The fear of an upcoming global recession has definitely alerted nations around the world. A global recession will definitely affect the price of stocks and commodities, whether it is in the US or any other nation. According to the latest details, people familiar with the matter told Bloomberg that a top Abu Dhabi-controlled investment firm has shorted billions of dollars in US stocks.
Top UAE officials betting on fear over a recession
People familiar with the matter revealed that the short position by UAE officials worth billions is a bet on the rising fear that a recession is yet to come. The individuals who requested anonymity conveyed that Royal Group has moved its portfolio into short-term US Treasuries.
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The individuals also stated that UAE National Security Adviser Sheikh Tahnoon bin Zayed Al Nahyan is investing more in crypto and commodities. However, the details regarding which sectors or stocks the Royal Group is betting against are unclear at the moment.
The US economy has been going through a tough time with the collapse of some of the largest banks. This has also been accompanied by plummeting stock prices, which the UAE is reportedly trying to take advantage of.