x Abu Dhabi, UAESunday 21 January 2018

Sheikh Khalifa confirms board of Abu Dhabi Investment Council

Adic is an investment arm of the Abu Dhabi Government with Sheikh Khalifa as chairman of the board.

Sheikh Khalifa, the President, yesterday issued a decree confirming the board of directors of the Abu Dhabi Investment Council for another term.

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 Khalifa is chairman of the board. The decree confirmed for another term board members Sheikh Sultan bin Zayed, Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, Sheikh Mansour bin Zayed, Sheikh Hamed bin Zayed, Mohammed bin Habroosh Al Suwaidi, Khalifa Mohammed Al Kindi, who is also Adic's managing director and Younis Haji Al Khoori.

The decree confirmed the board's term of three years, 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.

Last year, Adic teamed up with the Goodman Group, one of the largest listed property companies in Australia, to invest about US$1 billion (Dh3.67bn) in logistics warehouses across Japan.