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Abu Dhabi is consolidating the assets of Abu Dhabi Developmental Holding Group (ADQ) under the umbrella of its new sovereign investor, L’IMAD.
The Supreme Council for Financial and Economic Affairs the body responsible for setting Abu Dhabi’s public policy on financial, investment, economic, petroleum, and natural resources matters issued the resolution to consolidate, in a move that aims to create “a sovereign investment powerhouse with a diversified asset base”, the Abu Dhabi Media Office said in a statement on Friday.
The fund’s portfolio will span operational, developmental, industrial, and financial capabilities, and will comprise more than 25 investment companies and platforms and over 250 subsidiaries. Key assets include TAQA, Modon Properties, Etihad Airways, PureHealth, Etihad Rail, Wio Bank, Abu Dhabi Ports, McLaren, and Louis Dreyfus.
The restructuring follows Thursday’s announcement that Mohamed Hassan Alsuwaidi, CEO of the $263 billion wealth fund ADQ, had been appointed to Lunate, as executive chairman and managing partner. Lunate, with $115 billion assets under management, is an Abu Dhabi-based alternative asset manager with a core focus on private markets.
L’IMAD, Abu Dhabi’s fourth sovereign wealth fund, is chaired by Sheikh Khaled bin Mohamed, the crown prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council.
(Writing by Brinda Darasha; editing by Seban Scaria)
