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☆ Leaders of Russia, UAE hold phone call on mutiny attempt in Russia
▼ + stars: | 2023-06-26 | by ( ) www.reuters.com time to read: +1 min

June 26 (Reuters) - Leaders of Russia and the United Arab Emirates held a phone call, the Kremlin and UAE's state news agency said on Monday. According to the Kremlin, United Arab Emirates President Sheikh Mohammed bin Zayed al-Nahayan was interested in hearing an assessment of the situation in Russia in connection with the Wagner group mutiny on June 24. "Having received comprehensive information, the Emirati leader declared full support for the actions of the Russian leadership." UAE's state news agency WAM said both leaders discussed bilateral relations and reaffirmed the need to preserve the stability of Russia and the safety of its people. (This story has been corrected to change the title of Sheikh Mohammed bin Zayed Al Nahyan to 'United Arab Emirates president' instead of 'Abu Dhabi crown prince' in paragraph 2)Writing by Maxim United Arab Emirates President Sheikh Mohammed bin Zayed al-NahayanRodionov Editing by Chris Reese and Lisa ShumakerOur Standards: The Thomson Reuters Trust Principles.

Persons: Sheikh Mohammed bin Zayed, Nahayan, Wagner, WAM, Sheikh Mohammed bin Zayed Al Nahyan, Abu, Chris Reese, Lisa Shumaker Organizations: Russia, United Arab Emirates, Kremlin, Maxim United Arab Emirates, Thomson Locations: Russia, Abu Dhabi

☆ Abu Dhabi's ADNOC, AI firm G42 plan IPO of technology joint venture AIQ -sources
▼ + stars: | 2023-06-22 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, June 22 (Reuters) - Abu Dhabi National Oil Company (ADNOC) and Abu Dhabi artificial intelligence company G42 are having early discussions about a possible flotation of their joint venture technology firm AIQ, two sources with knowledge of the matter told Reuters. AIQ, which is 60% owned by ADNOC and 40% by G42, uses artificial intelligence and machine learning to optimise processes, improve planning and increase profitability for ADNOC and the wider oil and gas industry. AIQ recently hired veteran investment banker Youssef Salem as chief financial officer, the sources said. G42, which is backed by Abu Dhabi state fund Mubadala Investment Co, AIQ and Salem did not immediately respond to a request for comment. It listed its gas business in March after raising $2.5 billion from the IPO, which was the world's biggest in the first quarter.

Persons: AIQ, Youssef Salem, Salem, Abu, OpenAI, Sheikh Tahnoon bin Zayed, Nahyan, Sheikh Mohammed bin Zayed, ADNOC, Hadeel Al Sayegh, Stephen Coates Organizations: Abu Dhabi National Oil Company, Reuters, ADNOC, Moelis, Mubadala Investment, U.S, Microsoft Corp, Thomson Locations: DUBAI, Abu Dhabi, U.S, Salem

The Qatar Investment Authority (QIA) is in talks with The Sovereign Wealth Fund of Egypt (TSFE) about the deal, said two sources with knowledge of the matter, who declined to be named. The fund is considering acquiring a stake of up to 30% in the hotels, the sources said, without naming them. Relations between Egypt and Qatar soured in the wake of the Arab Spring uprisings that toppled former Egyptian President Hosni Mubarak. Regional heavyweight Saudi Arabia has led efforts to rebuild ties with Qatar and, along with Egypt, re-established diplomatic relations in 2021. Egyptian President Abdel Fattah al-Sisi met with Qatari Emir Sheikh Tamim bin Hamad al-Thani in Baghdad in August 2021 for the first time since ending the dispute.

Persons: Sheikh Hazza bin Zayed Al Nahyan, Abdel Fattah El Sisi, Sheikh Tamim bin Hamad Al Thani, St Regis Saadiyat, Egypt's TSFE, Agatha Christie's, Hosni Mubarak, Abdel Fattah al, Sisi, Sheikh Tamim bin Hamad, Hadeel El, Andrew Mills, Patrick Werr, Louise Heavens, Mark Potter, Kirsten Donovan Organizations: Abu, Abu Dhabi Executive Council, St Regis, United, United Arab Emirates, Read, Qatar Investment Authority, Sovereign Wealth Fund of Egypt, Regional, Qatar, Thomson Locations: Abu Dhabi, Egypt, Qatar, United Arab, DUBAI, Harrods, London, Aswan, Saudi Arabia, Thani, Baghdad, Ukraine, Hadeel El Sayegh, Dubai, Doha, Cairo

☆ Manchester City Completes Historic Trophy Sweep with Champions League Title
▼ + stars: | 2023-06-11 | by ( Joshua Robinson | ) www.wsj.com time to read: 1 min

Erling Haaland of Manchester City celebrates winning the Champions League Final in Istanbul on Saturday. Photo: PHOTO: sedat suna/ShutterstockISTANBUL—Two years after he acquired Manchester City, then a sad-sack English soccer club in the shadow of a crosstown rival, a young royal from Abu Dhabi went to watch his team play in person for the first time. His name was Sheikh Mansour bin Zayed Al Nahyan, his family was incalculably wealthy, and his new plaything was facing Liverpool. That was in 2010.

Persons: Erling Haaland, sedat, Abu Dhabi, Sheikh Mansour bin Zayed Al Nahyan Organizations: Manchester City, Liverpool Locations: Istanbul, Shutterstock ISTANBUL, Abu

☆ Manchester City wins Champions League for first time, beating Inter Milan 1-0 in tense Istanbul final
▼ + stars: | 2023-06-10 | by ( Aimee Lewis | ) edition.cnn.com time to read: +7 min

This was not only a night when City won its first Champions League. In beating three-time champion Inter, Pep Guardiola’s side became only the second English team to achieve the treble, winning the Premier League, FA Cup and Champions League in the same season. Rodri pictured scoring the winner which secured City the Champions League trophy. Manchester City has won the Premier League, FA Cup and Champions League this season. Will City dominate the Champions League like it has the Premier League?

Persons: Manchester City’s, Sheikh Mansour bin Zayed Al Nahyan, Pep, Alex Ferguson, Shaun Botterill, Bernardo Silva, Erling Haaland, André Onana, Nicolò Barella, Ederson, Rodri, Federico Dimarco’s, Romelu Lukaku, Catherine Ivill, Sheikh Mansour –, –, ” Guardiola, Guardiola, “, ”, Martin Rickett, Abu, Umit Bektas, Jack Grealish, I’ve Organizations: CNN, Manchester, Abu Dhabi United Group, Champions League, Inter Milan, City, Inter, Premier League, FA, Manchester United, City . Manchester City, League, Monaco, Tottenham, Real Madrid, BT Sport, Inter’s, Etihad, Reuters Locations: Istanbul, Europe, City . Manchester, Liverpool, Lyon, Chelsea, Manchester City, Abu Dhabi, Will City, Barcelona

☆ Middle Eastern investors are pouring money into US media, sports, and entertainment — here are the 9 most active players and their key leaders
▼ + stars: | 2023-06-05 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +10 min

Investors in Saudi Arabia, Qatar, and United Arab Emirates are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

Persons: Jamal Khashoggi's, Saudi Crown Prince Mohammed bin Salman, —, WME, Jimmy Finkelstein's, Abu Dhabi's, It's, Yasir Al, Rumayyan, Waleed bin Ibrahim Al Ibrahim, Sam Barnett, Peter Smith —, Christina Wayne, SRMG, Mohammed bin Salman, Alrashid, Johnny Depp, Jeanne du Barry, Sharon Stone, Bruno Mars, Luca Guadanigno, Vince McMahon's, Turki Al, Mohammed bin Abdulrahman bin Dayel, Mansoor bin Ebrahim Al, Mahmoud, Peter Chernin, Nasser Al, Germain, BeIN, Sheikha Al Mayassa bint Hamad, Khalifa Al, Vincent, Asghar Farhadi's Oscar, Nart Bouran, JAF, Jeff Zucker, Graydon Carter's, it's, Semafor, Sheikh Mansour bin Zayed Al Nahyan, Sheikh Mansour, Sultan Ahmed Al Jaber Organizations: United, Sovereign, Saudi, Washington Post, Saudi Crown, Endeavor, UFC, IMI, Abu Dhabi Media Investment Corporation, Public Investment Fund, Saudi Aramco, Newcastle United, English football, PGA, MBC, Shahid, Netflix, Vice Media, Variety, MBC Group's, Antenna Group, Cineflex Studios, NBCUniversal International, Amazon, AMC, Saudi Research, Media, Publicly, Red Sea, Cannes, Penske Media Corporation, Bloomberg Media, Vince McMahon's WWE, country's General Entertainment Authority, Development, Cultural Development Fund, George Washington University, American University . Qatar Qatar Investment, Qatar Investment Authority, Providence, BeIN Media, Paris Saint, Miramax, Paramount, Doha Film, Doha Film Institute, H.E, Hollywood Reporter, United Arab Emirates Abu, Investment Authority, UAE, Abu, Abu Dhabi Investment Authority, Hollywood, Dubai Studio, Dubai Media City, National Geographic, BBC News, International Media Investments International Media Investments, National, CNN, Sky News Arabia, Reuters, JAF Communications, Grid, RedBird Capital Partners, Punchbowl News, New York Times, Manchester City, The, Abu Dhabi National Oil Company Locations: Saudi Arabia, Qatar, United Arab Emirates, UAE, Saudi, East, North Africa, Al Arabiya, Netherlands, Greece, Dubai, Jeddah, SRMG, Riyadh, Doha, Europe, Americas, ViacomCBS, Qatari, Thani, Abu Dhabi

☆ Manchester City win Premier League title as Arsenal lose
▼ + stars: | 2023-05-20 | by ( Martyn Herman | ) www.reuters.com time to read: +3 min

LONDON, May 20 (Reuters) - Manchester City were confirmed as Premier League champions for the fifth time in six seasons on Saturday without even having to kick a ball after second-placed Arsenal's challenge ended in defeat away at Nottingham Forest. City have now joined an elite group of clubs to win three successive English top-flight titles, with Huddersfield Town, Arsenal, Liverpool and Manchester United the only others. "The Premier League is without doubt the most demanding and competitive league in the world so that tells you everything about what an achievement this is," he said. That quality and consistency helps sum up what Manchester City stand for and ensures the club will continue to strive for success going forward." Defeat at Forest means Arsenal have won only two of their last eight matches in the league.

ABU DHABI—Last year, the United Arab Emirates became a hub for Russian money and cut oil production, boosting Moscow’s war chest and drawing protests from Washington. The country’s leader skipped a call from President Biden as the U.S. rallied support for Ukraine. Now, Emirati President Sheikh Mohamed bin Zayed Al Nahyan has been invited for a state visit to Washington, and the U.S. and U.A.E. are hammering out a formal agreement on defense and commerce after jointly committing $100 billion for clean-energy projects—a major Biden administration goal. All the while, the Emiratis have expanded ties with Russia and another U.S. rival, China.

CNN —The United Arab Emirates has invited Syrian President Bashar al-Assad to attend the United Nations’ COP28 Climate Summit, which will take place from November 30 in Dubai. The UAE embassy in Damascus said in a post on Twitter on Sunday that Assad had received an invitation to attend COP28 from Sheikh Mohamed bin Zayed Al Nahyan, president of the UAE and ruler of Abu Dhabi. If Assad attends, it would be his first global summit since the start of the country’s brutal civil war in 2011, and could cause diplomatic tensions for countries which continue to impose sanctions on his regime. A COP28 spokesperson told Reuters in a statement this week: “COP28 is committed to an inclusive COP process that produces transformational solutions. This can only happen if we have everyone in the room.”In March, Assad visited the UAE on an official invitation for the first time since the Syrian civil war began.

☆ Top Biden aide discusses Yemen peace efforts with Saudi crown prince
▼ + stars: | 2023-05-08 | by ( ) www.reuters.com time to read: +2 min

WASHINGTON, May 7 (Reuters) - U.S. national security adviser Jake Sullivan met Saudi Crown Prince Mohammed bin Salman during a visit to the kingdom on Sunday and reviewed what the White House called "significant progress" in Yemen peace efforts, the White House said. Sullivan, President Joe Biden's top White House national security aide, also thanked the crown prince for Saudi support to U.S. citizens during evacuation from Sudan, the statement added. U.S. special envoy Tim Lenderking travelled to Oman and Saudi Arabia earlier this month to seek to advance Yemen peace efforts, the State Department said. A Saudi-led military coalition intervened in Yemen in 2015 after the Iran-aligned Houthis ousted the government from the capital Sanaa. But the White House statement made no mention of Israel.

☆ Etihad Airways signs deal to allow bookings using AI within chat app BOTIM
▼ + stars: | 2023-05-03 | by ( ) www.reuters.com time to read: +2 min

DUBAI, May 2 (Reuters) - Etihad Airways, Abu Dhabi's state carrier, on Tuesday signed an agreement with technology firm Astra Tech that allows customers to make flight bookings using artificial intelligence within chat app BOTIM, Astra Tech said. Astra Tech has said its GPT is the first that works in the Arabic language. "Through the BOTIM GPT module developed by Astra Tech, flights and other travel-related services are integrated into the Botim app, offering a convenient and innovative way for customers to book Etihad flights," Astra Tech said. Astra Tech bought BOTIM last year for an undisclosed sum from about 12 investors, Astra Tech founder and BOTIM CEO Abdallah Abu Sheikh told Reuters last month. BOTIM is one of the top three digital remittance providers in the UAE, one of the other services the app provides, Sheikh said.

☆ Brazil's Lula calls for 'peace group' to broker Ukraine-Russia deal
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +2 min

He cited Xi and the president of the United Arab Emirates, Sheikh Mohamed bin Zayed Al Nahyan, both of whom he met this week. Lula had previously said the group should gather countries not "encouraging" war, adding that nations that are supplying weapons should be convinced to stop doing so. Germany earlier this year reportedly asked Brazil to supply arms as well, but Lula refused. Lula had a call with Ukrainian President Volodymyr Zelenskiy earlier this year. Reporting by Gabriel Araujo and Eduardo Simoes in Sao Paulo; Editing by Bill BerkrotOur Standards: The Thomson Reuters Trust Principles.

☆ Saudi money is flowing to US media and entertainment, from Live Nation to LIV Golf, 5 years after Jamal Khashoggi's murder: 'The ice has thawed'
▼ + stars: | 2023-04-03 | by ( Claire Atkinson | Lucia Moses | ) www.businessinsider.com time to read: +20 min

Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment. Insider identified some key people connecting Middle East investors with American companies. Saudi Arabia is trying to pitch itself to the world as a cultural and economic reformer and spur tourism. Vince McMahon's WWE has a long-term partnership with the Kingdom of Saudi Arabia, with a major live WWE event there slated for May. Vince McMahon's WWE was one of the first US companies to create unique events in Saudi Arabia.

☆ 9 Middle Eastern funds and investors pouring money into US media, sports, and entertainment
▼ + stars: | 2023-04-03 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com time to read: +9 min

Governments and investors in the Middle East are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.

☆ UAE's ruler breaks with tradition and appoints his son as crown prince
▼ + stars: | 2023-03-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailUAE's ruler breaks with tradition and appoints his son as crown princeUAE President Sheikh Mohammed bin Zayed al-Nahyan passed over his brothers, promoting them to senior roles and effectively pushed them out of the succession. CNBC's Hadley Gamble reports.

☆ UAE leader breaks with tradition, appoints son as crown prince
▼ + stars: | 2023-03-30 | by ( Natasha Turak | ) www.cnbc.com time to read: +4 min

Sheikh Khaled bin Mohammed bin Zayed Al Nahyan, the UAE leader's eldest son, is now the oil-rich Middle Eastern country's crown prince, effectively next in line for its leadership. Sheikh Tahnoon was already named chair of the $790 billion Abu Dhabi Investment Authority, the emirate's main sovereign wealth fund, earlier in March. Sheikh Mohammed bin Zayed Al Nahyan, Crown Prince of the Emirate of Abu Dhabi. He described the decision as "formalizing the leverage Abu Dhabi has over Dubai, and how little Dubai will be allowed to say in foreign policy." Prime Minister and Vice-President of the United Arab Emirates and ruler of Dubai Sheikh Mohammed bin Rashid al-Maktoum attends the Global Women's Forum in Dubai, United Arab Emirates, February 16, 2020.

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.

☆ Abu Dhabi's Presight AI soars on market debut
▼ + stars: | 2023-03-27 | by ( ) www.reuters.com time to read: +1 min

DUBAI, March 27 (Reuters) - Shares in Abu Dhabi big data analytics company Presight AI climbed as much as 176% on their stock market debut after raising 1.82 billion dirhams ($495.6 million) in an initial public offering (IPO) for almost a third of the business. Presight's shares rose as high as 3.70 dirhams on the Abu Dhabi Securities Exchange before retreating a little to 3.40 dirhams. The company is majority owned by G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan. Sheikh Tahnoon is the UAE's national security adviser and has acted as a foreign policy troubleshooter for his brother, President Sheikh Mohammed bin Zayed al-Nahyan. He was also recently named chair of Abu Dhabi Investment Authority, the emirate's largest sovereign wealth fund, and was already chair of smaller wealth fund ADQ.

☆ Syria's Assad arrives in United Arab Emirates in official visit
▼ + stars: | 2023-03-19 | by ( ) www.reuters.com time to read: +3 min

[1/5] Syria's President Bashar al-Assad meets with President of the United Arab Emirates Sheikh Mohamed bin Zayed Al Nahyan in Abu Dhabi, United Arab Emirates March 19, 2023. Hamad Al Kaabi/UAE Presidential Court/Handout via REUTERSDUBAI, March 19 (Reuters) - Syrian President Bashar al Assad arrived in the United Arab Emirates (UAE) on Sunday for an official visit, accompanied by his wife Asma al Assad, at a time when more Arab states have signalled openness to easing the isolation of Damascus. "We held constructive talks aimed at developing relations between our two countries," Sheikh Mohammed later said in a Twitter post. The Syrian presidency said Asma al Assad, on her first known official visit abroad with Assad since 2011, would meet with Sheikha Fatima bint Mubarak who is the Emirati president's mother and regarded in the UAE as the "Mother of the Nation". Saudi Arabia, Qatar and, to a lesser extent the UAE, once backed rebels against Assad.

☆ 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's G42 buys ByteDance stake at $220 billion valuation, report says
▼ + stars: | 2023-03-15 | by ( ) www.cnbc.com time to read: +1 min

Abu Dhabi-based artificial intelligence firm G42 acquired a $100 million plus stake in ByteDance, valuing the Chinese unlisted owner of TikTok at $220 billion, Bloomberg News reported late on Tuesday, citing people with knowledge of the deal. G42, controlled by Sheikh Tahnoon bin Zayed al-Nahyan, who is also the UAE's national security adviser, acquired the stake from existing investors in recent months through its 42XFund, the report said, adding that another fund also bought into ByteDance at a $225 billion shortly after. The company's $220 billion valuation is a considerable discount to the $300 billion valuation set during a share buyback program last year, down from the valuations of between $300 billion and $400 billion it received in the secondary market in 2021. Both 42XFund and ByteDance did not immediately repsond to Reuters' requests for comment. Bloomberg had earlier in the day reported that TikTok, ByteDance's short-form video app, is considering separating from its parent to help address U.S. concerns about national security risks, as it has come under increasing fire over fears that user data could end up in the hands of the Chinese government, undermining Western security interests.

☆ Middle East pivot to Asia is strategic this time
▼ + stars: | 2023-03-14 | by ( Una Galani | ) www.reuters.com time to read: +6 min

Xi Jinping has brokered a deal the United States would have found hard to secure, despite its traditional military influence in the Middle East. The Middle East has trained its financial sights on Asia before. At current rates of growth, emerging Asia will become the top trade partner for the Gulf countries by 2028, per Asia House, surpassing advanced economies. As U.S.-China relations continue to sour, the Asian financial centre is looking to the Middle East to find new foreign companies to trade in the territory. Delegations from the two Middle East countries held talks in Beijing between March 6 and 10, the statement added.

☆ UAE withdraws bid for 2026 World Bank-IMF meetings in favour of Qatar
▼ + stars: | 2023-03-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] A general view of the Burj Khalifa and the downtown skyline in Dubai, United Arab Emirates, June 12, 2021. The decision came during a phone call between UAE President Sheikh Mohammed bin Zayed Al Nahyan and Qatar's emir Sheikh Tamim bin Hamad al-Thani, statements from state news agency WAM and the Amiri Diwan said. In Sunday's phone call, Sheikh Mohammed pledged the UAE's support for Qatar's bid to host the meetings and "wished the Emir and the people of Qatar every success in hosting this global gathering," WAM's statement said. But relations between Abu Dhabi and Doha have warmed in recent months with Sheikh Mohammed visiting Qatar during the soccer World Cup last December. Abu Dhabi, like Manama, has not appointed an envoy to Doha, but restored travel and trade links with Qatar.

☆ A 50% rent increase? Record property demand in Dubai is creating a nightmare for some residents
▼ + stars: | 2023-03-10 | by ( Natasha Turak | ) www.cnbc.com time to read: +8 min

Beyond the property market, Dubai's economic boom is evident in everyday life. The Dubai International Financial Centre (DIFC) area of Dubai, United Arab Emirates, with the Burj Khalifa in the backdrop, Sept. 16, 2022. Property prices have, too — CBRE says that selling prices are up 11.5% on average in the year to February 2023. Christopher Pike | Bloomberg | Getty ImagesAccording to CBRE's research, in the year through February 2023, average Dubai rents increased by 27.7%. In the meantime, no one expects property prices to ease up anytime soon.

☆ 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.

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