One of Sheikh Ahmed bin Zayed's most visible accomplishments in 13 years as managing director of the Abu Dhabi Investment Authority (ADIA) was holding the fund's management up to greater public scrutiny.
Sheikh Ahmed started as a stock analyst at the fund in 1991 and became its managing director in 1997, according to a BusinessWeek profile. When he took over, ADIA was largely closed off from public view, but people also paid little attention to it.
It was only in the middle of the past decade that politicians and investors began to recognise the power wielded by sovereign wealth funds, leading to a drive for more openness.
The experience of DP World - which amid political controversy in 2006 had to sell US ports operations obtained when it bought out Peninsular and Oriental (P&O), a British ports company - heightened the urgency of efforts to convince foreign authorities to welcome inbound investment, especially from the Middle East.
Partly as a result of their desire to show the world they sought no political advantage through their investments, a group of sovereign funds, including ADIA, voluntarily agreed in 2008 to a set of guidelines - dubbed the Santiago Principles because they were introduced at a meeting in the Chilean capital.
The principles outlined financial disclosures and governance and management procedures for funds to follow, and Sheikh Ahmed led ADIA's move to adopt them.
Though he conducted only two major news interviews in recent years - one in 2008 with the US magazine BusinessWeek and the other in January with the German business daily Handelsblatt - ADIA made a series of disclosures under his watch, including releasing its first annual review this month and relaunching the fund's website.
The annual review disclosed returns over the past 30 years and showed how contributions to and withdrawals from ADIA occur: the fund receives excess oil revenues from the Government and gives money back to the Government in case of a budget shortfall or other financial need.
The Government has rarely tapped the fund, according to the review.
"ADIA's sole mission, which has not changed in over 30 years, is to secure and maintain the current and future welfare of the emirate of Abu Dhabi," Sheikh Ahmed told Handelsblatt.
"This ensures that our investing strategy stays focused on long-term trends rather than the ups and downs of individual cycles."
While ADIA made scores of large investments with Sheikh Ahmed in charge - including considerable plays in residential property in the US and UK and a 15 per cent stake in London's Gatwick Airport last month for US$198 million (Dh727.2m) - the fund's $7.5 billion acquisition of 4.9 per cent of the US banking giant Citigroup in 2007 was possibly its highest-profile acquisition to date.
The fund typically limits its investments in public companies to a stake of less than 5 per cent, a level above which it would have to disclose its holdings.
"This investment reflects our confidence in Citi's potential to build shareholder value," Sheikh Ahmed said after the purchase.
ADIA's investment came at a crucial time for the bank, which was then in desperate need of capital as the global financial downturn set in.
The lifeline helped Citigroup through the first months of the crisis, after which the US government stepped in to provide billions of dollars in stimulus money to shore up the bank.
In December, ADIA filed arbitration proceedings in New York over the investment, which stipulated a conversion into Citigroup shares that valued the stock in a range of about $32 to $37 per share. Citigroup shares have dropped from about $33 at the time of the deal to $4.14 on Monday.
In the arbitration claim, Citigroup said ADIA was alleging the bank was guilty of "fraudulent misrepresentations" in negotiations leading to the deal. ADIA has not commented on the arbitration and declined to comment for this article.
afitch@thenational.ae
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2025 Fifa Club World Cup groups
Group A: Palmeiras, Porto, Al Ahly, Inter Miami.
Group B: Paris Saint-Germain, Atletico Madrid, Botafogo, Seattle.
Group C: Bayern Munich, Auckland City, Boca Juniors, Benfica.
Group D: Flamengo, ES Tunis, Chelsea, (Leon banned).
Group E: River Plate, Urawa, Monterrey, Inter Milan.
Group F: Fluminense, Borussia Dortmund, Ulsan, Mamelodi Sundowns.
Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
The National's picks
4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
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Test
Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
Profile
Company: Justmop.com
Date started: December 2015
Founders: Kerem Kuyucu and Cagatay Ozcan
Sector: Technology and home services
Based: Jumeirah Lake Towers, Dubai
Size: 55 employees and 100,000 cleaning requests a month
Funding: The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups.
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
MATCH INFO
Uefa Champions League semi-final, first leg
Tottenham 0-1 Ajax, Tuesday
Second leg
Ajax v Tottenham, Wednesday, May 8, 11pm
Game is on BeIN Sports
Learn more about Qasr Al Hosn
In 2013, The National's History Project went beyond the walls to see what life was like living in Abu Dhabi's fabled fort:
BIGGEST CYBER SECURITY INCIDENTS IN RECENT TIMES
SolarWinds supply chain attack: Came to light in December 2020 but had taken root for several months, compromising major tech companies, governments and its entities
Microsoft Exchange server exploitation: March 2021; attackers used a vulnerability to steal emails
Kaseya attack: July 2021; ransomware hit perpetrated REvil, resulting in severe downtime for more than 1,000 companies
Log4j breach: December 2021; attackers exploited the Java-written code to inflitrate businesses and governments
Brief scores:
Day 1
Toss: India, chose to bat
India (1st innings): 215-2 (89 ov)
Agarwal 76, Pujara 68 not out; Cummins 2-40
DMZ facts
- The DMZ was created as a buffer after the 1950-53 Korean War.
- It runs 248 kilometers across the Korean Peninsula and is 4km wide.
- The zone is jointly overseen by the US-led United Nations Command and North Korea.
- It is littered with an estimated 2 million mines, tank traps, razor wire fences and guard posts.
- Donald Trump and Kim Jong-Un met at a building in Panmunjom, where an armistice was signed to stop the Korean War.
- Panmunjom is 52km north of the Korean capital Seoul and 147km south of Pyongyang, North Korea’s capital.
- Former US president Bill Clinton visited Panmunjom in 1993, while Ronald Reagan visited the DMZ in 1983, George W. Bush in 2002 and Barack Obama visited a nearby military camp in 2012.
- Mr Trump planned to visit in November 2017, but heavy fog that prevented his helicopter from landing.
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs: 2018 BMW R nineT Scrambler
Price, base / as tested Dh57,000
Engine 1,170cc air/oil-cooled flat twin four-stroke engine
Transmission Six-speed gearbox
Power 110hp) @ 7,750rpm
Torque 116Nm @ 6,000rpm
Fuel economy, combined 5.3L / 100km
Name: Brendalle Belaza
From: Crossing Rubber, Philippines
Arrived in the UAE: 2007
Favourite place in Abu Dhabi: NYUAD campus
Favourite photography style: Street photography
Favourite book: Harry Potter
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MATCH INFO
Uefa Champions League semi-final, first leg
Barcelona v Liverpool, Wednesday, 11pm (UAE).
Second leg
Liverpool v Barcelona, Tuesday, May 7, 11pm
Games on BeIN Sports
Specs
Engine: Dual-motor all-wheel-drive electric
Range: Up to 610km
Power: 905hp
Torque: 985Nm
Price: From Dh439,000
Available: Now
HOW TO WATCH
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