- ADQ, the wealth fund of Abu Dhabi, engaged in initial discussions to acquire Lazard, a boutique investment bank, showcasing the emirate's ongoing desire to acquire a significant financial institution. Representatives from ADQ, the third-largest sovereign wealth fund in the emirate, met with Lazard officials a few months ago. However, the talks broke down swiftly due to disagreements.
- Lazard is currently valued at $3.6 billion, with an asset management division responsible for overseeing approximately $235 billion worth of assets worldwide. Its stock has experienced a decline of 7.4% during this year. After a period of elevated crude oil prices, the United Arab Emirates' capital aims to leverage its oil revenues to diversify its economy further and increase its influence in the global financial sector.
Why it matters
Sheikh Tahnoon bin Zayed al Nahyan, the fund's chairman, also chairs First Abu Dhabi Bank PJSC and Abu Dhabi Investment Authority. FAB considered a bid for Standard Chartered Plc earlier this year but decided against it. In 2022, FAB made a $1.2 billion bid for EFG-Hermes, an Egyptian investment bank, but later withdrew due to regulatory delays in Egypt.