Khalifa Mohammed Al Kindi has been chosen to lead the Abu Dhabi Investment Authority (ADIA), the world's largest sovereign wealth fund, the UAE government said yesterday.
Kindi was appointed to succeed Sheikh Ahmed bin Zayed Al Nahyan, a brother of the president of the UAE, after he was killed in a glider crash in Morocco last month.
UAE President and Abu Dhabi ruler, HH Sheikh Khalifa bin Zayed Al Nahayan, remains the chairman of ADIA, whose assets are estimated at over $600 billion.
Kindi has served as the chairman of Invest AD, formerly known as Abu Dhabi Investment Company, another Abu Dhabi investment body. He also served as the finance director of the Abu Dhabi National Oil.
Sheikh Ahmed, who managed ADIA since 1997, was ranked by Forbes magazine as the 27th most powerful personality in the world in 2009.
Created in 1976, ADIA manages a large chunk of the wealth of the emirate of Abu Dhabi which includes a total of 97.8 billion barrels of oil.
© 7Days 2010
