UAE’s only federal sovereign wealth fund, the Emirates Investment Authority (EIA), may start investing in financial services, healthcare and education instead of telecoms, Arabian Business reports. The fund, which will also be interested in food processing investments, may issue bonds in the future with any move linked to an investment. EIA currently invests in a variety of asset classes, including fixed income, private equity funds and local equity markets. The EIA, created in 2007, manages the federal government’s stakes in a number of firms, including UAE telecom operators, Etisalat and du. The EIA also holds stakes in Bahrain-based Gulf International Bank and United Arab Shipping Company.
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