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Abu Dhabi investment firm Lunate has taken over the management of G42's China-focused fund, which holds stakes in Chinese technology companies such as ByteDance and JD.com. Lunate, a unit of International Holding Co., plans to hire a small team to manage the fund. G42 had previously reached a secret deal with the Biden administration to pivot away from Beijing, but Lunate's involvement raises questions about the deal's alignment with US strategic goals. Lunate, controlled by Sheikh Tahnoon bin Zayed Al Nahyan, is part of a larger empire that includes sovereign wealth funds and other entities. [Extracted from the article]

Abu Dhabi investment firm Lunate has taken over the management of G42's China-focused fund, which includes stakes in Chinese technology companies such as ByteDance and JD.com. Lunate, a unit of International Holding Co., plans to hire a small team to manage the fund. G42 had previously made a deal with the Biden administration to pivot away from Beijing, but Lunate's involvement raises questions about whether the deal aligns with US strategic goals. Lunate, under the control of Sheikh Tahnoon bin Zayed Al Nahyan, has made several deals since its inception, including an investment in a Dubai office tower and the purchase of a stake in Abu Dhabi National Oil Co.'s oil pipeline network. [Extracted from the article]

A US lawmaker, Mike Gallagher, is urging the Commerce Department to investigate Abu Dhabi AI firm Group 42 Holdings due to its connections with China. Gallagher expressed concerns about G42's relationships with blacklisted Chinese companies and potential risks to research at US universities. He called for sanctions on G42 and its subsidiaries and affiliates, requiring US firms to obtain a government license before shipping goods to them. Gallagher's efforts align with his push for the Biden administration to restrict Chinese firms or companies with ties to China. The Commerce Department and G42 have not yet responded to requests for comment. [Extracted from the article]