abu dhabi investment authority board of directors abu dhabi investment authority board of directors

Saeed Almazrouei was appointed to the ADCB Board of Directors in 2019. In his capacity as Minister of Cabinet Affairs and The Future, Al Gergawi led the development of the UAE National Agenda and Future Foresight Strategy. Mariam Ghobash has substantial corporate governance experience with both publicly listed and private companies. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. 13 of 2009. At EIA, we value our staff as one of our most . Telephone: +97124190000 PO Box 3235, International Tower, ADNEC Capital Centre, Abu Dhabi United Arab Emirates . ADCB has implemented a Directors' conflicts of interest policy. PO Box 3235, International Tower, ADNEC Capital Centre, Abu Dhabi Board of directors. Board Of Directors; CEO's Message; Staff. The UAE Minister of Economy holds a Bachelors degree in Civil Engineering from the University of Sheffield in the UK. ADIAs assets are not classified as international reserves. He has guided ADNOC through a number of strategic firsts, including entering the global capital markets for the first time, completing the first ever IPO of an ADNOC business (ADNOC Distribution) and attracting significant FDI from strategic and private equity investors to stimulate smart growth across ADNOCs upstream, midstream and downstream value chain. All internal control systems, no matter how well designed, have inherent limitations and they may not prevent or detect misstatements. The firm carries out its investment program independently and without reference from the Government of Abu Dhabi. The Banks internal controls over financial reporting comprise processes designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles. As Chairman of the Board, H.H. BSc Civil Engineering (Northeastern University, USA). . She has also successfully completed the General Management Program at Harvard Business School. Mr. Mishal Kanoo is one of the most iconic business figures in the Middle East and has a reputation as a futurist and strategist with a strong track record in forecasting economic developments in the region. In 2019, Dr. Al Jaber received a lifetime achievement award from his Excellency the prime minister of India, Narendra Modi, for his contributions to energy security, building bridges to emerging Asian economies and for reshaping traditional energy business models. Al Gergawi is the Board Chairman of the Federal Competitiveness and Statistics Authority (FCSA), the government body responsible for developing and enhancing the countrys performance in the areas of global competitiveness and statistics. He has completed a General Management Program from Harvard Business Schools and holds Bachelor in Business Administration with Honours. Establishment of Investment Process and Portfolio Management. Where a Director is interested, the interested Director neither participates in the discussions nor votes on such matters. Sheikh Mohammed bin Rashid Al Maktoum. The Bank's Board of Directors comprises 11 Directors - majority of which are independent, non-executive Directors elected or appointed by the Bank's shareholders. The Bank complies with the independence requirements of the Central Banks Corporate Governance Regulation and Standards for Banks (Circular No.89/2019 dated 18th July, 2019) and the Securities & Commodities Authority (SCA) Chairmans Resolution No.3/TM of 2020 Regarding the Approval of the Public Join-Stock Companies Governance Guide. Reporting to H.H., the Managing Director, his current responsibilities as Advisor Managing Director Office include portfolio management, asset allocation, strategic decisions and broad financial analysis. 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. EIA invests into a globally diversified investment portfolio. He has led several strategic transformation projects, developing high performance businesses to achieve sustainable growth. Responsibility for setting our risk appetite and for the effective management of risk rests with the Board of Directors. According to the Bank's articles of association, all Directors are required to seek re-election by shareholders every three years. 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. Monitoring by the Central Bank is undertaken by way of regular inspections of banks and their records and the requirement for regular submission of data including credit data and anti-money laundering measures. Investment Stage Secondary Market. BSc Finance (Suffolk University, USA). The Board maintains awareness of the other commitments of its Directors and senior management. in Business Administration. Dr. Tariq Bin Hendi was recently the Chief Investment Officer of Group 42 (G42). He has more than 16 years of banking experience, having held senior management positions with National Bank of Abu Dhabi and First Gulf Bank. Purpose Powering a thriving future by efficiently providing sustainable and reliable energy and water to unleash the unlimited potential of people and places. A seasoned banker with strong leadership skills across all facets of the business and with extensive expertise in strategy, finance, risk, investment, credit and corporate governance. Mansour bin Zayed chairs meeting of EIA Board of Directors. The $7 billion investment in Citigroup has lost approximately 90% of its value as of 26 November 2009, 2 years after it acquired a sizable stake in the bank. to the UAEs economy. ADIA does not seek to manage or take an operational role in the companies in which it invests. Number of Board Member and Advisor Profiles 3. G42 is oriented to development of AI industries in the government sector, healthcare, finance, oil and gas, aviation and hospitality. He was also responsible for all Treasury activities including Mubadalas bond issuances and project financing. Mr. Quarta also held various senior leadership positions with BTR plc and served on the board of directors. He was part of the high-profile team that was behind the launch of Area 2071, the nucleus of the future envisioned in the UAE Centennial Plan 2071. In particular, it sets the goals, strategies and policies of the Bank. To lead the Board and ensure the effective engagement and contribution of all Directors, so that the Board may fully discharge its legal and regulatory responsibilities; To ensure effective communication with shareholders and ensure that the Board members understand the views of the major shareholders; To oversee the annual performance evaluation of the Board and individual Directors; and. Mr. Al Mahmood has held senior roles at a number of companies including the Abu Dhabi Investment Authority (ADIA), and was also Chief Executive Officer, Managing Director and a board member of the development and investment company Al Qudra Holdings. Details of all transactions in which a Director and/or other related parties might have potential interests are provided to the Board for its review and approval. Mr. Al Badi holds a Bachelors degree in International Relations from Lewis & Clark College. Chief Financial Officer, Private Equities Department, Youre viewing 5 of 29 commitments. Al Marri held important positions in the government as a senior, top-ranking official. In 2013 Dr. Al Jaber was appointed an honorary Commander of the Most Excellent Order of the British Empire (CBE) by Her Majesty Queen Elizabeth II. Managing Director H.H. The assets of the fund are managed by the executive management team. Mubadala Infrastructure Partners Limited, Chairman (2008), UAE, Cleveland Clinic Abu Dhabi LLC, Non-Executive Director (2010), UAE, GlobalFoundries Inc, Non-Executive Director (2012), USA, Mubadala Capital, Non-Executive Director, (2021), UAE, Borealis AG, Non-Executive Director (2020), Austria, Nova Chemicals Corporation, Non-Executive Director (2021), Canada, Aabar Investments PJSC, Non-Executive Director (2017), UAE, Abu Dhabi Retirement Pension & Benefits Fund (Operating Company), Non-Executive Director (2019), UAE, CEPSA - Compaa Espaola de Petrleos S.A., Non-Executive Director, Non-Executive Director (2019), Spain, OMV AG, Non-Executive Director (2021), Austria, International Petroleum Investment Company, Non-Executive Director, UAE, Yas Holding LLC, Non-Executive Director (2021), UAE. 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. 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. The principal activities of the company are dealing Managing Investment and operating funds, in addition to Arranging, Advising and Custody. ABU DHABI, H.H. Chartered Financial Analyst, (CFA Institute, 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. She also has an MBA in International Finance and is a member of the Institute of Management Accountants, IMA. The Audit Committee also periodically meets separately with the Banks internal auditors and the external auditor in the absence of management. 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. Sheikh Hamed bin Zayed Al Nahyan: ADIA 2013 Overview - WAM", "Abu Dhabi Investment Authority Director Jauan Al Dhaheri Dies", "Sheikh Khalifa honours Emiratis for their service to the UAE - The National", "ADIA at 40: UAE Central Bank Chairman says fund has preserved and grown Abu Dhabi's capital", "First American Corp. V. Al-Nahyan, 948 F. Supp. He was also the focal point for a number of comprehensive strategic partnerships with a number of countries. ADIA has robust governance standards with clearly defined roles and responsibilities that ensure accountability. The EIA was established in 2007 through Federal Decree Law No. . Under his leadership, ADIO has launched international offices around the world. Ms. Ghobash currently serves as a board member of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution), Emirates Telecommunications Group Company Etisalat, Emirates Development Bank and Zayed University. Abu Dhabi Investment Authority 211 Corniche, PO Box 3600 Abu Dhabi, United Arab Emirates Phone +971 2 415 0000 Fax +971 2 415 1000 Collectively, the Board possesses knowledge, experience and skills appropriate for the Bank. Delegation of authority - monitoring matters delegated to Board Committees, Management Committees and management. As a listed company, the Bank is subject to the rules and regulations enforced by the Emirates Securities and Commodities Authority and the markets upon which its shares and debt are listed, including the ADX, the London Stock Exchange, the Irish Stock Exchange, the Luxembourg Stock Exchange and the Swiss Stock Exchange. Mr. Mohamed Hadi Al Hussaini is the Chariman of Emirates Integrated Telecommunications Co. PSJC, and currently he sits on the board of Emirates NBD, Emirates Islamic Bank and Dubai Refreshments Company. Learn more. Abdulla Bin Touq Al Marri was appointed Minister of Economy of the United Arab Emirates (UAE) under the new government structure approved in July 2020. Abu Dhabi Investment Authority 's most notable . H.E. In carrying out its audit activities and responsibilities, members of the IAG have unrestricted access to all of the Banks records (either manual or electronic), assets, physical properties and personnel, relevant to the audit. Previously, Mr. Al Darmaki held the position of Chairman at the Central Bank of the UAE, Abu Dhabi Investment Company, Abu Dhabi Securities Market, Global Investment House (Kuwait), and as a Board Member at National Bank of Abu Dhabi, Al Hilal Bank, Arab Banking Corporation and Qatar Telecom (Ooredoo). These investment departments, which invest across multiple geographies, have discretion over the origination and recommendation of investment proposals. Hareb Al Darmaki Joined the Abu Dhabi Investment Authority in June 1976 as Director, Bond & Equity Department. All three functions cover all banking activities in general and key risk areas in particular. H.E. All audits are conducted in accordance with the annual audit plan, which is approved by the Audit Committee, and which may be broadened, as circumstances require. Amr Al Menhali was appointed by the ADCB shareholders to join the ADCB Board of Directors in 2022. In 2013 and 2014 we were entrusted with the custody of three additional strategic assets Emirates Post, Emirates Transport and Al Masraf bank. BSc Business Sciences, Finance (Zayed University, UAE). Directors are eligible to receive, and have received, loans from the Bank. Abdulla Bin Touq Al Marri was appointed Minister of Economy of the United Arab Emirates (UAE) under the new government structure approved in July . [10] ADIA is one of the largest sovereign wealth funds in the world. Jan Schuster Portfolio Manager - Private Equity Division. He is a UAE national, coming from a prominent family of businessmen primarily engaged in trading sector businesses. Details of all transactions where a Director and/or other related parties might have potential interests are provided to the Board for its review and approval. ABU DHABI, Under the patronage of H.H. Sheikh Zayed does not hold any external directorships. In addition, Dr. Al Jaber served as Chairman of the Abu Dhabi Ports Company from 2009-2019. ADIA's Board of Directors meets periodically, as required for the establishment and review of ADIA's strategic policy, as part of its oversight of ADIA. As Chairman of the Board, H.H. The Board's Audit Committee reviews audit reports periodically and particularly where significant violations to the applicable regulations, prescribed policies and procedures have occurred. Khalid Deemas Alsuwaidi was appointed by Abu Dhabi Investment Council (ADIC) to join the ADCB Board of Directors in March 2009. Dr. Al Jaber also holds several leadership roles and advisory positions and counsels on issues related to Energy, Economics, Strategic Communications & Sustainable Development. Furthermore, as a Management PHD holder, he progressed to be a leader in education, healthcare and finance. Kaltham joined ADIA in 2006 as a Senior Analyst and developed extensive experience of Far East and Asia Pacific markets within external equities. Prior to joining ADIO, His Excellency held leadership roles at various institutions, including Emirates NBD, Mubadala, and Citibank. Listen to the content of the page by clicking on listen below CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR). Post ADIA, he established Abu Dhabi Investment Council (ADIC) in 2007 and served as its Managing Director. Furthermore, as a Management PHD holder, he progressed to be a leader in education, healthcare and finance. Al Gergawi is the Secretary-General of the Mohammed bin Rashid Global Initiatives (MBRGI), a philanthropic foundation that combines under its umbrella over 30 humanitarian and developmental initiatives and entities. [8] Due to its size, the fund has been influential in international finance. The roles of the Chairman and the GCEO are separate and each is held by a suitably experienced individual. . She is also a CFA and CAIA charter holder. Telephone: +97124190000 PO Box 3235, International Tower, ADNEC Capital Centre, Abu Dhabi United Arab Emirates . Fatima Al Noaimi joined Mubadala in 2011 and is currently a Senior Principal on the Mubadala Capital Private Equity team. Investment Leadership Program (ILP) Working at EIA; Media & Resources; Contact Us. In addition, he also served as Chairman of Waha Investment PrJSC, Waha Land LLC and Anglo Arabian Healthcare LLC). Abu Dhabi Investment Authority - ADIA: A government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates. The internal audit group (IAG) is responsible for the evaluation of the Bank's risk management, control and governance processes. This is a profile preview from the PitchBook Platform. In 2008, ADIA co-chaired the International Working Group of 26 sovereign wealth funds that produced the "Generally Accepted Principles and Practices of sovereign wealth funds" (known as the Santiago Principles). The programme comprises a comprehensive Directors' induction pack, meetings with other Directors and senior management, as well as comprehensive guidance on the duties and responsibilities of Directors, the Bank's policies and procedures and relevant legal and regulatory requirements. As nephew and son in law of Ajman ruler he played a major role in the development of UAE from a desert to an oasis. Reporting to H.H., the Managing Director his current responsibilities at ADIA include asset allocation, portfolio management and strategic decisions. Internal controls are designed to ensure that adequate independent internal checks and balances exist in keeping with the maker-checker or four-eye principle and that the oversight roles are embedded in areas reporting independently to non-originating areas. Before his current position, Saeed Almazrouei was Deputy Chief Financial Officer at Mubadala Investment Company PJSC, where he oversaw the group-wide finance function and delivery of the companys growth strategy, supporting various acquisitive transactions and asset monetizations. Board Member of Cleveland Clinic Abu Dhabi. 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. In keeping with the Bank's principles of transparency, Directors may use the iPad application to view and access all documents presented to the Bank's management committees, as well as minutes of meetings of those committees. Board of Directors | Abu Dhabi Investment Group Leadership Board Of Directors Sheikh Dr.Majid bin Saeed Al Nuaimi Chairman As nephew and son in law of Ajman ruler he played a major role in the development of UAE from a desert to an oasis. His Excellency Mohammad Al Gergawi is the United Arab Emirates Minister of Cabinet Affairs and The Future and serves as Chairman of Dubai Government. 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. 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. The Banks internal controls over financial reporting include policies and procedures that (i) are designed to ensure maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Banks assets that could have a material effect on the financial statements. In addition to this, he is currently a board member in Abu Dhabi Housing Authority and a member of Investment Committee in Sandooq Al Watan. Combining extensive experience in both the public and private sector, he was responsible for overseeing, developing and enhancing strategic geopolitical, social and economic partnerships with several nations. Its primary directive is to manage the sovereign wealth of the UAE by investing in a diversified portfolio of assets in key economic sectors and industries with the aim of delivering sustained financial gains for the UAE. His Excellency earned his stripes in professional finance at Citi Bank in London. The Abu Dhabi Investment Council was splintered off from the Abu Dhabi Investment Authority (ADIA) . Number of Exits 23. The current board dates back to the April 2010 reshuffle (Emiri decree n4/2010) and it was fully renewed April 2013. Aysha Al Hallami does not hold any external directorships. In addition, the risk management and compliance functions monitor control activities on an ongoing basis. Chairman of the Board of Directors of Al-Ghaith Trading and Contracting Co. LLC. The Board of Directors and the management team regularly discuss and refine the Bank's strategy and objectives. Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan H.E. Khaldoon Khalifa Al Mubarak holds a number of UAE Government and Abu Dhabi Government responsibilities, including: a Member of the Abu Dhabi Executive Council since 2006; a Founding Member of Abu Dhabis Supreme Council for Financial and Economic Affairs; the Presidential Special Envoy to China since 2018; and the Founding Chairman of the Abu Dhabi Executive Affairs Authority, which has provided strategic policy advice to the Chairman of the Abu Dhabi Executive Council since 2006. MSc National Security and Strategic Studies (National Defense College, UAE) 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. He is also a board member of the Economic Zones World and Dubai Real Estate Corporation. Our Corporate and Investment Banking group operates a client driven model with local and international expertise, designed to ensure our clients are set up for success and grow stronger wherever they operate . He holds a Bachelors Degree in Economics from Northeastern University of Boston, Massachusetts, U.S.A. Mr. Mohamed Hadi Al Hussaini is the Chariman of Emirates Integrated Telecommunications Co. PSJC, and currently he sits on the board of Emirates NBD, Em. His memberships allow him to actively support the development of priority sectors in the country such as the Golden Visa initiative, which seeks to attract talented individuals from across the world. Investments ADIA manages a diversified global investment portfolio across more than two dozen asset classes and sub-categories. H.E. Win whats next. PitchBooks data visualizations help you see a limited partners commitmentsshowing a breakdown of activity by fund type and region, complete with performance metrics. 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. Feedback. Ms. Ghobash holds a Bachelor of Science in Economics from The Wharton School, University of Pennsylvania in the United States of America. One-third of the Board will seek re-election on an annual basis. Board Member, Ely Lilly Foundation, Indianapolis, IN, USA. in International Studies from the John Hopkins University. Where a Director is interested, the interested Director neither participates in the discussions nor votes on such matters. All rights reserved. United Arab Emirates, Emirates Investment Authority All Rights Reserved 2023. We quickly established a formal, three-stage investment process consisting of: rigorous pre-screening and initial due diligence; followed by Investment Committee review and debate; and final investment decision-making from our Executive Committee. Dr. Al Jaber served as Chairman of the UAE National Media Council from 2015 to 2020, where he led an organizational and governance restructure, while guiding the media sectors development as a responsive and responsible contributor to news and knowledge sharing in the digital and social media age. It is primarily involved in the establishment of Abu Dhabi National Bank 1968, and working in multiple sectors such as Banking, Financial services as well as Insurance services and manages investments. The BRC also guides management on risk appetite across sectors, geographies and customer types. Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund based in Abu Dhabi, United Arab Emirates. He was previously elected by ADCB shareholders to join the ADCB Board of Directors in March 2009 and was re-elected by the ADCB shareholders to join the ADCB Board of Directors in 2022. As a result of regular written declarations submitted by each of the Board Members, the Board maintains satisfactionthat the other commitments of the Directors do not conflict with their duties, or that, where conflicts may arise, the Board is sufficiently aware and appropriate policies are in place to minimise the risks. The Dubai 10X initiative, in particular, aims to strengthen the emirates bid to become the city of the future. Previously he had held various board membership in several regional and international publicly listed companies across various sector such as finance, oil & gas, real estate and healthcare (UAE Banks Federation, GFH Financial Group, NESR (NASDAQ listed), SDX Energy (AIM listed), Deem Finance and Abu Dhabi Finance. Carlos Obeid is the Group Chief Financial Officer of Mubadala Investment Company PJSC and is responsible for managing the organisations Business Finance including Treasury and Investor Relations, Financial Planning and Business Performance, and Financial Governance and Reporting. 17 May, 2021. Prior to his appointment, H.E. Kaltham Al Ghafli is a Senior Investment Manager in the External Equities Department in ADIA. Please refer to ADCBs annual report for further details on Directors remuneration. The Board Secretariat actively engages with the Chairman, Committee Chairman and management to ensure that agendas are appropriate and meetings are effective. Abu Dhabi Finance P.P.C is an entity authorized from Capital Market Authority. The external audit partner attends meetings of the Audit Committee by invitation and, if so required, attends the Board meetings when the annual and quarterly reports are approved and signed, and otherwise when needed. BSc Business Finance (Lewis &Clark College, USA). In this role, he also spearheaded many initiatives to get the pulse of the people and know their sentiments, as well as build the UAEs long-lasting relations with international organizations such as the World Economic Forum. As Chairman of the Board, H.H. Kanoo has been investing on a personal and company level since 1991. H.E. In addition, Mr. Quarta is chairman of WPP plc and Smith & Nephew plc. H.E Hareb Al Darmaki is Co-Founder and Board Chairperson of Gulf Capital. It periodically reviews and monitors compliance with the Group's overall risk appetite and makes recommendations thereon to the Board. In driving ADNOCs 2030 strategy toward a more profitable upstream, more valuable downstream and more sustainable and economic gas supply, Dr. Al Jaber has also led a digital transformation at the company.