DUBAI - The chairman of Abu Dhabi-based conglomerate Royal Group, Sheikh Tahnoon bin Zayed Al Nahyan, said on Thursday that the company has identified a number of "outstanding" investment opportunities in the U.S. market that it plans to pursue.
"First and foremost, I'd like to reiterate that I firmly believe in the stability and potential of the US market," Sheikh Tahnoon, who rarely speaks publicly about investments, said in a statement to Reuters.
"Despite current fluctuations, we have identified a number of outstanding investment opportunities that we plan to pursue."
Sheikh Tahnoon is one of the most powerful members of the UAE's ruling Nahyan family and brother of UAE President Sheikh Mohamed bin Zayed. He is one of two deputy rulers of oil-rich Abu Dhabi and oversees a sprawling investment and business portfolio in the emirate.
Royal Group's businesses and subsidiaries span several sectors including healthcare, real estate and construction, AI, technology, hospitality and media, among others.
"I want to make it clear that we do not support nor engage in shorting the market," Sheikh Tahnoon also said, referring to recent market speculation.
"We believe in investing for the long-term and actively seeking out opportunities that create meaningful, lasting impact."
In March, Sheikh Tahnoon was appointed chairman of the Abu Dhabi Investment Authority (ADIA), one of the largest sovereign wealth funds in the world, in addition to his role as chair of ADQ, another, smaller Abu Dhabi investment fund.
In its 2021 Review released last October, ADIA said its long-term portfolio strategy sets exposure to North America at a range of 45% to 60%, to Europe at 15% to 30% and emerging markets at 10% to 20%.
(Reporting by Hadeel Al Sayegh; Writing by Rachna Uppal; Editing by Chris Reese and Deepa Babington)