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(Bloomberg) — Abu Dhabi is consolidating its $263 billion wealth fund ADQ under the umbrella of a recently-formed sovereign entity, L’imad Holding Co., in a significant overhaul of the city’s investment landscape.
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The deal will create yet another investing behemoth in the emirate, which is already home to entities that control close to $2 trillion in assets. L’imad is chaired by Abu Dhabi Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, and the latest move could potentially make the royal a key figure in international dealmaking.
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L’imad has already made waves on the global scene after it joined established Gulf wealth funds to back Paramount Skydance Corp.’s hostile bid for Warner Bros. Discovery Inc. It has since unveiled a board staffed with well-known names, including Mubadala Investment Co. Chief Executive Officer Khaldoon Khalifa Al Mubarak. Jassem Al Zaabi, a prominent local executive, was named managing director and chief executive officer.
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ADQ’s portfolio spans everything from a stake in auction house Sotheby’s to Abu Dhabi’s flagship airline. It was set up in 2018, making it the city’s newest wealth fund and over the past few years has emerged as one of the world’s fastest-growing investors.
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Sheikh Tahnoon bin Zayed Al Nahyan, a brother to United Arab Emirates’ President Sheikh Mohamed bin Zayed Al Nahyan, has been its chairman. He oversees a raft of other entities including the $1 trillion Abu Dhabi Investment Authority and the city’s main artificial intelligence investor, MGX.
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It’s unclear what role Sheikh Tahnoon will have in the enlarged entity and he wasn’t mentioned in the statement.
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The changes unveiled on Friday reflect Sheikh Mohamed’s vision “to grow sovereign investment funds locally and globally, while safeguarding the stability and continuity of Abu Dhabi’s investment policy, which has been built over more than fifty years,” according to a statement.
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L’imad will have operational, industrial, and technological capabilities, in addition to investment platforms across both private and public markets, the government said.
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The developments will be watched closely across the global financial community. Abu Dhabi’s state-backed firms have been among the world’s most active investors, backing the biggest deals across finance and artificial intelligence. Many of them remain significant players in private markets, and have deployed sizable sums to hedge funds.
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The emirate’s decision to fold ADQ under L’imad is among the most significant moves since Sheikh Tahnoon was handed oversight of ADIA in 2023. That consolidated his power beyond roles that include the UAE’s national security adviser and head of the country’s largest bank.
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