Summary:
- Abu Dhabi’s Royal Group plans to deploy more capital into the crypto industry and commodities, Bloomberg reported citing people familiar with the matter.
- The investment firm led by United Arab Emirates National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan has poured billions into a short position on US stock on the back of recession concerns.
- Royal Group’s portfolio shift follows the UAE’s crypto hub plans and regulatory discussions with entities like Coinbase.
Royal Group, an investment firm led by top a UAE royal, shifted its billion-dollar portfolio toward cryptocurrencies and commodities after accumulating a massive short position in U.S. stocks.
The change in investment strategy comes as Royal Group harbors concerns over a possible recession in America’s economy, Bloomberg reported citing individuals familiar with the matter.
America’s looming recession seems to have dampened the group’s faith in equities, leading to a big bet against the U.S. economy. This has in turn strengthened the prospect of digital assets and commodities as Abu Dhabi’s top investment firm plans to deploy more cash in the nascent industry.
The UAE’s Crypto Hub Plans
Digital asset investment plans from Abu Dhabi’s richest investment venture align with the UAE’s plans for a global digital asset hub. The United Arab Emirates Prime Minister announced strategic moves towards encouraging crypto businesses and standardizing the industry.
Emirates like Abu Dhabi and Dubai are arguably at the forefront of this campaign. Dubai was one of the first jurisdictions in the world to open a regulatory agency dedicated to crypto rule-making and oversight.
Dubai’s Virtual Assets Regulatory Authority (VARA) also published a rule book introducing a licensing regime and framework for digital asset service providers, one of the first of its kind.
Entities like Binance and Crypto Dot Com have received provisional permission to set up shop in one of the Emirates. Recently, Coinbase and its CEO Brian Armstrong flew to meet with policymakers amid an exodus in the U.S. thanks to stiffling enforcement action and unclear crypto rules.
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