Meet Sheikh who has invested in Elon Musk's SpaceX, owns Rs 2000362 crore company, he's from...
The rulers of the United Arab Emirates will shortly fulfil a lifelong dream. Companies worth $1 trillion will be listed on their once-sleepy stock exchanges. Due to the recent record-breaking performance of the Abu Dhabi Securities Exchange, which is managed by the largest and wealthiest city-state in the United Arab Emirates, the markets have become extraordinarily successful. As of the end of March, they were ranked 17th in the world, ahead of Portugal and Spain.
Yet, the distinctive quality of the Abu Dhabi market puts off foreign investors who are tempted to jump in. One of Abu Dhabi's two deputy rulers, national security adviser, and brother to the country's president, Sheikh Tahnoon bin Zayed Al Nahyan, is a member of the royal family and controls nearly every aspect of the company.
Elon Musk's SpaceX and Rihanna's lingerie line are among the companies that his conglomerate, Internatioal Holding Co., or IHC, has invested in. Since 2019, IHC has increased by over 400 times. With a history dating back to a fish farming company, the expansive conglomerate is currently valued at nearly $240 billion (Rs 2000362 crore) , surpassing both Walt Disney Co. and McDonald's Corp, as reported by NDTV.
The sheikh, the de facto business chief of Abu Dhabi's ruling Al Nahyan family, oversees $1.5 trillion through sovereign funds, directing the New York Stock Exchange and two-thirds of companies in the S&P 500 stock index, making him the world's wealthiest individual in business.
The sheikh represents the UAE's global economic ambitions, using his holdings for acquisitions and domestic economy boost. The ruling Al Nahyan family diversifies from oil, turning the UAE into a financial centre, with wealthy individuals like Ray Dalio buying beach-side penthouses.
Sheikh Tahnoon's empire has led to five of the top 10 best-performing IPOs in the UAE since 2021. Bayanat AI Plc, his geospatial and data analytics company, tripled on its first day of trading in 2022, though some gains have since been lost, as per reports.
Source : DNA India