x Abu Dhabi, UAEFriday 28 July 2017

Sheikh Khalifa's brother missing after plane crash

Search is on for Sheikh Ahmed bin Zayed, managing director of Abu Dhabi Investment Authority, after a glider plane crashed in a lake in Morocco.

ABU DHABI // Sheikh Ahmed bin Zayed, a younger brother of Sheikh Khalifa, President of the UAE and Ruler of Abu Dhabi, was missing last night after a glider crash in Morocco, according to the state news agency, WAM. The plane had crashed into a lake, WAM reported, adding that the pilot had been rescued and was in good condition. The search for Sheikh Ahmed, the managing director of the Abu Dhabi Investment Authority, was continuing. "Sheikh Ahmed bin Zayed Al Nahyan was in a crash of a glider which was airborne in Morocco. The pilot was rescued and is in good condition," WAM said in a statement. An ADIA spokesman declined to comment.

Sheikh Ahmed was No 27 on the Forbes list of the world's most powerful people last year and is in his early 40s. He is the chairman of the board of trustees of the Zayed Foundation for Charitable and Humanitarian Works. The Abu Dhabi Investment Authority, the world's biggest sovereign wealth fund, was formed in 1976. It is believed to have assets of around $500 billion (Dh1.8 trillion) to $700bn, which range from Citigroup bonds and a stake in Britain's Gatwick airport to residential property in major cities.

However, the fund has seldom given details of its strategy or investments. In an interview in January, Sheikh Ahmed said the fund was refining its investment approach and might consider a larger investment than its rarely exceeded five per cent stakes. * Reuters