Business
Shake-Up Elevates U.A.E. Crown Prince Into $260 Billion Sovereign Wealth Role
The fortunes of a 44-year-old Gulf crown prince are rising thanks to a royal wealth shake-up in the United Arab Emirates.
Sheikh Khaled bin Mohamed bin Zayed al Nahyan, son of the oil-rich country’s president, was put in charge of ADQ, a $263 billion wealth fund in the U.A.E., the country said Friday. He takes responsibility for state crown jewels such as Etihad Airways and Abu Dhabi’s nuclear-energy company, which had been under the control of the prince’s uncle, Sheikh Tahnoon bin Zayed al Nahyan.
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