According to CoinMeta, as reported by Gulf News, UAE asset management company Standard Asset Company (SAC) announced the establishment of its headquarters in Abu Dhabi Global Market (ADGM). The company plans to advance an investment strategy with an expected scale of $1.5 billion, while also allocating Bitcoin reserves and high-end real estate in the UAE. Coinbase Asset Management has been appointed as the exclusive manager of SAC's Bitcoin assets, and the related investment returns are intended for local hotel and real estate business. The advisory and shareholder list of SAC includes members of the Dubai royal family Sheikh Mohammed, bin, Maktoum, former White House Chief of Staff from the United States Mick Mulvaney, as well as the co-head of institutional business at Coinbase.