Abu Dhabi’s newest SWF, L’IMAD Holding, has seen an initial restructuring of its assets under management with the direct fold of CYVN and Nio Inc stake under the SWF.
CYVN Holdings LLC is a mobility focussed investment firm owned by the government.
Bloomberg broke the news that the investment firm had been folded into L’IMAD Holding today according to sources familiar with the matter.
CYVN holds a 18% stake in Chinese electric vehicle maker, Nio Inc.
Background of the Deal
CYVN Holdings, acquired McLaren Automotive – alongside Bahrain’s SWF, Mumtakalkat, late last year – as the UAE and Bahrain deepen their investments in assets under management. The move aligns with Emirati and Bahraini developments of their fintech sectors.
New Chairman of L’IMAD
The latest deal comes as L’IMAD announced the appointment of Abu Dhabi Crown Prince, His Highness Sheikh Khaled bin Mohamed bin Zayed Al-Nahyan as Chairman of the SWF last week.
L’IMAD now owns both CYVN and the 18% stake in Nio Inc. The newest SWF aims to develop a diversified portfolio across sectors including infrastructure, real estate, asset management, smart cities, and urban mobility.
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