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Tuesday, May 30, 2023

Abu Dhabi restructures wealth fund, top royal to chair – Business & Finance

DUBAI: 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.

Sheikh Tahnoun is considered one of President Sheikh Mohamed’s most trusted advisers and handled sensitive foreign policy documents 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 and the country’s largest bank, First Bank Abu Dhabi.

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

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