ADNOC oil company are teaming up with BlackRock, the world’s largest asset manager, and Singapore’s Temasek sovereign wealth fund to invest as much as $30 billion in logistics and energy projects.

The four firms issued a statement today saying that funding for future deals across the MENA region and in Central Asia will come from BlackRock’s Global Infrastructure Partners, along with L’imad, Temasek and ADNOC.

The massive combination of capital demonstrates the ambitious agenda of L’imad, the UAE’s newest sovereign fund, which emerged last year when it acquired most of ADQ’s holdings and now manages about $300 billion in assets.

BlackRock CEO Larry Fink cultivated some goodwill last month when he visited the UAE in the middle of Iran war and met with President Sheikh Mohamed bin Zayed to discuss strengthening investment partnerships.

L’imad made a splash in December when it joined Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority in backing Paramount Skydance’s $108 billion takeover bid for Warner Bros. Discovery.

Meanwhile, the UAE’s state-owned defense contractor EDGE Group signed an agreement today to acquire a majority stake in Italy’s Costruzioni Motori Diesel, which specializes in developing advanced propulsion systems for road vehicles, ships and aircraft.