Abu Dhabi’s financial ambassadors such as banks and investment vehicles control more than $1 trillion (Dh3.67 trillion) worth of assets, according to the head of the Abu Dhabi securities market.
Ahmed Al Sayegh said most of the assets are held by the Abu Dhabi Investment Authority (Adia), one of the world’s largest sovereign wealth funds (SWF), as well as Mubadala development company and the International Petroleum Investment Company (Ipic), the emirate’s overseas downstream investment arm.
Speaking at a stock market conference in Abu Dhabi on Tuesday, he said Mubadala alone has invested nearly Dh202 billion since it was created more than 10 years ago while Ipic controls in excess of Dh238 billion. The government-controlled National Bank of Abu Dhabi also has a large asset base, estimated at Dh330.5 billion, he added.
“Abu Dhabi’s long-term investment policies have contributed to building the emirate’s image as an investment giant intended to achieve high revenue and financial stability in the long run,” he told the conference at the sprawling seaside Emirates Palace Hotel.
He gave no figures for Adia, which was created in early 1970 by late Sheikh Zayed bin Sultan Al Nahayn to become one of the world’s largest SWFs. Independent estimates have recently put Adia’s investments at more than $600 billion.
He said a healthy financial services sector is not only identified as one of the nine pillars in the Abu Dhabi Economic Vision 2030, but as illustrated in major cities globally, it is an integral component to developing and sustaining a diversified economy.
National Bank of Abu Dhabi, incorporated in 1968, reported total assets of almost $90 billion (Dh330 billion) in 2013, an eight percent increase over the previous year.
First Gulf Bank, with reported total assets of $46 billion (Dh169 billion) in 2012, has been building its international wholesale banking franchise since 2007. Today they have a network offices stretching from Libya to Hong Kong.
These, and other investment vehicles, already act as Abu Dhabi’s financial ambassadors in the world’s major financial markets. Together, this portfolio is responsible for more than $1 trillion (Dh3.67 trillion) of assets, Ahmed Al Sayegh said.