Abu Dhabi Investment Council — Summary

May 09, 2013

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The government of Abu Dhabi established Abu Dhabi investment Council in June 2006. The Council has a mandate to invest a portion of government surpluses to broaden the emirate’s economic base and facilitate the international development of local companies. It was seeded with Abu Dhabi Investment Authority’s holdings in 12 domestic companies, mostly banks, and a portion of Abu Dhabi National Oil Co.’s profits.

The Council has no liabilities to the Abu Dhabi government. Rather, it is required to generate the highest possible long-term returns on the assets entrusted to it, with little need for liquidity. The Council manages its domestic companies to improve their profitability and competitiveness in the long term as part of Abu Dhabi Economic Vision 2030, the government’s plan to diversify the economy away from its dependence on oil production.

Its international portfolio is largely invested in funds, with a few co-investment positions. The Special Situations department invests directly in privately held companies, real estate and infrastructure. The Council has an absolute return mandate, so it takes a macroeconomic view, hoping to benefit from long-term growth cycles and harvesting the premium returns that often come from holding illiquid investments.

In June 2015, the Abu Dhabi government appointed Sheikh Mohammed bin Zayed al-Nahyan, the emirate's crown prince, as ADIC's new chairman. Al-Nahyan, who also serves as chairman of ADIC’s peer Mubadala Development Co., replaced U.A.E. President Sheikh Khalifa bin Zayed al-Nahyan at the head of the fund. The move was part of a wider reshuffle which also saw Isa Mohammed al-Suwaidi, who sits on the board of some of Abu Dhabi's largest financial institutions, named managing director of ADIC. He replaces Khalifa Mohammed al-Kindi, who had served as managing director since ADIC launched in 2007.

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