Abu Dhabi is consolidating the assets of Abu Dhabi Developmental Holding Group (ADQ) under new sovereign investor L’IMAD.
Abu Dhabi’s Supreme Council for Finance and Economy, the body responsible for formulating public policy on financial, investment, economic, oil and natural resource issues, has issued a consolidation resolution aimed at creating a “government investment powerhouse with a diversified asset base,” the Abu Dhabi Media Office said in a statement on Friday.
The fund’s portfolio spans operational, development, industrial and financial capabilities and consists of more than 25 investment companies and platforms and more than 250 subsidiary companies. Key assets include TAQA, Modon Properties, Etihad Airways, PureHealth, Etihad Rail, Wio Bank, Abu Dhabi Ports, McLaren and Louis Dreyfus.
The reorganization follows Thursday’s announcement that Mohamed Hassan Al-Suwaidi, CEO of the $263 billion asset fund ADQ, has been appointed executive chairman and managing partner of Lunate. With $115 billion in assets under management, Lunate is an Abu Dhabi-based alternative asset management firm with a focus on private markets.
L’IMAD, Abu Dhabi’s fourth sovereign wealth fund, is chaired by Sheikh Khaled bin Mohammed, Crown Prince of Abu Dhabi and Chairman of Abu Dhabi’s Executive Council.
(Writing: Brinda Darasha; Editing: Sevan Scalia)
brinda.darasha@lseg.com
