The US is reviewing a plan by Abu Dhabi's sovereign wealth fund to take over the New York-based Fortress Investment Group, over national security concerns stemming from the UAEs ties to China, the Financial Times reported on Tuesday.
Mubadala, a holding company that serves as a sovereign wealth fund, agreed in May to buy a majority position in the $46bn US firm from Japans SoftBank Group. The Emirati fund hopes to seal the deal in 2024, a move that would give it a 70 percent stake in Fortress equity.
According to the Financial Times, the Committee on Foreign Investment in the United States' (Cfius) review of the deal is in its early stages and a decision is not expected for several months.
But it is the latest case of the UAEs ties to China proving an irritant in its relations with Washington. Abu Dhabi's talks with Washington to acquire the F-35 fighter jet broke down out of concerns Bejing would gain access to sensitive US technologies.
In April, leaked US intelligence documents suggested that China h...