Body of ADIA managing director found

Abu Dhabi’s ruling family is in mourning after the body of Sheikh Ahmed bin Zayed Al Nehayan, younger brother of the president of the United Arab Emirates, Sheikh Khalifa bin Zayed Al Nehayan, was found following the crash of his glider over Morocco.

Sheikh Ahmed, who was the managing director of the Abu Dhabi Investment Authority, went missing after the glider crashed into a lake near Rabat, Morocco. The Spanish pilot of the glider was rescued unhurt.

According to a report by the UAE’s news service, WAM, his death will be mourned tomorrow at the Sheikh Zayed Grand Mosque after his body is brought back from Morocco.

According to a report by the Financial Times, Sheikh Ahmed, who took charge of ADIA in 2007, was one of 18 sons of Sheikh Zayed bin Sultan Al Nehayan, the founder of the UAE, who died in 2004. He was considered one of the most influential sons.

Reuters has reported a “sucession plan” has been set and will be announced in the coming days.

Sheikh Ahmed, has played a central role in recent efforts by the sovereign wealth fund, which has between $300 billion and $600 billion in capital under management, to be more transparent about its business.

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.