Lucid to receive $1bn from PIF affiliate via new stock

Lucid to receive $1bn from PIF affiliate via new stock
Lucid to receive $1bn from PIF affiliate via new stock

Thank you for reading the news about Lucid to receive $1bn from PIF affiliate via new stock and now with the details

Jeddah - Yasmine El Tohamy - UAE’s abroad investments performing well despite economic headwinds: top official 

RIYADH: The UAE has strengthened its position in the global economy, with its overseas investments proving resilient amid economic fluctuations, said a senior official. 

Jamal Bin Saif Al-Jarwan, secretary-general of the UAE International Investors Council, stated that the Emirate’s assets abroad, both government and private, are estimated at $2.5 trillion as of early 2024, as reported by the state news agency WAM. 

He added that the country is continuously expanding its investment portfolio to secure future generations with valuable and viable projects.

“It (the UAE) ranked first in the Arab region and West Asia and 15th globally, and second globally in investing in new opportunities,” said Al-Jarwan, although he did not specify which list he was referring to.

In a statement to WAM, Al-Jarwan revealed that the US holds the top spot, attracting $65 billion in bonds and $50 billion in direct investments by the UAE. 

The US is followed by Egypt at $65 billion, while direct investments in the UK and India amounted to $40 billion each.  

He added that they are currently operating in 90 countries.  

He anticipates that their focus will be on India, Indonesia, and ASEAN countries. Additionally, Egypt, Morocco, and Central Asian countries were expected to draw their attention.  

Moreover, the UK, France, and Germany, along with the US and Canada, were also on their radar. Lastly, he added, some European countries, particularly Serbia, Greece, and Turkiye, would be areas of focus. 

The senior official revealed that 72 percent of the UAE’s overseas investments are attributed to the country’s sovereign wealth funds, led by the Abu Dhabi Investment Authority. Other prominent entities include Mubadala Investment Co., Investment Corp. of , Emirates Investment Authority, and ADQ. 

Government-owned and quasi-governmental companies account for 18 percent of the Emirate’s investments abroad. UAE banks, family-owned, and private businesses collectively hold 10 percent of foreign investments. Among these, banks hold 2.5 percent, while family-owned and private businesses hold 7.5 percent. 

He added that the UAE owns seven sovereign wealth funds, with assets exceeding $2 trillion. 

“There are a series of deals that have been concluded, the most prominent of which was the deal between the American asset management company Apollo Global Management and Abu Dhabi Investment Authority to acquire UniVar Solutions, headquartered in the UAE, for $8.2 billion,” he added.  

The official also highlighted the deal in which the Canadian Caisse de dépôt et placement du Québec acquired 22 percent ownership of DP World in both the Jebel Ali Free Zone and the National Industries Park and Jebel Ali Port for $5 billion. 

He added that the UAE’s investment flow abroad increased in 2022, reaching $24.83 billion, marking a 10 percent rise compared to 2021. 

Citing a report issued by the UN Conference on Trade and Development, Al-Jarwan noted that the UAE ranked 15th globally in investment flows to other countries in 2022, compared to its position in 2021. 

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