However, ADIA's ratio of third-party fund managers is being actively managed. The Group Chief Internal Auditor functionally reports to the Audit Committee and to the Group Chief Executive Officer on administrative and day-to-day matters. The Board of Directors is responsible for Mubadala's strategic direction, oversight and corporate governance, ensuring the business delivers on the government of Abu Dhabi's development and diversification priorities. Thomas Arnold Board Member. Tailored induction programmes are arranged for all newly appointed Directors. In the year 2005, Abu Dhabi Investment Company purchased 51 percent of shares of Massar (Company) from Abu Dhabi Power Corporation, a subsidiary of Abu Dhabi Water & Electricity Authority. Dr. Al Jaber also holds several leadership roles and advisory positions and counsels on issues related to Energy, Economics, Strategic Communications & Sustainable Development. Al Marri is a member of the Boards of Directors of different federal entities. The board members currently serve for a period of three years, and can be renewed. H.E. Governance structures in place- kick starts reputation as standard-bearer for good governance. The Board of Directors are responsible for determining the Bank's strategic direction. MSc Civil Engineering (Northeastern University, USA) They are appointed by Emiri decree. A performance evaluation of the Board, Board Committees and individual Directors is conducted on an annual basis. Mr. Al Darmaki received a B.S. The Emirates Investment Authority (EIA), an authority owned by the Federal Government, was established through Federal Decree Law No. Degree in Economics & Finance (Tufts University, USA). Its board of directors, which is made up of members nominated by the two companies, is responsible for directing the company's independent strategy and developing its business. Last edited on 23 February 2023, at 20:27, Bank of Credit and Commerce International, International Forum of Sovereign Wealth Funds, "Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets", "Gulf sovereign wealth funds among world's least transparent", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Cash-Rich, Publicity-Shy, Abu Dhabi Fund Draws Scrutiny", "Money and mystery: Adia unveils its secrets", "Generally Accepted Principles and Practices (GAPP)Santiago Principles", https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund, "The Abu Dhabi Investment Authority is a Buyer of Hotels Sovereign Wealth Fund Institute", "Abu Dhabi Power to take control of TAQA in asset swap", "Abu Dhabi Investment Authority Publishes 2012 ADIA Review", "Sheikh Ahmed Bin Zayed Al Nahyan: 1969-2010", "H.H. H.E. Delegation of authority - monitoring matters delegated to Board Committees, Management Committees and management. Sheikh Mansour Bin Zayed Al Nahyan is the Deputy Prime Minister and Minister of Presidential Affairs of the UAE. Saeed Almazrouei was appointed to the ADCB Board of Directors in 2019. . Skilled in Real Estate & Private Equity Risk Due Dilligence. How satisfied are you with the overall experience on our website? Al Ramz Corporation, one of the most active brokerages and investment companies in the UAE, trading member and clearing member in Dubai Financial Market DFM, Abu Dhabi Exchange and Nasdaq Dubai for equities, bonds, SUKUK and futures, also a market maker and liquidity provider in the local three markets. MSc National Security and Strategic Studies (National Defense College, UAE) It has overall responsibility for leading, supervising and controlling the Bank and is accountable to the shareholders for creating and delivering sustainable shareholder value through its guidance and supervision of the Bank's business. Board of Directors | Abu Dhabi Investment Council Menu Mobile menu toggle About us History Organization Chart Governance Committees Business Functions Chief Executive Officer Active Investment Strategies Equities and Fixed Income Global Special Situations Infrastructure Private Equity Real Estate Support Functions Careers Culture Opportunities However, in 1976, Sheikh Zayed bin Sultan Al Nahyan, the founding president of the United Arab Emirates, converted it into the Abu Dhabi Investment Authority. In 2006, between 70% and 80% of the organization's assets were managed outside with an aim to bring that down to between 60% and 70%. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. H.E. With a joint MBA from London Business School and Columbia, he then joined Mubadala in the UAE sovereign wealth sector. Compliance with anti-money laundering procedures and internal training in such procedures is also developed and administered by the Group Compliance department. Established in 2007, the EIA has actively sought unique investment opportunities locally, regionally and internationally, focusing on investing in asset classes that will help strengthen and diversify the UAE economy. Aysha Al Hallami does not hold any external directorships. Sheikh Mansour bin Zayed Al Nahyan, How satisfied are you with the overall experience on our website? UAE Federal Laws, including the Federal Law No.2 of 2015 Concerning Commercial Companies, as administered by the Ministry of Economy and the Department of Planning and Economy, in addition to any other local regulatory authorities of the Emirates. All rights reserved. As a custodian of the Federal assets of the United Arab Emirates, the EIA is mandated to strategically invest funds allocated by the Federal Government to create long-term value for the UAE and contribute to the future prosperity of the country. The Board maintains awareness of the other commitments of its Directors and is satisfied that these do not conflict with their duties and time commitments as Directors of the Bank. EIA invests into a globally diversified investment portfolio. H.E. Win whats next. In addition, Dr. Al Jaber served as Chairman of the Abu Dhabi Ports Company from 2009-2019. The Government of Abu Dhabi provides ADIA with funds that it has allocated for investment and are surplus to its fiscal requirements. [6][citation needed], In the Bank of Credit and Commerce International scandal of the 1990s, ADIA reportedly lost hundreds of millions of dollars. Overview We are the Abu Dhabi Investment Office - ADIO. In 2012, he was nominated and elected by ADCB shareholders to act as a Director, and in March 2015, he was again nominated and elected by ADIC to act as a Director. Board Of Directors; CEO's Message; Staff. Its responsibilities also include reviewing the appropriateness and effectiveness of the Group's risk management systems and controls, reviewing the outcome of stress tests and the Bank's stress-testing methodology, overseeing the Management Risk Committees and ensuring that the Bank's risk governance is supportive of prudent risk-taking at all levels in the Bank. Though it talks of its long term success in generating returns, the fact that it has moved closer to the index and manages most of its funds through external third party fund managers shows that its tolerance for risk taking is greatly diminished over the years. BSc Computer Information Systems (Bethune Cookman College, USA). Furthermore, the UAE Minister of Economy, in his previous post, took part in the unveiling of the Hatta Economic Zone development project and the relaunching of the Mohammed Bin Rashid Center for Leadership Development. ABU DHABI, H.H. [13], Many of ADIA's investments have decreased substantially since investments were made at market peaks in 2007 and 2008. Aysha Al Hallami was elected by Abu Dhabi Investment Council to join the ADCB Board of Directors in April 2013. The Board maintains awareness of the other commitments of its Directors and senior management. To read relevant policy please see below: The Board Secretariat delivers Board papers to the Board by means of a secure iPad application. 13 of 2009. . PitchBook provides insight into a limited partners preferred investments, including actual and target allocations by strategy, secondary market preferences and interest in first-time funds. Get the full list, Morningstar Institutional Equity Research, Board Member & Analyst, Internal Equities Department, Deputy Chairman of the Board of Directors. Our Objectives. Thereafter, senior management provides regular updates to the Board of Directors to monitor progress against budget and strategy and permit any necessary modifications or adjustments in strategic direction. BSc Business Finance (Lewis &Clark College, USA). is also the former Director General of the Executive Office of H.H. 1996)", Sovereign Wealth Fund Institute Abu Dhabi Investment Authority, https://en.wikipedia.org/w/index.php?title=Abu_Dhabi_Investment_Authority&oldid=1141187949, Mohammed Habroush Al Suwaidi, Head of the Department of Finance (Abu Dhabi), Hamad Mohammed Al Hurr Al Suwaidi, Head of the Department of Finance (Abu Dhabi), Ghanim Faris Ghanim Ateish Al Mazrui, former financial advisor to Sheikh, This page was last edited on 23 February 2023, at 20:27. Where necessary, the Committee will also consider whether the candidate meets the Bank's criteria for independence. An external auditor is appointed annually by shareholders on the recommendation of the Board of Directors. Although the IAG conducts audits on all of the Banks units, the frequency of internal audits carried out with respect to each of the Banks units depends on the inherent risk of that unit and its related control risk evaluation. Mr. Quarta graduated from the College of the Holy Cross. Previously, Dr Bin Hendi was the Director General of the Abu Dhabi Investment Office (ADIO) since October 2019. One-third of the Board will seek re-election on an annual basis. Dr. Al Jaber has previously served on the United Nations Secretary Generals High Level Group on Sustainable Energy for All. To facilitate this role, the Board Secretariat has full visibility of all management committees and activities. PO Box 3235, International Tower, ADNEC Capital Centre, Abu Dhabi The Board's Audit Committee ensures the implementation of regulations, policies and procedures through all Bank departments aimed at mitigating identified risks and safeguarding the interests of the Bank and its shareholders. As Vice Chairman and Managing Director of Dubai Future Foundation, he heads an entity tasked with implementing the Dubai Future Agenda. BSc Business Sciences, Finance (Zayed University, UAE). Sheikh Mansour Bin Zayed Al Nahyan Chairman H.H. She also served on the boards of National Bank of Abu Dhabi, Al Hilal Bank and National Takaful Co. Watania and was a Director in the Global Special Situations Department at the Abu Dhabi Investment Council. In the context of strengthening cooperation between AAAID and Abu Dhabi Chamber of Commerce and Industry, a memorandum of understanding was signed that aimed Over this decade, AD Ports has become a thriving business, turning a profit two years ahead of the approved business plan. Mr. Al Darmaki is a member of the Investment, Strategy and Alpha Committees at ADIA. Khalil Mohammed Sharif Foulathi Abu Dhabi Investment Authority 211 Corniche, PO Box 3600 Abu Dhabi, United Arab Emirates Phone +971 2 415 0000 Fax +971 2 415 1000 Fraud Warning Terms & Conditions Sitemap Contact In a short span of time, the EIA has uniquely positioned itself to become an invaluable partner for significant world-class investment opportunities locally, regionally and internationally. He has more than 16 years of banking experience, having held senior management positions with National Bank of Abu Dhabi and First Gulf Bank. In this role, he oversees platform-wide activities, supports the delivery of the platforms investment strategy, manages the platforms capital allocation, ensures the successful implementation of capital deployment and monetization transactions and assesses value, risks and expected returns. Overall between 70% and 80% of the organization's assets are managed outside, and over the last few years the fund has become more indexed which given its unique asset liability structure is somewhat perplexing. The Bank's policy is to, so far as possible, only engage in transactions with related parties (including Directors) on arm's length terms. The Abu Dhabi Investment Council is an investment arm of the Government of Abu Dhabi. H.E. Between 1981 and 2014, he led strategic positions in the government of United Arab Emirates including Minister of Health, Minister of Oil and Natural Resources, Vice President of OPEC, Chairman of the Executive Board of the Arab Ministers of Health, Establisher and Chairman of the Executive Board of the Federal Environment Agency, Chairman of the Executive Board of Emirates Petroleum, Member of the Advisory Board of Eastern Mediterranean Regional Organization World Health Organization, Member of the Board of Trustees of Emirates Foundation, a philanthropic organization set up by the Government of the Emirate of Abu Dhabi, Member of the Board of Abu Dhabi Council for Economic Development an economic policy advisory council established by law in the Emirate of Abu Dhabi. The Board of Directors set the strategic direction of the Bank (with due consideration given to risk tolerance, shareholder expectations, business development opportunities and other macroeconomic factors), which senior management then uses to design the Bank's strategic plan and prepare the annual budget for Board approval. These investment departments, which invest across multiple geographies, have discretion over the origination and recommendation of investment proposals. HE Dr Sultan Ahmed Al Jaber is a member of the UAE Federal Cabinet, Minister of Industry and Advanced Technology, the UAE's special envoy on climate change, Chairman of Masdar, and President-Designate of COP28 - the first CEO to serve in this role. Abu Dhabi Finance P.P.C is an entity authorized from Capital Market Authority. His Excellency earned his stripes in professional finance at Citi Bank in London. Any Candidate for appointment as a Director must be pre-approved by the UAE Central Bank. Phone Number (971) 241-5000. Mohammed Habroush Al Suwaidi H.E. Since being appointed Group CEO of ADNOC in 2016, Dr. Al Jaber has spearheaded a rapid and comprehensive transformation of the company at the direction of the UAE leadership. Abu Dhabi Investment Authority's new research centre makes its debut with $100,000 award Adia Lab expected to play a proactive role in the development of the emirate's digital ecosystem The Abu Dhabi Investment Authority is capitalising on its technology and data analytics capabilities as it charts its future investment opportunities. Click here for Terms of Reference for the Board of Directors. The Abu Dhabi Investment Authority (Arabic: , ADIA) is a sovereign wealth fund owned by the Emirate of Abu Dhabi (in the United Arab Emirates) founded for the purpose of investing funds on behalf of the Government of the Emirate of Abu Dhabi. This Initiative creates a new framework for the development and promotion of world class, and global scale, renewable energy and resource sustainability industries in Abu Dhabi. Previously, she was Vice-Chairperson of Aldar Properties and Invest AD. His dedication to advancing the United Arab Emirates has been demonstrated through numerous director and chairman roles in major financial institutions and government bodies: Chairperson of the Board of UAE Central Bank, Chairperson of the National Bank of Abu Dhabi, Member of the Supreme Petroleum Council, Board Member of ADIA, Chairman of Abu Dhabi National Insurance Company, Member of Allianz International Advisory Board and Chairperson of the Arab Banking Corporation.
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