Abu Dhabi will consolidate the assets of sovereign wealth fund ADQ into its recently created investment vehicle, L'imad Holding, to create a "sovereign investment powerhouse with a diversified asset base".
L'imad will support the emirate's policy on sustainable investment, the Abu Dhabi Media Office said in a statement on Friday.
The resolution by the Supreme Council for Financial and Economic Affairs (SCFEA) aims to grow sovereign investment funds locally and globally, while supporting the stability and continuity of Abu Dhabi’s investment policy, the media office added.
ADQ, which was set up in 2018, has total assets of more than $263 billion across key sectors including energy, infrastructure and health care. It also expanded its international footprint across six continents through key investments.
This week, UAE Minister of Investment Mohamed Alsuwaidi, who served as the founding managing director and chief executive of ADQ, left to become the executive chairman and managing partner of Abu Dhabi investment manager Lunate.
L'imad was launched last year, and in January, Sheikh Khaled bin Mohamed, Crown Prince of Abu Dhabi and chairman of the Abu Dhabi Executive Council was appointed as its chairman. Jassem Al Zaabi, chairman of the Abu Dhabi Department of Finance and vice chairman of the UAE Central Bank, was appointed its managing director and chief executive this month.
L'imad's portfolio will now include 25 investment companies and platforms and more than 250 group subsidiaries. Among these companies are Taqa, Modon Properties, Etihad Airways, PureHealth, Etihad Rail, Wio Bank, Abu Dhabi Ports, McLaren and Louis Dreyfus.
In pictures: Etihad Rail
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An Etihad Rail passenger train at the Mohamed bin Zayed City station in Abu Dhabi. All photos: Antonie Robertson / The National -
Inside the central concourse of the Mohamed bin Zayed City Etihad Rail station -
A map of the network at the Mohamed bin Zayed City station -
Work is advancing at Mohamed bin Zayed City station to get it ready for the opening -
Azza Al Suwaidi, deputy chief executive of Etihad Rail Mobility, said the Mohamed bin Zayed City station is designed to feel open and intuitive, with spacious concourses, clear signage and comfortable waiting areas -
The distinctive exterior of the Mohamed bin Zayed City station -
The passenger service is to launch this year -
Onboard several seating classes are available such as business class -
A look at the business class seating onboard -
A view from an Etihad Rail passenger train as it travels through Abu Dhabi
The entity will have differentiated operational, industrial and technological capabilities, as well as investment platforms across private and public markets.
It seeks to develop investment platforms focused on strategic sectors including energy, real estate development and infrastructure, health care and pharmaceuticals, food, aviation, ports and banking, as well as the industrial and technology sectors. The company will also pursue direct and indirect investments through funds and in public and private financial markets, the statement said.
Last October, in its first public deal, L’imad acquired a 42.54 per cent stake in Abu Dhabi real estate company Modon Holding from International Holding Company, the largest listed firm in the UAE. IHC said at the time that it was divesting its shareholding in the company to avoid the "overconcentration" of its portfolio in any one sector.
More recently, L’imad was part of the Paramount consortium bidding to acquire Warner Bros Discovery, along with Saudi Arabia’s Public Investment Fund and the Qatar Investment Authority.
ADQ has also been growing its portfolio in recent years. Last year, it completed the acquisition of regional courier Aramex and also signed a $25 billion investment partnership with Energy Capital Partners, targeting new power-generation capacity for data centres and industrial growth in the US. ADQ also announced plans to acquire a 35 per cent stake in France's Limagrain Vegetable Seeds in June.
The SCFEA oversees the principal sovereign investment funds of the Abu Dhabi government, including the Abu Dhabi Investment Authority, Mubadala Investment Company and L’imad. It also oversees Abu Dhabi oil company Adnoc.
