Abu Dhabi's newest sovereign wealth fund L'imad Holding is taking control of peer ADQ, the government media office said on Friday, a major consolidation that creates a new investment heavyweight in the wealthy emirate under its crown prince.
L'imad's board was announced earlier this month, chaired by Abu Dhabi Crown Prince Shaikh Khaled bin Mohamed bin Zayed Al Nahyan, who is UAE President Shaikh Mohammed's eldest son and now chairs the merged Li'mad.
The move places hundreds of billions of dollars in state assets including airline Etihad, utilities and ports, under his direct control.
ADQ, which managed $263 billion before the merger, had been chaired by Sheikh Tahnoun bin Zayed Al Nahyan, the UAE president's brother and national security adviser. He also chairs the emirate's largest sovereign fund, the Abu Dhabi Investment Authority, estimated by sovereign wealth tracker GlobalSWF to manage nearly $1.2 trillion in assets.
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