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People: Search for missing ADIA MD
Authorities in Morocco are searching for a glider that went missing on Saturday, flown by Shaikh Ahmed bin Zayed Al Nehayan, the managing director of the Abu Dhabi Investment Authority - said to be the world's biggest sovereign wealth fund.
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In a country where every citizen has a minimum USD17 million in the bank or in assets, Abu Dhabi has an embarrassment of riches, and much of that finds its way into the Abu Dhabi Investment Authority.
The ADIA is a broadly risk-averse investment body: 35% of its fund is in equities in developed markets; at the other end of the scale, 1% is in infrastructure, 2% in private equity and only 5% in each of credit and alternative (so called "hedge funds"). It holds no cash, according to its current report, and as a policy it does not invest in the UAE nor, except in isolated cases, in the Gulf.
The Board, including the Managing Director, are appointed by decree by the current Ruler of the Emirate. And as MD, Ahmad's responsibilities are defined by law: he is responsible for "ADIA's investment and operational decisions."
Two weeks ago, AIDA entered a new era of openness in its dealings with the launch of a new website and its first Annual Review since its formation in 1976.
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