Sheikh Tahnoun named chair of Abu Dhabi wealth fund

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Sheikh Tahnoun bin Zayed Al Nahyan has been named chairman of Abu Dhabi Investment Authority as part of a shake-up of the UAE capital’s sovereign wealth funds.

The country’s national security advisor, Sheikh Tahnoun is the brother of UAE president Sheikh Mohammed bin Zayed Al Nahyan, who took office last May.

Founded in 1976, ADIA is the third largest sovereign wealth fund in the world, boasting assets worth $993 billion, according to consultancy Global SWF.

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Sheikh Tahnoun is chairman of state holding company ADQ and the country’s largest lender First Abu Dhabi Bank, as well as the conglomerate Royal Group and International Holding Company, Abu Dhabi’s largest listed entity.

The wealth fund’s last chairman was the previous UAE president, Sheikh Khalifa bin Zayed Al Nahyan, who died last year.

Sheikh Tahnoun is seen as one of President Sheikh Mohammed’s most trusted advisers and has handled sensitive foreign policy files in his role as national security adviser, according to Reuters.

Other board members include their brother Sheikh Mansour bin Zayed Al Nahyan, deputy prime minister and minister of the Presidential Court.

Sheikh Hamed bin Zayed Al Nahyan is managing director, while also on the board are Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, member of Abu Dhabi Executive Council and chairman of Abu Dhabi Executive Office; Khalil Mohammed Foulathi, Jassem Mohammed Al Zaabi and Hamad Mohammed Al Suwaidi.

The reshuffle also sees Sheikh Mansour, chairman of City Football Group which owns English Premier League champions Manchester City, appointed chairman of Mubadala Investment Company.

It is Abu Dhabi’s second biggest wealth fund behind ADIA, holding assets worth $284 billion, according to Global SWF.