An $80 Billion UAE Firm Is Wooing Trump and Luring Wall Street
The skyline of Abu Dhabi.
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Even by Abu Dhabi’s standards, the recent rush of investment bankers is unprecedented. Wall Street giants from Goldman Sachs Group Inc. to Morgan Stanley are courting the hottest new player in town: An $80 billion spinoff from the state oil company that wants to double in size over the coming decade.
As US President Donald Trump arrives in the emirate next week, this little-known firm is already being seen as a key player in the deepening relationship between Abu Dhabi and Washington. XRG, as the entity is known, is looking to splash out billions to build up its portfolio and the US is a key focus. That dovetails neatly with the American president’s call for foreign investment.