The United Arab Emirates (UAE) is on the verge of a significant milestone, with its stock exchanges poised to host companies valued at over $1 trillion. This achievement is largely attributed to the holdings and influence of Sheikh Tahnoon bin Zayed Al Nahyan, a prominent figure in the UAE’s business landscape.
As of March 31, 2024, companies associated with Sheikh Tahnoon accounted for at least 65% of the benchmark FTSE ADX General Index. One of the key entities under his umbrella is the International Holding Co. (IHC), a conglomerate with diverse investments ranging from Rihanna’s lingerie line to Elon Musk’s SpaceX. IHC has experienced remarkable growth since its establishment in 2019, surging more than 400-fold in value. With a current valuation exceeding $240 billion, IHC outpaces industry giants like McDonald’s Corp and Disney Co. Moreover, the company generates revenue from trading on the exchange where it is listed, further contributing to its financial prowess.
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Sheikh Tahnoon’s influence extends beyond his business ventures, as he holds a prominent position within Abu Dhabi’s ruling family, the Al Nahyan family, widely regarded as the world’s wealthiest. However, the concentration of control in his hands has raised eyebrows among experts, particularly regarding the fairness of competition and the protection of minority shareholders’ interests. Despite these concerns, IHC’s CEO Syed Basar Shueb maintains that the company is accessible to all investors, dismissing claims of exclusivity.
The sheikh’s foray into the market has facilitated strategic acquisitions, including Zambia’s Mopani copper mine, underscoring his commitment to expanding his influence. Additionally, efforts to diversify the UAE’s economy away from reliance on oil have gained momentum, with wealth funds and business hubs actively pursuing growth opportunities. This diversification strategy aligns with broader initiatives aimed at positioning the UAE as a global economic powerhouse.
The UAE’s stock market has emerged as a beacon of prosperity, attracting investors from around the world. Since the onset of 2020, the total market value of listed companies has surged to $950 billion, with both Abu Dhabi and Dubai witnessing remarkable growth. Initiatives such as allowing foreigners to own 100% of businesses and successful initial public offerings have bolstered investor confidence and contributed to the market’s expansion.
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According to Rami Sidani, head of Middle East and North Africa at Schroders Investment Management, capital markets have played a pivotal role in attracting international investments and driving economic growth. The UAE’s ambitious privatization agenda, coupled with strategic initiatives to attract foreign capital, has positioned the country as a preferred destination for investors seeking opportunities in the Middle East.
In conclusion, Sheikh Tahnoon’s holdings and strategic investments have propelled the UAE’s stock exchanges toward a trillion-dollar milestone, signaling the country’s growing prominence on the global stage. With continued focus on economic diversification and investor-friendly policies, the UAE is poised to sustain its trajectory of growth and emerge as a leading financial hub in the region.
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