Bloomberg: The UAE Administration of the UAE investment in China moved to the color fund

A new investment unit in Abu Dhabi has taken over the management of a fund focusing on China belonging to the AI ​​(G42) (G42), according to people who are familiar with the matter, which holds these assets under the boundaries of an investment entity belonging to the Deputy Governor of the Emirate of Abu Dhabi. Lunate plans to appoint a small team to help manage the G42 business, called ’42xfund’, which has shares in units of Chinese technology companies, including ‘Bye Dance’ and ‘JD.com’, according to these people who asked not to reveal their identity when discussing unnamed information. The G42 and the “Lunite” fund are part of a major business -rich supervision of the national security advisor in the United Arab Emirates, Sheikh Tahnoon bin Zayed Al Nahyan. The step taken by the emirate raises questions about the extent of compliance with the content of a secret agreement reached by the company “G42” last year with the administration of the US President Biden to turn away from the investment in China. The “Lunite” fund is a unit of the ‘Al -Alamia Holding Company’, the largest Emirati businesses listed in the Abu Dhabi Securities Market, whose board is chaired by Sheikh Tahnoon bin Zayed. The special investment group, “Royal Group”, which is attached to Sheikh Tahnoun, has a majority share in the “Al -Alamia Holding” business, which is valued at $ 250 billion and is also the parent company of “G42”. A spokesman for the company “G42” referred any comments on the news to the “42 x Fend” fund. While the fund representatives did not respond to the suspension requests. A “Lunite” spokesman also refused to comment. The UAE government did not respond to a request for comments sent by the Foreign Ministry. G42 with Washington, “G42”, which seeks to become a great force in the field of artificial intelligence in the Middle East, has entered into an agreement with the US Department of Trade as part of Washington’s most comprehensive efforts to reduce China’s technological power while supporting support for those in different world parts. After that, G42 group CEO Ping Xiao promised to go out of investment in China in favor of investment in the United States and other Western markets, where the group’s largest partners in the field of artificial intelligence work. On this basis, Microsoft moved to invest $ 1.5 billion in the G42 group, an agreement that the Biden administration hopes to help the United States help technological investments in Beijing throughout the south. According to Bloomberg News this month, this partnership has caused the concern of Washington officials, which includes the Pentagon in doubt that G42 will separate from China completely. It is not clear what I promised “G42” to make its origin in China. But the “color” movement raises more questions about whether the agreement is in line with the United States strategic goals, people who are familiar with the matter said. A “Microsoft” spokesman refused to comment. The network of entities, which is also under the supervision of Sheikh Tahnoun, contains two sovereign boxes, the Abu Dhabi Investment Authority and “Adq”. In a recent announcement, Al -Alamiah Holding Company revealed that it had acquired a controlling stake in “G42”, although the company spokesman said the agreement was still under regulatory judgments and the approval of the board of directors needed and had not yet been completed. It is noteworthy that the “color” fund has done various transactions since the founding, including investment in the ICD Brookfield Place in Dubai. He also agreed to buy a 40% stake in the Network of Oil Pipelines of the Abu Dhabi National Oil Company (ADNOC) of the “Black Rock” and “KKR & CO” business.