Weeks before the Iran war began, Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed Al Nahyan took the helm of a $300 billion sovereign wealth fund. Now, months into a conflict that’s reshaped the Middle East, this entity and the people running it have become central to building the infrastructure needed to override Iran’s stranglehold over the Strait of Hormuz.
That imperative has come into sharp focus in recent weeks as the fund, L’imad, announced plans to take the strategically important Abu Dhabi Ports Co. private at a nearly $9 billion valuation. People familiar with the matter said the fund is now likely to spend tens of billions of dollars more on new port infrastructure outside the embattled strait. It’s a move that makes the crown prince’s outfit a crucial player in helping develop vital Middle Eastern trade corridors as the emirate pursues a new strategy it calls “Zero Hormuz.”
The wealth fund has become a key vehicle for Abu Dhabi’s push to ease its dependence on the waterway that’s been blocked by Iran, people familiar with the matter said, asking not to be named discussing information that isn’t public.
With your current subscription plan you can comment on stories. However, before writing your first comment, please create a display name in the Profile section of your subscriber account page.