The Abu Dhabi Investment Authority (Adia), launching its first active website, said yesterday it is in control of massive overseas assets but still avoids direct management of firms it invests in.
The sovereign wealth fund (SWF) of the government of Abu Dhabi said long-term investments remain its priority to ensure return for the emirate in the long run.
According to the website, Adia has employed more than 1,000 people from more than 40 countries.
It said the authority, created in 1976, has succeeded in building a strong reputation across global financial markets as a "trusted and responsible investor and a leading provider of capital."
"Adia prudently invests the emirate's assets through an investment strategy focused on long-term value creation. Adia has a strong reputation across global markets as a trusted and responsible investment partner," it said. "The mission of ADIA is to secure and maintain the current and future prosperity of Abu Dhabi through the prudent management of the emirate's investment assets."
The firm had created several committees to manage its investment empire. They covered investments, auditing, strategy, management, information technology, and compensation.
"Adia's board of directors is the supreme body having absolute control over ADIA's offices and the discharge of its business. It is comprised of a chairman, managing director and other board members, all of whom are senior government officials appointed by Ruler's Decree."
Board details showed it is chaired by His Highness President Sheikh Khalifa bin Zayed Al Nahyan and is comprised of Sheikh Sultan bin Zayed Al Nahyan, Sheikh Mohammed bin Zayed Al Nahyan and other Sheikhs and senior officials.
Adia provided no figures on its investments but independent estimates put its assets at $500-875 billion, making it the world's largest SWF. The website also includes a press section, which covers the firm's activities, mainly its recent involvement in talks between global SWFs and the International Monetary Fund.
KEY EVENTS1976 – Adia established, focusing on equities and bonds, treasury, finance and administration, real estate, local and regional investments
Adia establishes commodities business
1989 – It starts investing in private equity
1998 – The firm starts investing in inflation indexed bonds
2005 – Emerging markets department established
2007 – Investments are transferred from ADIA to ADIC. Infrastructure group is established and the firm moves to new headquarters
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