Latest news with #TahnoonbinZayedal-Nahyan
Yahoo
16-05-2025
- Business
- Yahoo
Richard Caring in advanced talks to sell part of UK hospitality empire
Businessman Richard Caring is in advanced discussions to sell a substantial part of his hospitality business in the UK to the International Holding Company (IHC), overseen by its chairman Sheikh Tahnoon bin Zayed al-Nahyan, as reported by the Financial Times. The sale encompasses the Ivy restaurants chain and Annabel's, an exclusive London private members club. The potential deal, which has been under consideration for some time and has recently gained momentum, could exceed £1bn ($1.32bn). The negotiations, which could lead to a partial exit for Caring, are primarily focused on selling a stake in Troia, the entity behind the Ivy Collection, which operates 40 restaurants across the UK and Ireland. The deal could provide Caring with funding to expand his hospitality brands into new markets. However, the deal's specifics are still being finalised, with discussions around the price and assets involved still variable. The scope of the potential transaction has broadened and may now include Caring's other assets, such as his Mayfair private members' clubs George and Harry's Bar —held under Mark Birley Holdings, which is co-owned by Qatar's former prime minister Sheikh Hamad bin Jassim bin Jaber al-Thani. Caring's portfolio also includes casual dining chain Bill's and Caprice Holdings, which owns upscale dining establishments Bacchanalia, Sexy Fish and Scott's. Despite ongoing talks, sources emphasise that there is no certainty that a deal will be reached between IHC and Caring. Caring manages his business through a network of investment vehicles owned by Jersey and British Virgin Islands-based holding companies. Corporate filings indicate that Troia, Caprice and Mark Birley Holdings have collectively guaranteed bank loans. The conglomerate IHC already has a diverse portfolio in the hospitality sector. Its listed subsidiary Alpha Dhabi Holdings holds a controlling interest in the National Corporation for Tourism and Hotels, which owns luxury hotels in Abu Dhabi, the Maldives and the Seychelles. Additionally, via a joint venture with Monterock International, Alpha Dhabi has stakes in hospitality brands such as the Greek luxury resorts chain Nammos. In September 2024, Caring was known to be in talks to sell the Ivy Collection restaurant group to a London-based investment company, Si Advisors. "Richard Caring in advanced talks to sell part of UK hospitality empire" was originally created and published by Verdict Food Service, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Russia Today
05-05-2025
- Business
- Russia Today
Gulf AI giant moves into US amid tech rivalry
The United Arab Emirates' artificial intelligence group G42, backed by Abu Dhabi's state-owned Mubadala investment company, is set to expand into the US, Financial Times has reported, citing corporate filings. It plans to invest tens of billions of dollars to establish itself in the market, the newspaper said. While the US has dominated the domain, as well as the semiconductor segment, more and more nations are making concerted efforts to develop and promote globally indigenous AI technologies and chips. In an article on Sunday, FT quoted a G42 representative as confirming that it is 'committed to the USA market expansion and has established a legal entity towards that strategy.' The publication noted that the AI company is chaired by the UAE's national security adviser Sheikh Tahnoon bin Zayed al-Nahyan, who has spearheaded the country's AI-centered economic diversification push. Last April, Microsoft pledged to invest $1.5 billion into G42 in exchange for a minority stake in the UAE group, which has also attracted other US investors, including Ray Dalio's family office and private equity firm Silver Lake. In 2023, G42 announced it was cutting ties with Chinese hardware suppliers such as Huawei in favor of their American competitors to ensure compliance with US regulations. As recently as January, the debut of DeepSeek in China cast doubt on the dominance of US-based ChatGPT. Unlike its American rival, the Chinese model is freely available without a subscription, and swiftly became the most downloaded app on Apple's and Google's stores in nearly 60 countries. On top of that, it is said to be far less expensive to run compared to ChatGPT. Back in March, researchers from the University of Science and Technology of China (USTC) unveiled a new superconducting quantum computing prototype, which is said to be a million times faster than Google's top quantum processors. The Chinese chip, named Zuchongzhi-3, is also a quadrillion times more efficient than any conventionally built supercomputer, according to its developers. In February, the newspaper Mint, citing Indian officials, claimed that New Delhi was developing its own artificial intelligence chip from scratch, with a view to reducing the country's dependence on Western tech companies by 2027.
Reuters
13-03-2025
- Business
- Reuters
UAE crypto bet is a new twist on AI infrastructure
LONDON, March 13 (Reuters Breakingviews) - Abu Dhabi's burgeoning obsession with artificial intelligence just took something of a detour. The richest of the United Arab Emirates said on Wednesday that its MGX investment vehicle was paying, opens new tab $2 billion to acquire a minority stake in cryptocurrency exchange Binance. That puts quite a new twist on MGX's prior focus on AI infrastructure, even if in pragmatic geopolitical terms it might qualify as a logical move. Since launching last year MGX, an offshoot of Abu Dhabi's $330 billion sovereign wealth fund Mubadala and chaired by the powerful Sheikh Tahnoon bin Zayed al-Nahyan, had seemed squarely focused on AI. That took in investments in SoftBank Group and OpenAI's $500 billion AI data centre project in the United States, plus Elon Musk's xAI. MGX's potential horizons are admittedly quite broad – taking in spending on semiconductors and applications such as data, life sciences and robotics. Even so, betting on Binance due to what the Abu Dhabi group describes as a 'commitment to advancing blockchain's transformative potential for digital finance' still seems a new direction. Binance has a colourful backstory. It pled guilty in November 2023, opens new tab to money-laundering control lapses and was fined $4 billion, and founder Changpeng Zhao served time in a U.S. prison. The part MGX is now backing is a separate entity to the U.S. exchange, and Binance has a new CEO who previously served as CEO of the Abu Dhabi Financial Services Regulatory Authority. Yet the nature of the investment is itself unusual. It's being done via stablecoins - digital currency pegged to a sovereign currency like the dollar – with the counterparties refusing to disclose which type of stablecoins were used. Abu Dhabi's punt may make sense on its own terms: blockchain, the technology behind cryptocurrencies, can securely store data crucial to powering AI. But a clearer logic for the move is two sorts of pragmatism. One is that the UAE has long wanted to be a crypto hub, opens new tab. In December, the state introduced its first UAE dirham-backed stablecoin – AE Coin, approved by its own central bank. The Middle East & North Africa region made up 7.5% of the world's total crypto transaction volume between July 2023 and June 2024, according to Chainalysis, opens new tab. And a fifth of Binance's 5,000 staff are based in the UAE. Meanwhile, Abu Dhabi's strong links with the U.S. have guided its strategy before. Last year, a Washington-brokered deal between MGX, Microsoft and BlackRock aimed to raise up to $100 billion to invest in AI infrastructure. Under U.S. President Donald Trump the U.S. is newly enthusiastic about crypto, and a Securities and Exchange Commission civil lawsuit against Binance has been put on hold. Even if it looks odd, Abu Dhabi's punt is in tune with the times. Follow @karenkkwok, opens new tab on X CONTEXT NEWS Abu Dhabi-backed investment group MGX has made a $2 billion cryptocurrency investment in Binance, the companies said on March 12. The deal, which Binance called its first institutional investment, is one of the largest ever in the crypto industry. It will see MGX become a minority shareholder after making the investment in stablecoin - a type of cryptocurrency pegged to a fiat currency such as the dollar. A Binance spokesperson declined to comment on "the agreed governance rights" or the size of MGX's stake, or on which stablecoin was used for the investment. MGX also declined to comment. Binance, founded in 2017 in China by billionaire Changpeng Zhao, grew into the world's biggest crypto exchange after tapping into soaring demand for trading bitcoin and other cryptocurrencies. Zhao, known as "CZ", pleaded guilty to violating U.S. laws against money laundering at Binance, and spent months in jail last year. For more insights like these, click here, opens new tab to try Breakingviews for free. Breakingviews Reuters Breakingviews is the world's leading source of agenda-setting financial insight. As the Reuters brand for financial commentary, we dissect the big business and economic stories as they break around the world every day. A global team of about 30 correspondents in New York, London, Hong Kong and other major cities provides expert analysis in real time. Sign up for a free trial of our full service at and follow us on Twitter @Breakingviews and at All opinions expressed are those of the authors.
