Abu Dhabi consolidates ADQ into L’Imad, creating $300 billion sovereign powerhouse under crown prince as emirate centralizes control over strategic investments.
L’Imad, Abu Dhabi’s newest sovereign wealth fund, took over the assets of rival state-owned fund ADQ, a development that sees a greater role in the emirate’s investment strategy by the emirate’s crown prince Sheikh Khaled bin Mohammed bin Zayed, son of the UAE president Mohammed bin Zayed.
The consolidation signals Abu Dhabi’s intentions to leverage capital for adaptability and power projection. And placing L’Imad under the direct supervision of the Crown Prince is significant. According to Dubai brokerage firm Century Financial, “Abu Dhabi is treating its investment platform as a long-term project managed by top government leaders.”
Prior to the merger, ADQ held assets of $263 billion with major investments spanning airlines, energy, infrastructure, and healthcare. Following the transfer of ADQ’s assets, L’Imad will have around $300 billion in assets under management, according to data from Global SWF, a platform focusing on central banks, sovereign wealth funds and public pension funds.
ADQ was previously chaired by Sheikh Tahnoon bin Zayed, the UAE’s influential national security adviser. He chairs the emirate’s principal wealth fund Adia (Abu Dhabi Investment Authority) that oversees $1.18 trillion in assets under management.
L’Imad’s rapid ascendancy—formed last year—looks set to become an important investment vehicle under the chairmanship of the 44-year-old crown prince. In January, the Abu Dhabi media office said the emirate’s Supreme Council for Financial and Economic Affairs had passed a resolution consolidating the assets of L’Imad and ADQ “to create a sovereign investment powerhouse with a diversified asset base.”
The new entity includes 25 investment companies and platforms and over 250 group subsidiaries. Jassem Al-Zaabi—who is also chairman the emirate’s department of finance and vice chairman of the UAE central bank—was appointed managing director and chief executive. Meanwhile Mohamed al Suwaidi, ADQ’s first chief executive, has left to become executive chair of Abu Dhabi investment manager, Lunate.