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☆ Sam Altman reportedly wants trillions of dollars to supercharge chip production
▼ + stars: | 2024-02-09 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Sam Altman is aiming to raise as much as $7 trillion to significantly increase the world's supply of semiconductor chips, The Wall Street Journal reported. The OpenAI chief has been talking to prospective investors including the United Arab Emirates government about his proposals to help solve the global chip shortage. One potential backer Altman's been courting is the UAE's Sheikh Tahnoun bin Zayed al Nahyan, with the pair meeting recently, the Journal reported, citing unnamed sources. Altman is said to be presenting his idea as a partnership with OpenAI, chip makers, and investors who can finance GPU chip plants. The facilities will then be run by established chip makers, the report says.

Persons: Sam Altman, Altman's, Tahnoun bin Zayed al Nahyan, Altman, CEO's, openai, OpenAI didn't Organizations: Street Journal, United Arab Emirates, OpenAI, Nvidia, Financial Times, Google, Business Locations: Silicon

☆ Abu Dhabi's ADQ signs $11.5 bln deals with Turkey for earthquake relief, exports
▼ + stars: | 2023-07-19 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

July 19 (Reuters) - Abu Dhabi sovereign wealth fund ADQ said on Wednesday it signed two memoranda of understanding to finance up to $8.5 billion of Turkey earthquake relief bonds and $3 billion in credit facilities to support Turkish exports. The bonds, agreed with Turkey's finance ministry, will fund "comprehensive reconstruction efforts in southern and central Turkiye," ADQ said in a statement. Abu Dhabi has also shifted to deploy more economic diplomacy, often using ADQ. IHC, also chaired by Sheikh Tahnoun, bought a 50% stake in Turkey's Kalyon Enerji for $490 million last August. Reporting by Yousef Saba; Additional reporting by Yomna Ehab; Editing by Peter Graff and Mike HarrisonOur Standards: The Thomson Reuters Trust Principles.

Persons: ADQ, Tayyip Erdogan, Abu, Abu Dhabi, Sheikh Tahnoun bin Zayed, Sheikh Mohammed, Sheikh Tahnoun, Yousef Saba, Yomna Ehab, Peter Graff, Mike Harrison Organizations: Export Credit Bank of Turkiye, United Arab, UAE, Thomson Locations: Abu Dhabi, Turkey, Turkiye, Syria, United Arab Emirates, Riyadh, Turkey's

Sheikh Mohammed, who became president and Abu Dhabi ruler last year after running the U.S.-allied OPEC oil producer for years, named his brother Sheikh Mansour as UAE vice president, alongside Dubai ruler Sheikh Mohammed bin Rashid Al Maktoum. This appeared to further centralise power in Abu Dhabi, which is the political capital by virtue of its immense oil wealth, of the UAE federation of seven emirates. Abu Dhabi has held the presidency since the founding of the UAE federation by Sheikh Mohammed's father in 1971. Sheikh Mohammed, known as MbZ, had been grooming his son in positions of authority in security - including intelligence - economy and governance, analysts say. Earlier this month, Sheikh Tahnoun was named chair of Abu Dhabi Investment Authority, among the world's largest sovereign wealth funds.

☆ Iran's top security official to visit the UAE amid regional rapprochement
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: +2 min

DUBAI, March 15 (Reuters) - Iran's Supreme National Security Council secretary Ali Shamkhani will visit the United Arab Emirates (UAE) on Thursday, Nour News, which is affiliated with the Iranian top security body, reported. His visit to Abu Dhabi comes at a time of growing rapprochement between Iran and Gulf countries. News of the visit came as Saudi Arabia's finance minister, Mohammed al-Jadaan, said that Saudi investment in Iran could happen "very quickly" following last week's agreement. "Top economic, banking and security officials will accompany the Supreme National Security Council secretary to the UAE," it added. The UAE has business and trade ties with Iran stretching back more than a century, with the Dubai emirate long being one of Iran's main links to the outside world.

☆ Abu Dhabi shakes up wealth funds with top royals chairing
▼ + stars: | 2023-03-09 | by ( Yousef Saba | ) www.reuters.com time to read: +2 min

DUBAI, March 9 (Reuters) - Abu Dhabi announced a reshuffle at the top of its two biggest sovereign wealth funds on Thursday, appointing senior members of the royal family as chairmen. Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of Abu Dhabi's royal family, was named chair of the Abu Dhabi Investment Authority (ADIA), among the world's largest sovereign wealth funds, the government's media office said. ADIA is estimated by Global SWF to manage $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion. The wealth fund's last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year. MORE NEWCOMERSThe UAE president is appointing his brothers as chairmen at state sovereign wealth funds rather than chairing them himself.

☆ Abu Dhabi's IHC plans to invest $381 mln in Adani Enterprises
▼ + stars: | 2023-01-30 | by ( ) www.reuters.com time to read: +2 min

DUBAI, Jan 30 (Reuters) - Abu Dhabi conglomerate International Holding Company (IHC.AD) on Monday said it would invest 1.4 billion dirhams ($381.17 million) in Adani Enterprises' (ADEL.NS) follow-on public offer. "Our interest in Adani Group is driven by our confidence and belief in the fundamentals of Adani Enterprises Ltd; we see a strong potential for growth from a long-term perspective and added value to our shareholders," IHC CEO Syed Basar Shueb said in a statement. IHC, Abu Dhabi's largest listed company, invested $2 billion in Adani Group companies last year, including Adani Enterprises. Adani Group has hit back at the report by Hindenburg Research published last week that flagged concerns about Adani Group's debt levels and the use of tax havens. Investors' response to Hindenburg's criticisms will be tested this week by Adani Enterprises' $2.5 billion follow-on share offering which closes on Tuesday.

☆ Before OPEC+ Production Cut, Saudis Heard Objections From a Top Ally, the U.A.E.
▼ + stars: | 2022-11-01 | by ( Summer Said | Dion Nissenbaum | ) www.wsj.com time to read: 1 min

Sheikh Tahnoun bin Zayed Al Nahyan, shown in December, is the U.A.E.’s national security adviser and brother of its president. ABU DHABI—The United Arab Emirates sent its national security adviser to Riyadh in September on a secret mission to dissuade Saudi Arabia’s crown prince from pushing an oil-production cut that would anger the U.S. and risk painting oil producers as Russian allies, people familiar with the trip said. The Emirati official, Sheikh Tahnoun bin Zayed Al Nahyan, a brother of the U.A.E.’s president, met with Saudi Crown Prince Mohammad bin Salman and echoed Washington’s view that reducing output wasn’t economically necessary and warned of geopolitical fallout, the people said.

☆ IHC's $2.15 bln Nutresa bid boosts shares in Colombian conglomerate GEA's companies
▼ + stars: | 2022-09-21 | by ( ) www.reuters.com time to read: +3 min

IHC's bid is the latest in a long-running saga of moves to snap up stakes in GEA companies. Shares in investment holding company Grupo SURA (SIS.CN), the jewel in GEA's crown which owns the largest stake in Nutresa, rose almost 7% in the morning session. IHC is a partner of the Gilinski Group, stockbrokers told Reuters. If the latest bid is successful, Grupo Gilinski will become Nutresa's largest shareholder. Gilinski Group also secured a 38% stake in Grupo SURA following several bids and transactions last year.

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