Sheikh Hamed appointed new head of wealth fund

15/04/2010 - Dubai Lifestyle News
Sheikh Hamed appointed new head of wealth fund

Posted by Bob Brunskill

Sheikh Hamid bin Zayed Al Nahyan has been appointed the new managing director of sovereign wealth fund the Abu Dhabi Investment Authority (Adia).

The member of the ruling family will now govern the largest sovereign wealth fund in the Middle East, taking over from Sheik Ahmed bin Zayed Al Nahyan.

David Butter, Middle East director at the Economist Intelligence Unit, described the appointment as "low key".

"This is very much a steadying decision to maintain activity going forward with as little fuss as possible."

Aida largely invests in oil firms and is one of the most secretive wealth funds in the world, although is under increasing pressure to make its activities more public.

It is one of several positions for Sheikh Hamed, who is a member of the Abu Dhabi Executive Council, chairman of Etihad Airways, chairman of the court of the crown prince Sheikh Mohammed bin Zayed Al-Nahyan and deputy chairman of the Abu Dhabi Council for Economic Development.