Abu Dhabi’s wholly owned strategic investment company ADQ's portfolio has jumped to $200 billion, backed by the performance of the emirate's main utility, Abu Dhabi National Energy Co., also known as Taqa, Global SWF said.
Last year, ADQ divested 8.6% of Taqa, a stake worth around $3.6 billion, to Multiply Group, Abu Dhabi Pension Fund and other investors. ADQ still has a 90% ownership of the utility giant.
In September, Taqa made a secondary listing of dual-tranche bonds valued at $1.5 billion on the ADX and the London Stock Exchange.
"However, ADQ’s portfolio and activities reach well beyond TAQA. The ex-TAQA portfolio has increased from an estimated US$ 36 billion at inception, to $115 billion today," the sovereign wealth fund tracker Global SWF said in a report. The market cap of TAQA was $84 billion for ADQ’s 90% stake.
In 2022, Abu Dhabi transferred the full ownership of Etihad Aviation Group and Abu Dhabi Waste Management (Tadweer) to ADQ.
Global SWF estimates that Mobility & Logistics and Financial Services are the most significant sector portfolios after Energy & Utilities, each managing over $30 billion in assets. The revised figure brings the total AuM of the Abu Dhabi's wealth funds to $ 1.5 trillion, Global SWF noted.
ADQ began in 2018 as a holding company for government assets and has been developing companies that are leaders in their industries via consolidating its portfolio, privatising assets and making strategic M&As.
(Reporting by Seban Scaria; editing by Brinda Darasha)