According to the Abu Dhabi Media Office, the Supreme Council for Financial and Economic Affairs has issued a resolution to reconstitute the boards of the Abu Dhabi wealth funds Mubadala Investment Company and the Abu Dhabi Investment Authority (ADIA).
Mubadala
Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, will chair Mubadala, Abu Dhabi’s sovereign investment arm, the media office announced.
Sheikh Theyab bin Mohamed, chairman of the Crown Prince Court; Khaldoon Al Mubarak, who will serve as managing director; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdulhamid Saeed; and Saif Saeed Ghobash are the other board members.
Mubadala manages more than $284 billion in assets globally and is at the heart of the UAE’s efforts to diversify its economy.
This month, it paid $1.95 billion for a 20% stake in US insurance broker Truist Insurance Holdings, along with private equity firm Stone Point Capital and other investors.
Mubadala also led a $400 million investment round in Wefox, a Berlin-based digital insurance company, in July to help it expand internationally.
Read more: Mubadala, Alpha Dhabi form USD2.5 bn private credit joint venture
ADIA
The Supreme Council also issued a resolution to reconstitute the board of directors of Adia. Sheikh Tahnoon bin Zayed al-Nahyan has been appointed chair of the $790 billion Abu Dhabi Investment Authority, one of the world’s biggest sovereign wealth funds.
Its board members include Sheikh Mansour bin Zayed; Sheikh Hamed bin Zayed, who will serve as managing director; Sheikh Khaled bin Mohamed; Khalil Foulathi; Jassem Al Zaabi; and Hamad Al Suwaidi.
Sheikh Tahnoon is the UAE’s national security adviser, but he also chairs the state holding company ADQ, First Abu Dhabi Bank, and International Holding Company (IHC).
In December, ADIA launched its new innovation centre, starting operations with the announcement of a $100,000 research award that focuses on investment strategies.
Abu Dhabi Developmental Holding Company PJSC (ADQ) has also emerged as one of the most active regional market investors.
Earlier this week, ADQ and IHC, both chaired by Sheikh Tahnoon, partnered with General Atlantic to launch a global asset management firm based in Abu Dhabi.
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