Manufacturing Abu Dhabi plans to buy stake in British carmaker McLaren By Pramod Kumar October 30, 2024, 8:06 AM McLaren Mumtalakat, Bahrain's sovereign wealth fund, took full ownership of McLaren Group in March Abu Dhabi-backed CYVN Holdings has entered a non-binding agreement with Mumtalakat Holding, Bahrain’s sovereign wealth fund, to buy a stake in British carmaker McLaren Group, with the potential to take ownership of its automotive business. The partnership aims to bolster McLaren with additional capital, advanced engineering expertise and technology, particularly in electric vehicles (EVs), the companies said in a joint statement. The agreement intends to expand the sports carmaker’s lineup of high-performance vehicles, supported by a retail network of more than 110 locations across 30 global regions. Bahraini fund hires bank to find buyer for McLaren stake UK is ‘actively seeking’ Gulf investors, says trade minister Bahrain to invest $1.3bn into UK In December 2023, CYVN Holdings signed an agreement to invest $2.2 billion in Chinese EV maker Nio. Mumtalakat took full ownership of McLaren Group in March. Three months later, the sovereign wealth fund invested in Italian Racing Force, the parent company of Racing Force Group, makers of motorsport safety products. Register now: It’s easy and free AGBI registered members can access even more of our unique analysis and perspective on business and economics in the Middle East. Why sign uP Exclusive weekly email from our editor-in-chief Personalised weekly emails for your preferred industry sectors Read and download our insight packed white papers Access to our mobile app Prioritised access to live events Register for free Already registered? Sign in I’ll register later
