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Abu Dhabi chaired by top royal, restructures wealth fund

DUBAI, March 9 (Reuters) – Abu Dhabi on Thursday announced a top-level reshuffle at its two sovereign wealth funds, appointing a senior member of the royal family as chairman.

Sheikh Tahnoun bin Zayed Al Nahyan, one of the most powerful members of the Abu Dhabi royal family, has been appointed to the Abu Dhabi Investment Authority, the government media office said. (ADIA), one of the world’s largest sovereign wealth funds.

Sheikh Tahnoun is the brother of United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan, Sheikh Mohammed bin Zayed Al Nahyan Sheikh Mohammed bin Zayed Al Nahyan took office last May after years as the country’s de facto ruler.

The Global Sovereign Wealth Fund estimates that ADIA manages $993 billion in assets, while the Sovereign Wealth Fund Institute puts the figure at $790 billion.

The last chairman of the wealth fund was former UAE President Sheikh Khalifa bin Zayed Al Nahyan, who died last year.

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Sheikh Tahnoun is considered one of President Sheikh Mohammed’s most trusted advisers and has handled sensitive foreign policy documents during his tenure as national security adviser.

He also heads ADQ, Abu Dhabi’s third largest investment fund, and manages a sprawling business empire that includes Abu Dhabi’s largest listed entity, International Holdings (IHC.AD)and the country’s largest bank, First Abu Dhabi Bank (FAB.AD).

Abu Dhabi also changed the top team at Mubadala Investments, its second-largest wealth fund, on Thursday named Manchester City football club owner Sheikh Mansour bin Zayed Al Nahyan as chairman .

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The UAE president appointed his brother to chair the country’s sovereign wealth fund, rather than chairing it himself.

Sheikh Mansour succeeded the president as Mubadala’s chairman and remained on ADIA’s board, as did Sheikh Hamid bin Zayed. The new ADIA board members announced on Thursday include Sheikh Khaled bin Mohamed bin Zayed, son of the President and chairman of the Abu Dhabi Executive Office, Jassem Mohammed Al Zaabi and Hamad Mohammed Al Suwaidi.

Mubadala’s chief executive, Khaldoon Khalifa Al Mubarak, as well as Energy Ministry Suhail Al Mazrouei and Abdulhamid Saeed remain on Mubadala’s board of directors. Sheikh Theab bin Mohammed, one of the president’s sons, joined Mubadala’s board of directors along with Sultan Al Jaber, the COP28 chairman-designate and chief executive of state oil giant ADNOC, and Saif Saeed Ghobash.

Reporting by Yousef Saba and Rachna Uppal; Additional reporting by Yomna Ehab in Cairo; Editing by Alex Richardson and Susan Fenton

Our standards: Thomson Reuters Trust Principles.

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