Abu Dhabi has reportedly moved CYVN Holdings, the owner of McLaren Automotive and a shareholder in Chinese EV maker Nio Inc, into its newly minted state-backed investment vehicle.
The move is intended to building up L’imad Holding and simply management of some of Abu Dhabi’s government’s investments, Bloomberg reported.
CYVN Holdings, an advanced mobility operator and investment vehicle based in Abu Dhabi, last year completed the acquisition of McLaren Automotive and a non-controlling stake in McLaren Racing as part of an deal with Bahrain’s sovereign wealth fund Mumtalakat.
L’Imad Holding came into spotlight last year after aligning with major Gulf wealth funds to back Paramount Skydance Corp. in its high-stakes tussle for Warner Bros. Discovery. Abu Dhabi’s Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan was appointed chairman of L’Imad in January, with Jassem Mohamed Bu Ataba Al Zaabi as CEO.
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