Sheikh Tahnoon named chair of $790bn Abu Dhabi sovereign wealth fund

Sheikh Tahnoon bin Zayed al-Nahyan has been appointed chair of the $790bn Abu Dhabi Funding Authority, the principle sovereign wealth fund of the United Arab Emirates’ capital, in a sign of his increasing affect.

Sheikh Tahnoon is the UAE’s nationwide safety adviser, however he additionally chairs the state holding firm ADQ, the nation’s largest lender First Abu Dhabi Financial institution, and Worldwide Holding Firm. IHC is a listed group linked to the ruling household that has undergone an astonishing rise to turn out to be the area’s second-largest firm by market capitalisation after the oil firm Saudi Aramco.

He replaces as chair of Adia the late Sheikh Khalifa, the previous UAE president, who died final yr and was succeeded by Sheikh Tahnoon’s brother, Sheikh Mohammed bin Zayed al-Nahyan. The brand new president has but to call an inheritor.

Adia, established in 1976, has for many years invested in abroad capital markets, turning into one of many area’s most essential sources of funding for international asset managers. It has additionally branched out into asset courses similar to personal fairness, actual property and infrastructure.

The sovereign wealth fund acts as a car to deploy extra hydrocarbon revenues to ship long-term returns for the federal government.

Sheikh Tahnoon has more and more risen to prominence, coping with delicate overseas coverage points as nationwide safety adviser. These have included repairing relations with Qatar and Turkey, with which the UAE clashed in the course of the Arab Spring, whereas additionally attempting to maintain a lid on tensions with regional rival Iran.

His longstanding pursuits as a home and international investor have additionally stood out. IHC, a listed car that emerged from the personal Royal Group, which Sheikh Tahnoon has lengthy managed, has perplexed bankers with its surge on Abu Dhabi’s inventory trade over the previous few years. ADQ has additionally turn out to be one of the energetic traders in regional markets.

His elevation comes as Abu Dhabi, buoyed by excessive oil costs, has cemented its function as one of many few international areas of extra capital. Bankers and corporations have been drawn to the UAE’s capital to boost funds.

However the UAE, like different Gulf states, can be in search of to reinvest revenues domestically. The nation is attempting to adapt its oil-reliant economic system for a post-oil future, in addition to taking better management over how its capital is deployed abroad.

Earlier this week, ADQ and IHC, each chaired by Sheikh Tahnoon, teamed up with Normal Atlantic to launch a world asset administration agency primarily based in Abu Dhabi.

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