Attendees at a conference in Abu Dhabi’s international financial free zone earlier this year described the emirate as the world’s capital capital, perhaps an apt description for a city whose sovereign wealth funds manage $1.5 trillion in assets. Three-quarters of that is controlled by one man, Sheikh Tahnoon bin Zayed Al Nahyan.

In addition to two wealth funds—one of which is among the top three by assets globally—Sheikh Tahnoon helms the region’s most important private investment firm, the country’s largest lender and its biggest listed corporate. That’s an unusual amount of financial firepower even in the oil-rich Persian Gulf.

Add to that his roles in government—Sheikh Tahnoon is one of Abu Dhabi’s two deputy rulers, the UAE’s national security adviser and brother to its president—and it quickly becomes clear why he is now one of the world’s most influential dealmakers. From Rajeev Misra to billionaire Ray Dalio, titans of global finance have been drawn to Abu Dhabi, and entities controlled by the royal have done deals around the world.

Early considerations to buy StanChart and Lazard, even though ultimately unsuccessful, highlight the scale of his ambition. Other deals include an investment in TikTok’s owner ByteDance, a $10 billion fund targeting tech opportunities, a pact to bankroll Misra’s new $6.8 billion vehicle and a takeover of Colombia’s largest food-maker. His firms are at the heart of Abu Dhabi’s recent forays into AI, and have orchestrated deals with an eye on food security, including a deal to buy a stake in Louis Dreyfus.

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As a diplomatic troubleshooter for his brother, the president, Sheikh Tahnoon has also helped his country push into geopolitically significant markets around the world. The UAE has signed a string of agreements to invest in Asian and African economies. Regionally, the royal has been at the forefront of investments in Egypt and, more recently, Turkey—where the Gulf country has pledged to pump in more than $50 billion.

At home, a key part of his empire is International Holding, which has morphed into a $240 billion behemoth from an obscure fish farming firm in just a few years. It’s now bigger than Goldman and Blackstone combined. Sheikh Tahnoon’s impact on the local bourse—controlled by a wealth fund that he oversees as chairman—is best exemplified by one statistic. Companies tied to him make up 60% of the index by weight.

While it makes Sheikh Tahnoon more influential than most regional deal makers, he’s far from the only one writing big checks. Regional sovereign funds spent almost $89 billion globally last year. That’s continued into this year—primarily driven by prominent power brokers who between them control $2.7 trillion in assets.

Chart of the Week

The Middle East and North Africa region raised renewables capacity by 50% in the past year and a similar boost is likely in 2024.

However, it still needs a 20-fold surge to replace cheap natural gas and avoid losses in the energy transition, according to a clean-energy think tank, Global Energy Monitor.

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Need to Know

6.8-magnitude quake: Morocco raced to rescue possible survivors after the most powerful earthquake to hit the kingdom in over a century killed about 2,500 people. The catastrophe deals a crushing blow to the country of 37 million that has been a bright spot for investors in North Africa.

Stable outlook: Fitch raised Turkey’s credit rating outlook after its new economy team started adopting more conventional policies and restoring foreign reserve buffers. The move comes just days after President Recep Tayyip Erdogan surprised investors by backing higher interest rates. That was followed by Finance Minister Mehmet Simsek’s assertion that “our president gives full support, be it the disinflation program, be it fiscal policy.” Meanwhile, the World Bank is in advanced talks to potentially double its exposure to Turkey to $35 billion.

Economic trouble: Egypt’s inflation soared to a fresh record, with consumer costs now rising at the mercy of whether authorities will allow the pound to weaken again. Meanwhile, President Abdel-Fattah El-Sisi warned that a surge in population is becoming an unaffordable burden.

“Game-changing regional investment”: The US signed an agreement with India, Middle Eastern countries and the EU aimed at connecting them via a network of railways and sea routes.

Sanctions evasion: A top EU official pressed the UAE’s president to stop the country from being a gateway for Russia to get around EU sanctions.

Weapons sale: Israel believes Russia may sell advanced weapons to Iran, the director of the Mossad intelligence agency said.

Also Read: Biden Sends Israel a Signal With Selection of Lew as US Envoy

11,000-year sentence: Faruk Fatih Ozer, who ran crypto exchange Thodex until it imploded in 2021, was sentenced to 11,196 years in prison by a Turkish court for crimes including fraud.

Testing Europe’s appetite: A Saudi state-backed firm is set to splash out $2.5 billion to become the biggest shareholder in Spain’s Telefonica. If the deal goes through, two of the biggest European telecom firms will count Gulf companies as their top shareholders.

Building boom: Saudi Arabia awarded construction contracts worth $250 billion since 2016, when the kingdom embarked on an ambitious plan to build mega projects and transform its economy.

Also Read: IMF Says Saudi Oil Cuts Will Spare Economy Where It Matters Most

Second-biggest spender: Saudi Arabia leapfrogged football powerhouses Spain and Italy after splurging nearly $900 million on players in the summer transfer window.