Sheikh Khalifa, the President, yesterday issued a decree restructuring the board of directors of the Abu Dhabi Investment Council.
The council (Adic) is an investment arm of the Abu Dhabi government with holdings in a number of publicly listed local companies including National Bank of Abu Dhabi and Abu Dhabi Commercial Bank.
Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, becomes the chairman of the board, according to the decree. It also confirmed for another term the board members Sheikh Sultan bin Zayed, Sheikh Mansour bin Zayed, Sheikh Hamed bin Zayed and Mohammed bin Habroush Al Suwaidi.
Issa Mohammed Al Suwaidi replaces Khalifa Mohammed Al Kindi as managing director, with the latter leaving the board. Younis Haji Al Khoori has also been appointed to Adic’s board.
In 2013, the board’s term had been confirmed for a three-year period, subject to renewal.
The council was created in 2007 to invest across a wide range of asset classes including equities, debt, property and direct investments both in the UAE and internationally.
Its mandate includes diversifying Abu Dhabi’s economic base and the development of local companies.
In 2012, Adic teamed up with the Goodman Group, one of the largest listed property firms in Australia, to invest about US$1 billion in logistics warehouses across Japan.
A year later it was reportedly part of a consortium of investors that bought a US$1bn office block in central Tokyo.
According to research by the Sovereign Wealth Fund Institute, a US-based think tank, direct deals and transactions by SWFs reached $50.02bn in the first six months of last year, up 23 per cent on the same period in 2013.
The record level previously recorded by the SWFI was $51.05bn for the first six months of 2008. Since then crude oil prices have plunged, almost halving from their peak last June. A rally has faltered this month on speculation that a gain in prices will spur renewed output from US shale oil producers.
Also yesterday, Wam, the state news agency, said the Cabinet had issued a decree to create a Small-and-Medium-Sized Enterprises Council representing the relevant government and private entities. The council is to come up with draft policies and strategies on developing SMEs, co-ordinate with the National Program for Small and Medium-Sized Enterprises and relevant entities, and follow up on the latter's performance.
Sheikh Mohammed bin Rashid, Vice President of the UAE and Ruler of Dubai, who chaired the Cabinet meeting, tweeted afterwards that the Cabinet had adopted a national plan to promote medical research and a national initiative to promote awareness of healthy living.
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