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'UAE Wealth Funds'
The sovereign wealth funds - United Arab Emirates


First Published Oct. 15, 2007;
Last updated April 30, 2008

The sovereign wealth funds accumulated by oil-rich Arab sheikdoms is reported as much as $4.5 trillion to $7 trillion today. The exact amount is impossible to ascertain due to lack of their transparency and accountability.

                                    Abu Dhabi Investment Authority

Abu Dhabi Investment Authority (ADIA) was established in 1976 by Sheikh Zayed bin Sultan Al Nahyan, the founder of the United Arab Emirates. Established to channel the Emirate's surplus oil revenues into profitable investments both at home and abroad, ADIA has since become the second most important institution in Abu Dhabi's economic system next to the Supreme Petroleum Council (SPC).

ADIA, now the world's largest government controlled investment pool, is estimated to have assets worth over $1000 billion (U.S.). Thanks to high oil and gas export prices since March 1999. Sheikh Khalifa bin Zayed Al Nahyan, son of late ruler, is the chairman of the ADIA. The emirate of Abu Dhabi is controlled by him and in accordance with the constitution, he is also the president of the UAE. He assumed that dual role upon his fatherís death on Nov. 4, 2004.

Abu Dhabi is the largest and wealthiest of the seven emirates in the UAE. It owns 10 per cent of the world's proven oil and gas reserves. The emirate owns 95 per cent of the oil and gas reserves of the UAE

One view (ADIA's genesis in 1976*) is that ADIA's penchant for secrecy stems from its experience during the BCCI scandal of the late 1980s, during which ADIA is said to have lost hundreds of millions of dollars. The Al-Nahyan family became embroiled in regulatory investigations, although no charges were ever brought against them. Read More about 'ADIA' background at: (
The BCCI Banking Scandal)


ADIA's genesis in 1976* (View the external link for more information)

The New York Times article about the world's largest sovereign wealth fund ["Cash-Rich, Publicity-Shy, Abu Dhabi Fund Draws Scrutiny" by Landon Thomas, Jr., 28 February 2008].


                                 Abu Dhabi Investment Company (ADIC)

The Abu Dhabi Investment Co. (ADIC) is the executive arm of ADIA. ADIC is one of the leading financial services firms in the region. Established by Emiri Decree on February 24, 1977, the company was majority owned by Abu Dhabi Investment Authority (ADIA) and National Bank o Abu Dhabi.

                               
                                                             The BCCI Affair

The chapter on BCCI's early history describes in detail the early history of Abu Dhabi and BCCI. The Bank of Credit and Commerce International (BCCI), this bank expedited the heroin shipments, financed numerous militant organizations and laundered money generated by illicit drug, arms trafficking and other illegal activities, including  involvement in prostitution.

Shaikh Zayed bin Sultan Al Nahyan, the founder of United Arab Emirates, the then UAE President and Emir of Abu Dhabi, was the person behind Bank of Commerce and Credit International (BCCI). (The BCCI banking scandal).
 

 


 

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