ADIA names replacement managing director

The Abu Dhabi Investment Authority has named Sheikh Hamed bin Zayed al Nehayan as managing director to replace his deceased brother Sheikh Ahmed bin Zayed al Nehayan.

Sheikh Hamed bin Zayed al Nehayan has been named as managing director of the Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, following the death of his older brother Sheikh Ahmed bin Zayed al Nehayan at the end of last month.

The state-owned news agency, WAM Abu Dhabi, announced Sheikh Hamed would assume the duties of Shiekh Ahmed, who died following the crash of his glider near Rabat, Morocco. The body of the Sheikh was reported to have been reported missing for four days following the crash, from which the pilot survived.

Sheikh Hamed, the half brother of Abu Dhabi ruler Shiekh Khalifa bin Zayed al Nehayan, currently heads the Abu Dhabi Crown Prince’s Court and is chairman of the Higher Corporation of Specialised Economy Zones.

The Abu Dhabi Investment Authority currently manages between $300 billion and $600 billion of capital, largely derived from the proceeds of the emirate’s petroleum revenues. Its allocation to real estate investment is currently between 5 percent and 10 percent of its total capital.

The sovereign wealth fund’s real estate department is led operationally by former JP Morgan senior executive, Bill Schwab. PERE interviewed Schwab and other senior members of the real estate department earlier this year. To read about what was said, click here.