Sheikh Mohamed bin Zayed told of global vision for Abu Dhabi Investment Authority

The Crown Prince of Abu Dhabi was briefed on Adia's future plans at a meeting on Tuesday

Sheikh Mohamed bin Zayed was told of plans to cement the global standing of the Abu Dhabi Investment Authority (Adia) during a high-level meeting on Tuesday.

The Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces was briefed on the key achievements and projects of the organisation at a meeting of its board of directors in the capital.

Sheikh Mohamed was joined by Sheikh Mansour bin Zayed, Deputy Prime Minister and Minister of Presidential Affairs, for the talks.

Adia, one of the biggest sovereign wealth funds in the world, has compiled a diverse portfolio in recent years.

Last month, it took a 1.16 per cent equity stake in Reliance Industries' Jio Platforms, which is one of India's leading online companies.

In April of last year, Adia and India’s National Investment & Infrastructure Fund agreed to buy a 49 per cent stake in the airport unit of Indian conglomerate GVK Power & Infrastructure.

Another significant deal came only three months later when Adia bought the remaining 25 per cent stake in New York City property 330 Madison Avenue from Vornado Realty Trust, gaining full ownership of the Manhattan property.

Adia, which has owned 75 per cent of the office block close to the Grand Central Station for about three decades, bought the stake through one of its subsidiaries.

Last July, Adia said its 30-year annualised rate of return at the end of 2018 reached 6.5 per cent, while its 20-year annualised rate of return came in at 5.4 per cent.

Updated: July 21, 2020 09:36 PM

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