Aabar eyes piece of Manhattan

Aabar Investments, an Abu Dhabi government-backed investment company, is targeting an “iconic” piece of Manhattan real estate, according to Mohamed al-Husseiny, chief executive of the firm.
“If we do close, it will be an iconic investment right in the middle of Manhattan,”Â al-Husseiny told a conference call for investors earlier this week. If executed, the property development will be an 80 storey building with condominiums and five-star hotels.

The biggest shareholder in Aarbar is the International Petroleum Investment Company (IPIC), which is fully owned by the Abu Dhabi emirate. While IPIC makes investments in natural resource development projects, Aabar deploys capital in other markets.

In July, Aarbar bought a 32 per cent stake in emerging space tourism carrier Virgin Galactic. It also owns 9.1 per cent of Daimler, which owns carmaker Mercedes, and the private banking operation of America International Group, Falcon Private Bank.

Its portfolio also holds plots of land in Abu Dhabi slated for development projects.

Sweden’s largest pension fund, the $126 billion Alecta, has spent much of the last year continuing to work on improving governance, risk management, competence and culture in the wake of a $2 billion loss in 2023 attributable to investments in US regional banks, including Silicon Valley Bank, turning sour.

Debunking distressed debt

The sharp market falls triggered by the pandemic brought the longest recovery ever in modern finance to an abrupt end. But despite the turmoil unleashed by COVID, it has not wrung out the market excesses of the last 13-year cycle. It means another wave of corporate failures could appear on the horizon in a shorter timeframe than expected, and offer more opportunities for distressed debt investors, according to Victor Khosla founder of SVP Global.

FIS event tackles debt, inflation, China

Investors all over the world are pondering the inflationary environment. Is inflation coming? Will it stick? What does it mean for investments? Is stagflation possible and how should portfolios be hedged? The Fiduciary Investors Symposium will take a deep dive into the inflationary expectations of investors and look to history as a guide on asset class performance during different inflationary regimes.

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