Sheikh Tahnoon adds the ADIA to his business empire
The UAE’s Sheikh Tahnoon adds to his portfolio: UAE’s national security advisor Sheikh Tahnoon bin Zayed Al Nahyan has been appointed chairman of the country’s USD 790 bn sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), the Supreme Council for Financial and Economic Affairs announced on Thursday.
Tahnoon was already one of the most powerful figures in the UAE business community: The decision will put Tahnoon in charge of two of the emirate’s three wealth funds alongside ADQ. He also chairs the country’s largest bank, First Abu Dhabi Bank, the USD 240 bn conglomerate International Holding Company, and the private investment firm Royal Group.
ALSO WORTH NOTING-
- Adnoc Gas got off to a strong start as a public company: Adnoc Gas’ shares jumped as much as 25% to AED 2.97 during its first day of trading yesterday, before falling to close 18% above its IPO price. The company raised USD 2.5 bn in what is the biggest IPO in the world so far in 2023. (Bloomberg)
- Saudi Arabia is launching a new airline: Saudi Arabia on Sunday announced it will launch a new airline, Riyadh Air, which aims to fly to more than 100 destinations by the end of the decade. The country’s wealth fund PIF is reportedly looking to buy USD 35 bn worth of Boeing passenger jets. (SPA | Wall Street Journal)
- Pfizer just agreed the largest pharma takeover in almost four years: Pharma giant Pfizer will acquire biotech firm Seagen for USD 43 bn, the largest pharma transaction since AbbVie’s purchase of Allergan in 2019. (Financial Times)
|EGX30||15,439||-3.1% (YTD: +5.8%)|
|USD (CBE)||Buy 30.84||Sell 30.96|
|USD at CIB||Buy 30.85||Sell 30.95|
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THE CLOSING BELL-
The EGX30 fell 3.1% at yesterday’s close on turnover of EGP 2.22 bn (8.3% above the 90-day average). Foreign investors were net sellers. The index is up 5.8% YTD.
In the green: e-Finance (+1.4%), Orascom Construction (+0.5%) and Edita (+0.4%).
In the red: Ibnsina Pharma (-11.1%), Palm Hills Development (-9.2%) and Credit Agricole Egypt (-8.5%).