- A filing with the US SEC earlier this month showed L'imad holds a 17.9% stake in Nio.
- CYVN Holdings LLC has been transferred to L'imad, whose board chairman is the Crown Prince of Abu Dhabi.
Abu Dhabi has consolidated its holdings in Nio Inc (NYSE: NIO, HKG: 9866) and the owner of McLaren Automotive into the state-owned L'imad Holding, Bloomberg reported on Wednesday, adding that this signals a broad remit for the emirate's newest investment vehicle.
CYVN Holdings, a government-owned investment firm focused on mobility, has been transferred to L'imad to bolster its capabilities and streamline management by centralizing some Abu Dhabi investments, the report cited people familiar with the matter as saying.
A McLaren spokesperson confirmed the company will ultimately be controlled by L'imad but said CYVN remains its direct parent company, according to the report. A Nio spokesperson declined to comment.
A January 14 filing with the US Securities and Exchange Commission showed L'imad holds a 17.9% stake in Nio.
L'imad wholly owns CYVN Investments, which is in turn wholly owned by the Abu Dhabi government through the Abu Dhabi Ministry of Finance, according to the filing.
The new fund's board members include UAE royal family and government officials, with Sheikh Khaled bin Mohamed bin Zayed Al Nahyan — Abu Dhabi Crown Prince and one of the UAE's de facto rulers — serving as chairman.
CYVN completed two investments in Nio during 2023, totaling $1.1 billion and $2.2 billion respectively, becoming the Chinese electric vehicle (EV) maker's largest shareholder.
In October 2024, Nio signed an agreement with CYVN to establish Nio MENA, marking its entry into the Middle East and North Africa (MENA) market.
Last February, Nio opened its first battery swap station in Abu Dhabi at Yas Marina Circuit, Yas Leisure Drive, Yas Island, Abu Dhabi — also its inaugural site in the MENA region.
In April 2025, CYVN completed its acquisition of McLaren's automotive business and part of its motorsport operations, becoming a significant shareholder in McLaren.
Nio founder, chairman, and CEO William Li mentioned last September that the company had a partnership with McLaren and received technical service revenue from it.
