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. 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. Eissa Al Suwaidi holds the post of Chief Executive Officer at Abu Dhabi Investment Council, United Arab Emirates. Aysha Al Hallami was elected by Abu Dhabi Investment Council to join the ADCB Board of Directors in April 2013. It manages the Emirate's excess oil reserves and is estimated to manage $790 billion. Win whats next. 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. She is an integral part of the team responsible for . EIA invests into a globally diversified investment portfolio. Abu Dhabi Investment Authority (ADIA) is a public institution established in 1976 by the Government of the Emirate of Abu Dhabi as an independent government investment institution. Prior to taking on the leadership position at ADNOC, Dr. Al Jaber was the Chief Executive Officer of the Energy platform at Mubadala, the Abu Dhabi governments strategic investment arm. Last edited on 23 February 2023, at 20:27, Bank of Credit and Commerce International, International Forum of Sovereign Wealth Funds, "Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets", "Gulf sovereign wealth funds among world's least transparent", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Cash-Rich, Publicity-Shy, Abu Dhabi Fund Draws Scrutiny", "Money and mystery: Adia unveils its secrets", "Generally Accepted Principles and Practices (GAPP)Santiago Principles", https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund, "The Abu Dhabi Investment Authority is a Buyer of Hotels Sovereign Wealth Fund Institute", "Abu Dhabi Power to take control of TAQA in asset swap", "Abu Dhabi Investment Authority Publishes 2012 ADIA Review", "Sheikh Ahmed Bin Zayed Al Nahyan: 1969-2010", "H.H. Mr. Kanoo currently serves as the Chairman of The Kanoo Group, one of the largest, longest running and independent family-owned groups of companies in the Gulf region. Descendant of Bin Aweidha Family which played prominent role in founding UAE Politically and Economically. Prior to CD&R, he served as CEO of BBA Group plc from 1993 to 2001, leading the successful restructuring and reorganization of the company, and continued to serve as chairman from 2001 to 2006. Advisor to the Nigerian Minister of Communications. Khalifa Al Kindi is a Managing Partner and Co-Founder of Abu Dhabi-based Liwa Capital Advisors. Assistant to the Deputy Director, Colo Dept. 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. 4 of 2007 and amended by Federal Decree Law No. ADIA is a public institution established by the Government of the Emirate of Abu Dhabi in 1976 as an independent investment institution. 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 often buys partial interest ownerships with leading real estate managers. ADIA Lab, the independent research institute dedicated to basic and applied research in data and computational sciences, commenced operations today, the 51st National Day of the UAE.As part of its launch, the Lab announced the composition of its Advisory Board, the details of its first academic collaborations, and launched a US$ 100,000 research award. 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. The Board's Audit Committee reviews audit reports periodically and particularly where significant violations to the applicable regulations, prescribed policies and procedures have occurred. Feedback. Sheikh Mansour bin Zayed Al Nahyan, How satisfied are you with the overall experience on our website? Fatima Al Nuaimi was appointed by the ADCB shareholders to join the ADCB Board of Directors in 2022. The most relevant comments from the evaluation are presented to the Board, in the form of an action list, and its implementation is monitored by the Board's Nomination, Compensation, HR & Governance Committee. 2023 PitchBook. Dr. Al Jaber has previously served on the United Nations Secretary Generals High Level Group on Sustainable Energy for All. In addition, he serves as a member of the Board Directors in Emirates Investment Authority. Chairman of the Board of Directors of Al-Ghaith Trading and Contracting Co. LLC. He is the Founding Member and Chairman of AlNowais Investments. In his role as Minister of Industry and Advanced Technology, Dr. Al Jaber oversees efforts to further expand the industrial development of the UAE, and in particular promote in country value, leveraging technology as a key enabler, as we enter the Fourth Industrial Age. Reporting to H.H., the Managing Director his current responsibilities at ADIA include. Establishment of Investment Process and Portfolio Management. In line with the above, the Bank has determined that, (a) Board members employed by Abu Dhabi Investment Council, the Government of Abu Dhabi's Department of Finance or Abu Dhabi Investment Authority should be classified as independent directors, (b) the Bank's Board contains a majority of independent directors, and (c) each of the Bank's Board committees contains a majority of independent directors. Listen to the content of the page by clicking on listen below CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR). Responsibility for setting our risk appetite and for the effective management of risk rests with the Board of Directors. Reporting to H.H., the Managing Dir. How satisfied are you with the overall experience on our website? Where necessary, the Committee will also consider whether the candidate meets the Bank's criteria for independence. H.H. [6][citation needed], In the Bank of Credit and Commerce International scandal of the 1990s, ADIA reportedly lost hundreds of millions of dollars. Previously, Dr Bin Hendi was the Director General of the Abu Dhabi Investment Office (ADIO) since October 2019. The UAE Minister of Economy holds a Bachelors degree in Civil Engineering from the University of Sheffield in the UK. Some of the most recent investments Fatima has led include the following: acquisition of KMAC, the second largest Taco Bell franchisee in North America; Mubadalas $2.5billion partnership with Silverlake including both an investment in the Silverlake General Partner and an anchor commitment to a new Long-Term Capital Fund. And a Chairman at Emaar Malls PJSC and an Independent Director at Badwa Capital Ltd.He previously served on the board of The National General Insurance Company and Takaful House, both publicly listed insurance companies, and was appointed as the interim chairman of Dubai Bank after its takeover by Emirates NBD. Mr. Al Kindi received an honorary doctorate from Eastern Michigan University, where he had previously earned a B.S. Our investment portfolio approach was broken down into two distinct and focused investment groups: Strategic Assets and Asset Management groups: Strategic Assets and Asset Management. Our support department structure has developed over many years to ensure that the business continues to operate efficiently at all levels in pursuit of ADIAs investment goals. The Board of Directors of the Emirates Investment Authority consists of a group of distinguished and accomplished individuals, led by His Highness Sheikh Mansour Bin Zayed Al Nahyan as its Chairman. 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. H.E. There is a clear division of responsibilities between the respective roles and responsibilities of the Chairman and the GCEO. With a joint MBA from London Business School and Columbia, he then joined Mubadala in the UAE sovereign wealth sector. According to federal laws and the Bank's articles of association, Directors may not receive any remuneration in respect of a year where the Bank does not achieve net profits. Fatima Al Noaimi joined Mubadala in 2011 and is currently a Senior Principal on the Mubadala Capital Private Equity team. Al Mubarak held a number of positions at Tawazun Economic Council, formerly known as UAE Offsets Group, before assuming his current portfolio of responsibilities. The Committee has agreed a list of skill requirements necessary for the proper functioning of the Board as a whole. [4], The operations of ADIA have historically and to the present been secretive and opaque. Playing a role in bettering peoples lives is a great instigator for doing what he does. Carlos Obeid joined the ADCB Board of Directors in 2019. The Council started its operations in April 2007 and is responsible for investing part of the government's surplus financial resources through a globally diversified investment strategy, targeting positive capital returns through an expansive portfolio of highly diversified asset classes and active . Board of Directors Board of Directors Management Team Committees Documents Investors Overview About Us Financial Information Bond Information Share Information Calendar Analyst Coverage Corporate Governance Board of Directors Management Team Committees Documents Company Announcements IR Contact Investor FAQs Shareholder support Investment Stage Secondary Market. 13 of 2009. As Chairman of the Board, H.H. 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. 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. ADIA's Board of Directors is responsible for setting ADIA's strategy and risk-return parameters and meets periodically to review its performance. The Board considers that there is an appropriate balance of knowledge, skills and experience on the Board and that the size and balance of the Board is appropriate. . The ministry will also enable better integration between industrial sectors, while embedding advanced technology at the center of the nations industrial base. 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. Executive Trainer and Life Coach, Prudential Real Estate, and Relocation, USA. 1107 (D.D.C. Board Of Directors; CEO's Message; Staff. All internal control systems, no matter how well designed, have inherent limitations and they may not prevent or detect misstatements. 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. Acting within authority delegated by the Board, the Board Risk Committee (BRC) has overall responsibility for oversight and review of all risk types - credit, market, operational, liquidity, fraud, reputational, etc. Devoting his career to progress, bold ideas and teamwork, His Excellency has positioned ADIO to always seek new ideas and challenges in order to promote Abu Dhabi globally. ADGM has also tapped on the inherent strengths of the Abu Dhabi economy to establish an international financial centre which will stand alongside the world's leading centres, such as Hong Kong, Singapore, London and New York, operating in partnership with them. 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. of Corrections, Colorado Springs, CO, USA. She is also a CFA and CAIA charter holder. in Business Administration. Where a Director is interested, the interested Director neither participates in the discussions nor votes on such matters. H.E. . Kaltham Al Ghafli is a Senior Investment Manager in the External Equities Department in ADIA. 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. BSc Electrical Engineering (American University of Beirut). 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. Al Gergawi also holds the position of Deputy Chairman of the UAEs Ministerial Development Council, as well as Emirates Investment Authority, the UAE Federal Governments sovereign wealth fund. In 2009 he led Masdars efforts in the UAEs successful bid to host the headquarters of the International Renewable Energy Agency (IRENA). 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. in International Studies from the John Hopkins University. . H.H. The Board monitors the performance of the Bank's businesses and guides and supervises the Bank's management. Under his leadership, ADIO has launched international offices around the world. Dr. Al Jaber has initiated a program of increased efficiencies, strengthened ADNOCs overall performance and fostered a more commercial mindset. Hussain Jasim Naser Al Nowais joined the ADCB Board in 2019. Al Marri is a member of the Boards of Directors of different federal entities. She is an integral part of the team responsible for selecting, building and managing a portfolio of funds and relationships in Europe, Middle East & Africa. [13], Many of ADIA's investments have decreased substantially since investments were made at market peaks in 2007 and 2008. [5] The goal was to invest the Abu Dhabi government's surpluses across various asset classes, with low risk. His Excellency holds a PhD in Economics from Imperial College, London. 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. Abu Dhabi Finance P.P.C is closed UAE Joint stock company headquartered in Abu Dhabi with a paid-up capital of USD ($)142,780,000. BSc Business Sciences, Finance (Zayed University, UAE). Air Arabia Abu Dhabi is Etihad Airways' first major investment, a change from its long-held relationship strategy of airline equity partnerships. The current board dates back to the April 2010 reshuffle (Emiri decree n4/2010) and it was fully renewed April 2013. Former board positions include: Chairman of Abu Dhabi Commercial Bank, Vice Chairman of the Abu Dhabi Investment Company, Governor of the Board of the CFA Institute . She has also successfully completed the General Management Program at Harvard Business School. The solid performance of our initial portfolio as well as the rapid development of our investment platform and capability meant we were quickly entrusted by the Federal Government with further assets to manage and invest on behalf of the nation. Degree in Economics & Finance (Tufts University, USA). Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. All rights reserved. [6] At the time it was novel for a government to invest its reserves in anything other than gold or short-term credit. As the central government hub supporting investment in Abu Dhabi, we are committed to growing the emirate's private sector and diversifying its economy. The new council was established to support Abu Dhabi's competitiveness and its economic and financial sustainability. He started his career at Abu Dha. Lecturer & Head of Legal Affairs, High Commercial Institute, Kuwait, Published books on law that are adopted as text books in UAE and Kuwait University respectfully, Legal Advisor and Head of Legal Office; Ministry of Economy & Commerce, UAE, Legal Advisor of the Executive Council of the Emirate of AUH, Owner of Ghanayem Legal & Management Consultancy EST, Treasurer & Account Officer in Charge of Citibanks Financial Institutions in Dakar, Vice President Citibank Private Bank, Geneva, Managing Director Sahara Financial Management Services, Regional Director of Ecobank for Middle East, North Africa & India, Vice Chairman at Signature Africa Ventures. In the event that a vacancy arises, Directors are permitted to elect any individual nominated to fill the vacancy, but any director so appointed must seek election by the shareholders at the next annual general meeting. MSc Civil Engineering (Northeastern University, USA) Any additional work proposed to be performed by the external auditor is reviewed by and approved by the Audit Committee on an item-by-item basis. Contact. 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. In particular, the Bank recognizes the damage that could be created by conflicts of interest at Board level, whether disclosed or undisclosed; this includes potential conflicts with the interests of the Bank's controlling shareholder and its related parties. H.E. Director at Global Finance & Capital Ltd. Board Member of United Capital (ex UBA Capital). BSc Business Management (University of Sussex, UK). ABU DHABI, Under the patronage of H.H. Learn more. . in Accounting from United Arab Emirates University (UAEU). 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. Based in London, he played the lead operating role in the Firms investment in SPIE and served as chairman of the supervisory board of Rexel during CD&Rs ownership of the company from 2005 to 2014. 4 of 2007 as amended by Federal Decree Law No. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. A performance evaluation of the Board, Board Committees and individual Directors is conducted on an annual basis. Abu Dhabi Investment Authority 211 Corniche, PO Box 3600 Abu Dhabi, United Arab Emirates Phone +971 2 415 0000 Fax +971 2 415 1000 The Board of Directors is the highest authority within the Council and is composed of a Chairman, Managing Director and other board members, all of whom are senior government officials appointed by Decree from the Ruler of . He is a UAE national, coming from a prominent family of businessmen primarily engaged in trading sector businesses. The Bank's policy is to, so far as possible, only engage in transactions with related parties (including Directors) on arm's length terms. Sheikh Mohammed bin Khalifa bin Zayed Al Nahyan H.E. H.E. Their most recent diversity investment was on May 6, 2021, when Charter Next Generation raised Abu Dhabi Investment Authority has had 22 exits. The Boards Nomination, Compensation, HR & Governance Committee is responsible to ensure that independent directors remain independent on a continuous basis. 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. Board Member of Cleveland Clinic Abu Dhabi. He started his career at Abu Dhabi Investment Authority in the year 1982. The majority of the Directors are UAE nationals, as per the requirements of the Federal Commercial Companies Law and the Bank's articles of association. The EIA was established in 2007 through Federal Decree Law No. MSc Computer Science (University College London, UK) He was also responsible for all Treasury activities including Mubadalas bond issuances and project financing. Furthermore, he is a professional and motivational speaker, writes articles for local and regional media, is published in business journals on a regular basis, and holds chief positions as Chairman/Director of various reputable companies, including Gulf Capital, KHK & Partners Limited, Dalma Capital, Johnson Arabia LLC and KAAF Investments. In addition to his roles at ADIA and Gulf Capital, Mr. Al Darmaki holds multiple board roles, including Chairperson of Neue Privat Bank (Middle East), Board and Committee Member at Emirates Investment Authority. Abu Dhabi Investment Authority - ADIA: A government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates. 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. H.E is the Chairman of Emirates Water & Electricity Company and the Vice Chairman of Abu Dhabi Power Corporation and a member of the Board of Directors for Emirates Global Aluminum, Aramex Logistics Company, Minas de Aguas Teidas Copper Mine, Sociedad Minera de . Saeed Almazrouei was appointed to the ADCB Board of Directors in 2019. PitchBook provides insight into a limited partners preferred investments, including actual and target allocations by strategy, secondary market preferences and interest in first-time funds. United Arab Emirates, Emirates Investment Authority All Rights Reserved 2023. Decree establishes the EIA as sole Federal investment vehicle. BSc Computer Information Systems (Bethune Cookman College, USA). H.E. In the context of strengthening cooperation between AAAID and Abu Dhabi Chamber of Commerce and Industry, a memorandum of understanding was signed that aimed Contact Email dg_dgm@yahoo.in. 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. The IAG also oversees and conducts the Banks internal audit function. The internal audit group (IAG) is responsible for the evaluation of the Bank's risk management, control and governance processes. ADIA funding sources derive from oil, especially from the Abu Dhabi National Oil Company (ADNOC). MSc National Security and Strategic Studies (National Defense College, UAE) Fatima graduated magna cum laude from the Higher Colleges of Technology with a B.S. The Board of Directors are responsible for determining the Bank's strategic direction. As a distinguished economist he became one of the top corporate turnover specialists and the most influential player in the history of UAE financial markets. Established in 2007, the EIA has actively sought unique investment opportunities locally, regionally and internationally, focusing on investing in asset classes that will help strengthen and diversify the UAE economy. BSc Civil Engineering (Northeastern University, USA). It will set financial and economic policy and will oversee the approval of strategies for a number of state-owned entities including Adnoc, Mubadala Investment Company, Abu Dhabi Investment Authority and holding company ADQ. Experienced Specialist with a demonstrated history of working in the investment management industry. Beginning his career at the Abu Dhabi National Oil Company, H.E. H.E. United Arab Emirates, Emirates Investment Authority All Rights Reserved 2023, EIA launches strategy aimed at achieving UAEs development goals, Mansour bin Zayed chairs meeting of EIA Board of Directors, Mansour bin Zayed chairs EIA board meeting. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Emirates Investment Authority (EIA), the. Thoma Bravo Fund XV, L.P. managed by Thoma Bravo, L.P. and Abu Dhabi Investment Authority entered into an Agreement and Plan of Merger to acquire Coupa Software Incorporated from a group of. He has prioritized the adoption of breakthrough technologies including AI, Big Data and Blockchain to ensure ADNOC stays ahead of global energy demand and remains a key contributor in Economics and Politics from Bristol University, and obtained an M.A. 17 May, 2021. Site Advisory: Fraud Warning; . Our team helps investors and companies of all sizes establish their business, grow and develop in Abu Dhabi. The IAG performs its function in accordance with a risk-based audit methodology. Strong business development professional with a Claritas Investment Certificate from CFA Institute & Operational Risk Management Certificate from Chase Coopers. H.E Mohammed Al Shuwaidi holds a B.Sc. 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. [13] The Banks internal control system has been designed to provide reasonable assurance to the Banks Board of Directors and shareholders. Sheikh Zayed bin AweidhaMANAGING DIRECTOR, Dr. Ahmed Abdulla Ghaith Al SuwaidiBoard Member. In 2006, while at Mubadala, at the direction of the UAE leadership, he helped establish Masdar, Abu Dhabis pioneering renewable energy initiative, and served seven years as its CEO, guiding its global contribution to clean technology and sustainable development. Begins to serve as advisor to Cabinet on key assets and corporate governance. Number of Board Member and Advisor Profiles 3. We also significantly expanded the international scope and reach of our investment portfolio and further developed our internal guidelines, operations, institutional functions and architecture. 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. He is also a board member of the Economic Zones World and Dubai Real Estate Corporation. Amr Al Menhali was appointed by the ADCB shareholders to join the ADCB Board of Directors in 2022. Overseas regulators the Banks overseas operations are subject to overseas regulators and laws. In 2006, between 70% and 80% of the organization's assets were managed outside with an aim to bring that down to between 60% and 70%. ADIA does not seek to manage or take an operational role in the companies in which it invests. Also, he is a graduate of the UAE Government Leaders Program and Mohammed Bin Rashid Center for Leadership Development. 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.

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