Finance Adia writes off investment in Thames Water By Pramod Kumar October 9, 2024, 12:13 PM Thames Water/X ADIA's subsidiary Infinity purchased a 9.9 percent stake in 2011 The UAE’s largest sovereign wealth fund, Adia, has written off its investment in Thames Water, the UK’s largest water provider, a news report said. The entire investment value in Thames Water has been written down because of the “challenging regulatory environment and operational performance”, the Financial Times reported, citing an account filing by Infinity Investments, a Luxembourg-registered subsidiary of Adia – the Abu Dhabi Investment Authority. Infinity purchased a 9.9 percent stake in Thames Water from Australia’s Macquarie in 2011. According to the report, Guy Lambert, Adia’s head of utilities, attended a private meeting with UK environment secretary Steve Reed last month, during which investors expressed concerns over the regulation of the water industry. A UK government spokesperson said it is closely monitoring Thames Water’s situation, noting that the proposed Water (Special Measures) Bill aims to strengthen regulation and secure £88 billion of private-sector investment to upgrade the water company’s crumbling infrastructure. Adia’s new office in India to fast-track investments Abu Dhabi fund sells stake in UK insurance company Gulf investors put $100m into London property fund Thames, which provides water and sewerage services to 16 million households in England, is struggling under a £19 billion debt load and risks running out of cash by Christmas. The company’s existing investors, Adia, a Chinese sovereign wealth fund and a Canadian pension fund, have refused to put more equity into the business and are willing to take up to £5 billion losses.
