阿布扎比主权基金私有化港口公司，斥巨资建设富查伊拉港以绕开霍尔木兹海峡
How Abu Dhabi's Crown Prince Is Trying to Bypass Hormuz
涉及中东关键地缘通道替代方案及主权基金重大资本运作，直接影响区域物流与能源贸易格局，建议关注相关基建标的及地缘风险变化。
The UAE is trying to spend billions of dollars in a bid to bypass the Strait Of Hormuz and particularly in building port infrastructure in Fujairah. And in doing so, it kind of puts the crown prince at the center of that effort because he was made the chairman of Abu Dhabi's latest sovereign wealth fund, Lamaad Holding, earlier in the year. And in recent weeks, we saw that Lamaad had taken private a strategically important asset called Abu Dhabi Ports Company, which values the company at around $9,000,000,000.
阿联酋正试图投入数十亿美元，以期绕过霍尔木兹海峡，特别是在富查伊拉建设港口基础设施。在此过程中，王储被置于这一努力的核心位置，因为今年早些时候他被任命为阿布扎比最新主权财富基金Lamaad Holding的主席。在最近几周，我们看到Lamaad已将一家名为阿布扎比港务公司（Abu Dhabi Ports Company）的战略重要资产私有化，该公司估值约为90亿美元。
And that fund is that company is likely to spend tens of billions of dollars on more port infrastructure in the coming months and years. So, really, it's putting the crown prince and that vehicle right at the heart of that zero strategy. And speaking of that, Alex, of course, it's zero Hormuz strategy has been touted by a lot of officials in The United Arab Emirates over the past seven months. How difficult would it be to achieve this strategy?
该基金及该公司预计在未来几个月和几年内将在更多港口基础设施上花费数百亿美元。因此，这实际上是将王储及其相关载体置于“零霍尔木兹”战略的核心。说到这个，Alex，“零霍尔木兹”战略在过去七个月里已被阿联酋许多官员宣扬。实现这一战略的难度有多大？
Yeah. Well, it's it's a good question because, I mean, US treasury, Scott Bessent, had predicted in recent weeks that Hormuz will be a, quote, worthless piece of water. Well, I I I think that's a lot easier said than done. I think even cattle's own energy minister had described described Bessent's comments as completely wrong. And I I I think Saudi Arabia tells a sort of cautionary tale about the risks of trying to pursue zero homies.
是的。这是一个好问题，因为我的意思是，美国财政部长Scott Bessent在最近几周预测霍尔木兹海峡将成为一块引文所称的“毫无价值的水域”。嗯，我认为这说起来容易做起来难。我认为连沙特自己的能源部长也将Bessent的评论描述为完全错误。而且我认为沙特阿拉伯提供了一个关于试图追求“零霍尔木兹”风险的警示性案例。
Saudi crown prince Mohamed El Salman, he'd pushed to bypass the strait by expanding a pipeline to a port in the Red Sea, but then we saw in recent weeks with the Houthis, you know, conflict in other parts of the region can sort of escalate, and and that can make that effort much more difficult. So it's a lot easier said than done, I think, and it we'll see in recent weeks how the the war sort of transpires. Okay. That's on Hermos.
沙特王储Mohamed bin Salman曾推动通过扩建一条通往红海港口的管道来绕过海峡，但最近几周我们看到胡塞武装在地区其他部分的冲突可能会升级，这使得该努力变得更加困难。所以我认为这确实是说起来容易做起来难，我们将看到最近几周战争如何演变。好的，这是关于霍尔木兹海峡的问题。
But money from outside investors, Alex, is also or could be sought for Lama, of course, the sovereign wealth fund. What is this, or what would this be a side of if it were to happen? Yeah. I mean, I I to me, I think it's a sign that Abu Dhabi is increasingly trying to be an importer of capital rather than just an exporter. I mean, we we saw this first with Mubadala Capital coming from Mubadala Investment Company, which raises its own money, and we've seen it with MGX in Abu Dhabi, Aldar in Abu Dhabi.
但是来自外部投资者的资金，Alex，也可能或正在寻求用于Lamaad，当然这是主权财富基金。如果发生这种情况，这意味着什么或属于哪方面呢？是的。我的意思是，在我看来，这表明阿布扎比正日益试图成为资本的进口国，而不仅仅是出口国。我们首先在Mubadala Capital身上看到了这一点，它来自穆巴达拉投资公司（Mubadala Investment Company），后者筹集自己的资金；我们在阿布扎比的MGX和阿布扎比的Aldar身上也看到了这一点。
A lot of these entities are trying to raise their own money and manage, investors' money. So I I I think it's a sign of that, and I think it's also just a sign of Gulf Capital becoming more sophisticated. We're seeing more and more private equity companies invest in big infrastructure projects in the region, and I think it's a sign that we're gonna see a lot more kind of big international financial players playing a huge role in this infrastructure build out.
许多此类实体都在努力筹集自有资本并进行管理，同时管理投资者的资金。因此我认为这是一个信号，同时也表明 Gulf Capital 正变得更加成熟。我们越来越多地看到私募股权公司投资于该地区的大型基础设施项目，我认为这表明我们将看到更多大型国际金融机构在这一基础设施建设中发挥重要作用。
更进一步：量化金融体系
看懂新闻只是起点——沿量化金融路径，把它变成能交付的工程能力