Finance World Magazine| Edition: February 2024

Business News
Abu Dhabi’s IHC Unveils $27.2B 2PointZero Holding Company
Abu Dhabi’s International Holding
Company (IHC) has unveiled
the creation of 2PointZero,
a next-generation holding
company set to amass assets totalling
AED 100B ($27.2B). Following board
approval, various companies from
diverse sectors will be transferred to
IHC under the umbrella of 2PointZero.
This strategic consolidation is anticipated
to result in an impressive asset
size exceeding AED 100B ($27.2B).
Tahnoon bin Zayed Al Nahyan, IHC
Chairman, expressed pride in announcing
2PointZero, emphasising its commitment
to pioneering advancements
in multiple sectors. The company’s
vision extends globally, focusing on
technology, artificial intelligence, and
the development of solutions reshaping
industries like finance, investment
banking, and resource management.
Saudi’s 2024 GDP to
expand by 4.4% on
non-oil growth
Saudi Arabia’s economic outlook
for 2024 is optimistic, projecting
a 4.4% GDP growth despite lower
oil revenues. Non-oil activities,
fueled by robust consumer spending
and initiatives under Saudi Vision 2030,
are key contributors. AlJazira Capital’s
report highlights positive indicators
like increased consumer spending,
low unemployment, and growth in the
non-oil private sector. The forecasted
GDP, slightly below China’s at 4.6%,
surpasses emerging economies (4%),
the Euro area (1.2%), and the United
States (1.5%). While oil revenues are
expected to decline, non-oil revenues
are set to rise. The government’s
strategic spending through the Public
Investment Fund is expected to bolster
non-oil activity and effectively offset
the impact of reduced oil income.
Dragon Oil Begins Crude Production in Egypt,
Plans 7 New Wells by 2026
Dragon Oil, a Dubai Government-owned
upstream
exploration and production
platform, has initiated crude
oil production in Egypt, marking a
significant milestone. The Al Wasl field
(North Safa), Dragon Oil’s inaugural
oil discovery in Egypt, commenced
production at an initial rate of 3,000
barrels per day. This field, discovered
in 2021, stands out as one of the Gulf of
Suez’s largest oil finds in the last two
decades, boasting a reserve surpassing
95 million barrels. With a commitment
to long-term expansion, Dragon Oil aims
to intensify oil exploration in the Gulf
of Suez, investing $200M to develop the
In 2023, UAE’s sovereign wealth
funds (SWFs), including Mubadala,
ADIA, and ADQ, collectively
invested $36.5B, as reported by
Global SWF in its 2024 annual report.
Mubadala secured the third position
among the top 10 SWFs with investments
totalling $ 17.5 B, followed by
ADIA with $13.2B. ADQ claimed the
eighth spot with $5.8B. Meanwhile,
Saudi Arabia’s Public Investment Fund
(PIF) led with $31.5B deployed in 48
deals. Co-investments surpassed $30B,
with Mubadala actively bolstering the
UAE’s economy through strategic collaborations
in various sectors, including
Al Wasl oil field and drilling additional
wells for a substantial increase in daily
output by 2026.
UAE’s Mubadala, ADIA, and ADQ Hit $36.5B in
Combined 2023 Investments
payments and biopharma. Mubadala
has been an active seller, divesting
$122.7B between 2018 and 2022.
24 www.thefinanceworld.com February 2024