Abu Dhabi reconstitutes boards of Mubadala and Adia

Announcement was made by Supreme Council for Financial and Economic Affairs on Thursday

Abu Dhabi's Mubadala is at the centre of the UAE's efforts to diversify its economy. Bloomberg

The Supreme Council for Financial and Economic Affairs has issued a resolution to reconstitute the boards of Abu Dhabi wealth funds Mubadala Investment Company and the Abu Dhabi Investment Authority, Abu Dhabi Media Office said.

Mubadala, Abu Dhabi’s sovereign investment arm, will be chaired by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of the Presidential Court, the media office said in a statement on Thursday.

The other board members include Sheikh Theyab bin Mohamed, chairman of Crown Prince Court; Khaldoon Al Mubarak, who will serve as managing director; Suhail Al Mazrouei, Minister of Energy and Infrastructure; Dr Sultan Al Jaber, Minister of Industry and Advanced Technology; Abdulhamid Saeed; and Saif Saeed Ghobash.

Mubadala, which is at the centre of the UAE's efforts to diversify its economy, manages more than $284 billion in assets globally.

In recent years, it has stepped up its investments in health care, technology, mobility, clean energy and life sciences as it expands its portfolio.

This month, it bought a 20 per cent stake in US insurance broker Truist Insurance Holdings for $1.95 billion along with private equity firm Stone Point Capital and other investors.

In July, Mubadala also led a $400 million investment round in Berlin-based digital insurance company Wefox to help it grow internationally.

The Supreme Council also issued a resolution to reconstitute the board of directors of Adia, which will be chaired by Sheikh Tahnoun bin Zayed, National Security Adviser, the media office said.

Its board members include Sheikh Mansour bin Zayed; Sheikh Hamed bin Zayed, who will serve as managing director; Sheikh Khaled bin Mohamed; Khalil Foulathi; Jassem Al Zaabi; and Hamad Al Suwaidi.

Adia, one of the world's biggest sovereign wealth funds, makes investments across asset classes such as equities, fixed income, infrastructure, private equity and property.

In December, it launched its new innovation centre, starting operations with the announcement of a $100,000 research award that focuses on investment strategies.