{"id":97749,"date":"2024-11-11T00:00:00","date_gmt":"2024-11-11T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/abu-dhabi-riyadh-compete-to-lure-global-finance-giants\/"},"modified":"2024-11-11T00:00:00","modified_gmt":"2024-11-11T00:00:00","slug":"abu-dhabi-riyadh-compete-to-lure-global-finance-giants","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/11\/11\/abu-dhabi-riyadh-compete-to-lure-global-finance-giants\/","title":{"rendered":"Abu Dhabi, Riyadh compete to lure global finance giants"},"content":{"rendered":"

Bloomberg<\/a><\/strong> highlights UAE-Saudi finance rivalry: <\/strong>The competition between Abu Dhabi and Riyadh to attract global financial giants is heating up, with firms like BlackRock, Goldman Sachs, and Barclays splitting operations between the two cities. Bloomberg reports that Abu Dhabi\u2019s strategy centers on leveraging assets \u2014 like energy wealth and infrastructure \u2014 for a post-oil future, while Riyadh, backed by a young population, is pushing to localize operations as part of a broader privatization push.<\/p>\n

Bloomberg<\/a><\/strong> also looked at a handful of Indian tycoons who found success in the UAE<\/strong>, including Lulu Group\u2019s Yusuff Ali, tracking his rise to become the UAE\u2019s second-wealthiest private individual. The feature spotlighted his journey from a single Abu Dhabi grocery store in the 1970s to Lulu Retail\u2019s USD 1.7 bn IPO<\/a>, the largest in the UAE this year. Bloomberg also examined GEMS Education owner Sunny Varkey, who sold a USD 2 bn majority stake<\/a> to Brookfield, and discussed challenges faced by foreign-born tycoons in amassing wealth in the UAE.<\/p>\n","protected":false},"excerpt":{"rendered":"

ALSO- Bloomberg ran a feature on Lulu Group\u2019s Managing Director Yusuff Ali<\/p>\n","protected":false},"author":1,"featured_media":97750,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1551],"tags":[7,641,41],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-97749","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uae-in-the-news","tag-enterpriseam-uae","tag-lulu-group","tag-uae-in-the-news","wpautop","entry"],"acf":{"mongo_id":"34f24f30-1106-417b-8760-35dcf2cda11b","order":"11","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/5\/812.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Abu Dhabi, Riyadh compete to lure global finance giants","related_issue":[97729],"teaser":"ALSO- Bloomberg ran a feature on Lulu Group\u2019s Managing Director Yusuff Ali","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/11\/.a001eb7c-a145-4b25-9116-d7fb7cb154ac.mp3"},"yoast_head":"\nAbu Dhabi, Riyadh compete to lure global finance giants - 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