L’imad absorbs ADQ to create ‘investment powerhouse’
- L’imad takes control of ADQ
- ADQ had $263bn AUM
- L’imad works globally and domestically
Abu Dhabi Development Holding Group (ADQ) has been consolidated under the umbrella of the emirate’s newest sovereign wealth fund L’imad to create a multi-billion-dollar “sovereign investment powerhouse”.
L’imad will have “differentiated operational, industrial and technological capabilities, in addition to investment platforms across both private and public markets”, according to a statement released on Friday from Abu Dhabi Media Office.
ADQ was established in 2018 by the government of Abu Dhabi and managed $263 billion in assets before the merger. Its portfolio includes 25 investment companies and platforms and over 250 group subsidiaries.
Among these are Abu Dhabi Ports, Etihad Rail, Abu Dhabi Health Services Company, National Health Insurance Company (Daman) and Abu Dhabi Airports Company.
L’imad is chaired by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, the eldest son of UAE president Sheikh Mohammed. It manages assets in the UAE and internationally in sectors such as infrastructure and real estate, financial services, technology, urban mobility and smart cities.
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“L’imad seeks to develop globally competitive investment platforms focused on building national champions in sectors of strategic importance,” the statement said.
This includes energy, healthcare, food, aviation, ports and the financial and banking sectors.
The company will also pursue direct and indirect investments through investment funds and in public and private financial markets.
In January the Abu Dhabi government reportedly transferred the assets held by sovereign growth equity investor CYVN Holdings to L’imad, which included luxury carmaker McLaren Automotive and a stake in Chinese electric vehicle maker Nio.
Jassem Mohamed Bu Ataba Al Zaabi, chairman of the Abu Dhabi Department of Finance, chairman of Etisalat and vice chairman of the Central Bank of the UAE, is L’imad’s managing director and CEO.
ADQ’s founding CEO Mohamed Hassan Alsuwaidi on Thursday stepped down to take up the role of executive chairman of Lunate, the region’s largest alternatives manager.
Abu Dhabi’s other sovereign wealth funds
Abu Dhabi Investment Authority (Adia)
Adia manages the emirate’s excess oil reserves and is one of the world’s largest sovereign wealth funds, estimated by the Sovereign Wealth Fund Institute to manage more than $990 billion.
Adia manages a diversified global investment portfolio spanning most industry sectors across the world, ranging from international equities, private equity and bonds to real estate, infrastructure, retail and renewable energy.
It owns large stakes in companies including Swiss bank UBS, private equity companies Carlyle Group and Blackstone, Hyatt Hotels and the retail and entertainment conglomerate Majid Al Futtaim.
Mubadala Investment Company
Mubadala manages more than AED1 trillion ($330 billion) in assets across sectors including semiconductors, technology, life sciences and infrastructure. It has posted a 10 percent annualised return over the past five years, according to its 2024 financial report.
North America makes up about 40 percent of Mubadala’s wider portfolio, while Asia accounts for roughly 13 percent.
In the UAE Mubadala owns or has invested in companies including Aldar Properties, Emirates Global Aluminium, First Abu Dhabi Bank, G42, Masdar, Tabby and Yahsat.
Internationally it owns or has invested in Turkey’s Getir, Global Foundries and Waymo in the US, CityFibre in the UK and Jio Platforms and Tata Power Renewables in India.
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