ABU DHABI: Abu Dhabi Investment Authority (ADIA) said on Wednesday it had bought 25 percent of 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the New York office block.
ADIA, which the Sovereign Wealth Fund Institute estimates manages nearly $700 billion in assets, has between 5 to 10 percent of its portfolio in real estate.
The stake was bought by a subsidiary of ADIA, a spokesman said, adding it had owned the rest of the property for 30 years.
The deal is expected to close in the third quarter of this year.
Gulf sovereign wealth funds, especially Abu Dhabi and Qatari funds, have for decades been investing in commercial real estate in Europe and the US.
Vornado recently sold a non-controlling stake in its portfolio of New York properties along Fifth Avenue and Broadway in a transaction that provided the firm cash proceeds of about $1.2 billion.
Abu Dhabi fund takes full ownership of New York office block
Abu Dhabi fund takes full ownership of New York office block
- ADIA bought 25 percent of 330 Madison Avenue from Vornado Realty Trust
- ADIA, which the Sovereign Wealth Fund Institute estimates manages nearly $700 billion in assets, has between 5 to 10 percent of its portfolio in real estate
UAE thwarts terrorist cyberattacks targeting vital sectors
DUBAI: The UAE successfully prevented terrorist cyberattacks that targeted the country’s digital infrastructure and vital sectors, in an attempt to destabilize the nation and disrupt essential services, state news agency WAM reported.
The UAE Cybersecurity Council said the attacks included attempts to infiltrate networks, deploy ransomware, and conduct systematic phishing campaigns targeting national platforms.
It also involved the exploitation of artificial intelligence technologies to develop sophisticated offensive tools, reflecting a qualitative shift in the methods employed by terrorist groups and their ability to harness modern technologies to carry out digital attacks, WAM reported.
The Council reiterated the country’s national cybersecurity defense system makes sure that the safety of individuals, the protection of personal data and the continuity of critical services remain top priorities.
It further urged the public to report any cyber threats or suspicious attempts to ensure digital security in the country.
