Abu Dhabi’s crown prince is spending billions to bypass Iran’s grip on Hormuz
Gulf countries, including the UAE have pushed for more dialogue and diplomacy with Iran
Abu Dhabi's Crown Prince Sheikh Khaled bin Mohamed Al Nahyan has been overseeing a $300 billion sovereign wealth fund weeks before the start of the Iran war. This fund, known as L’imad, is now playing a crucial role in building the infrastructure necessary to bypass Iran's control over the Strait of Hormuz. The importance of this endeavor has become evident as L’imad announced plans to privatize the strategically important Abu Dhabi Ports Co. at a valuation of nearly $9 billion.
Experts familiar with the situation believe that L’imad will likely spend tens of billions of dollars more on new port infrastructure outside the contested strait. This move positions the crown prince's organization as a vital player in developing crucial Middle Eastern trade routes, as Abu Dhabi pursues a new strategy called 'Zero Hormuz.'
The wealth fund has become the principal vehicle for Abu Dhabi's efforts to reduce its dependence on the waterway, which has been blocked by Iran, according to sources familiar with the matter who wished to remain anonymous due to the sensitive nature of the information.
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