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ADIC Rebrands, Launches First Third Party Fund
ABU DHABI — Abu Dhabi Investment Company, an investment arm of the Abu Dhabi Government known also as ADIC, has rebranded itself as Invest AD and for the first time in offering to manage money for third-party investors.
As part of this reorientation, Invest AD has launched four separate funds dedicated to investments in the UAE, the six Gulf Cooperation Council member states, the larger Middle East and North Africa region, and Africa. “We have a new mandate to attract third-party capital,” Invest AD Chief Executive Officer Nazem Fawwaz Al Kudsi told a news conference on Tuesday.
He said that the international financial meltdown has not seriously affected the rebranded company. Invest AD is already managing a number of private equity and infrastructure funds. Its activities will include investment banking, private equity, infrastructure, real estate, investment management and a brokerage subsidiary.
Invest AD’s new third-party funds include the UAE Fund, for local equity investments, and a regional GCC Equities Fund. The Middle East and North Africa Dynamic Fund will focus on alternative-type equity investments in the Middle East and North Africa, while the Emerging Africa Fund will concentrate on African stocks, Al Kudsi said.
The MENA region does not attract enough investment research and investment vehicles, and Invest AD is trying to fill this gap and capitalise on the region’s potential for faster economic growth than what the rest of the world is likely to see. Most international portfolios are underweight in the Middle East and North Africa, he said.
“We want to play our part in rectifying that. We also want to encourage local investors to focus on opportunities in their backyard,” Al Kudsi said.
Invest AD Chairman Khalifa Al Kindi said that infrastructure spending in the MENA region over next decade would amount to at least $410 billion. “This region’s economy is diversifying and has the advantage of a young growing population,” he said. Al Kindi is also managing director of the Abu Dhabi Investment Council, which owns Abu Dhabi’s banks.
Al Kudsi declined to specify the size of Invest AD’s existing
investment portfolio.
Invest AD also will provide sub-advisory services to BHF Bank of Germany for their Middle East funds, Al Kudsi said, declining to elaborate on the size of these funds.
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