The United Arab Emirates (UAE) has entered into a significant partnership with Israeli-French billionaire Patrick Drahi, taking a minority stake in Sotheby's, one of the world's top auction houses.
The Abu Dhabi government investment fund ADQ has committed $1 billion to the venture, stepping in after Qatar’s investment fell through due to the ongoing conflict in Gaza. Sources indicate that Qatar, which has long supported Hamas and provided substantial aid to Gaza, was hesitant to publicly associate with Drahi during these tensions.
Drahi, who also owns Israeli media assets like HOT and i24 News, is grappling with substantial financial challenges, including $60 billion in debt.
His once-robust fortune has dwindled from a peak of $16 billion to around $6 billion. The new investment from Abu Dhabi is anticipated to help Drahi retain majority control of Sotheby’s, a critical factor for him.
* Ynet contributed to this report.
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