ADIA MD missing after air crash

A search mission is underway for the managing director of the Abu Dhabi Investment Authority after a glider he was in crashed south of Rabat, Morocco on Friday.

According to multiple news reports, Sheikh Ahmed bin Zayed Al Nahayan, younger brother of the ruler of Abu Dhabi and president of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nahayan, was in a glider which crashed into a lake close to the Sidi Mohammed Ben Abdallah dam.

While the Spanish pilot of the glider was reported to be rescued unharmed, Sheikh Ahmed was still missing as of this morning. ADIA was unavailable for comment at press time.

According to WAM, the Emirates News Agency, “the search and rescue team state that the operation by them and other international teams is ongoing. However, the nature of the terrain is making the survey and tracking effort especially challenging.”

Sheikh Ahmed, has played a central role in recent efforts by the sovereign wealth fund, with between $300 billion and $600 billion in capital under management, to be more transparent about its business. He assumed his position at ADIA in 1997 and for many years maintained a low profile.

In January he was interviewed by Germany’s Handelsblatt newspaper. Shortly afterwards, PERE gained exclusive access to ADIA’s Real Estate Department, the result of which can be read in this month’s magazine – click here to read it.

Earlier this month, ADIA, which also leads a working group of sovereign wealth funds in forming principles for best practices, published its first ever annual review and re-launched its website in a further bid to increase transparency.