(Bloomberg) -- As Gulf oil wealth flows to all corners of the globe — backing mega mergers, propping up economies and upending the world of sport — moves by a key member of Abu Dhabi’s ruling family have positioned him as one of the world’s most influential dealmakers.Most Read from BloombergHuawei Teardown Shows Chip Breakthrough in Blow to US SanctionsMercedes Bets on Range Boost in Swipe at Tesla’s EV LeadDiamond Prices Are in Free Fall in One Key Corner of the MarketWhy China Is Avoiding Usi
Over the past few months, Sheikh Tahnoon bin Zayed Al Nahyan has gained control of the largest sovereign wealth fund in the United Arab Emirates, expanding the assets he oversees to almost $1.5 trillion. He’s proceeded to bankroll billions of dollars in deals via an expanded empire of private and state entities.
“The UAE leadership has recognized its most important source of statecraft is financial,” said Karen Young, a senior research scholar at Columbia University’s Center on Global Energy Policy. “It has the economic means to secure itself, to project power and to shape the politics around it in ways that it could never achieve with its small size or military power alone.
Bankers and lawyers warn that some of Abu Dhabi’s investment vehicles could be slowed by national security reviews as the US Committee on Foreign Investment broadly conducts more stringent checks on deals by international investors with business ties to the Chinese government. The UAE is also set to join the BRICS grouping of major emerging markets, moving closer into Beijing’s orbit.
Sheikh Tahnoon was handed control of Abu Dhabi Investment Authority following a reshuffle in March. Days later, UAE ruler Sheikh Mohammed bin Zayed — known as MBZ — named his eldest son Sheikh Khaled bin Mohammed as crown prince and thus heir, after having held the position open for a year.
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