Abu Dhabi’s Top Listed Firm Sets Up $237 Billion Financial Giant

Article content(Bloomberg) — International Holding Co. is creating a new financial-services holding company that will oversee about 870 billion dirhams ($237 billion) in assets, the latest consolidation move by Abu Dhabi’s biggest listed firm.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentThe new entity, Judan Financial, will combine businesses spanning banking, insurance, asset management, alternative investments and financial technology, IHC said in a statement Friday. They include asset managers Chimera Investment and the $115 billion Lunate Capital as well as brokerage International Securities.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentJudan, which is expected to raise third-party and institutional capital, will have a valuation of about 100 billion dirhams. A first cohort of strategic investors have already been secured, according to the statement.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentThe entity will be chaired by Sheikh Tahnoon bin Zayed Al Nahyan, who is a brother of the United Arab Emirates’ ruler, and the country’s national security adviser. Article contentIn addition to his role at the $239 billion conglomerate IHC, he oversees vast swathes of Abu Dhabi’s oil wealth as chairman of its biggest wealth fund, its top lender and and its main artificial intelligence investor.Article contentIHC’s latest move comes months after it merged three units to create an investing behemoth with $33 billion in assets spanning finance, consumer and energy spread across 85 countries.Article contentAbu Dhabi sovereign wealth apparatus, too, has seen sweeping changes. Last month, the newly-created L’Imad Holding — chaired by the emirate’s crown prince Sheikh Khaled bin Mohammed — absorbed wealth fund ADQ. Article contentMohamed Al Suwaidi, who was chief executive officer at ADQ before transitioning into a new role at Lunate, will serve as Judan’s vice chairman, managing director and CEO.Article contentIn all, Abu Dhabi is home to investors that collectively oversee assets worth about $2 trillion. Many of them have emerged as prolific dealmakers across a range of sectors, from finance to artificial intelligence. Article contentTrending As U.S. companies return to Venezuela's oilfields — one Canadian driller has a head start Oil & Gas Ontario issues first permit that opens up old mine tailings for exploration Mining CRA charged taxpayer instalment interest before he received all his GIC income Taxes Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times As Canadian bond yields fall, watch for fixed rates to follow Mortgage Rates Share this article in your social networkCommentsYou must be logged in to join the discussion or read more comments.Create an AccountSign in Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. As U.S. companies return to Venezuela's oilfields — one Canadian driller has a head start Oil & Gas Ontario issues first permit that opens up old mine tailings for exploration Mining CRA charged taxpayer instalment interest before he received all his GIC income Taxes Subscriber only. Donald Trump plans to roll back tariffs on steel and aluminium goods Subscriber only Financial Times As Canadian bond yields fall, watch for fixed rates to follow Mortgage Rates