Abu Dhabi to replace ADIA by ADIC - UAE


MENAFN - 23/10/2006

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(MENAFN) Abu Dhabi is reshaping its main investment bodies, replacing one of the world's biggest investors-Abu Dhabi Investment Authority (ADIA)-with the new Abu Dhabi Investment Council (ADIC), Khaleej Times reported.

A report said that ADIC will be responsible for state investment in and outside the emirate.

ADIC will be joined by the newly created Abu Dhabi Economic Development Council (ADNEC), designed to facilitate partnership between the public and private within Abu Dhabi.

The UAE's main investment agencies are charged with building up financial assets and generating long term investment income, furnished with large oil revenues.

ADIC is likely to prove a different best than its predecessor with a more proactive stand towards investment opportunities.

It will also be allowed to invest within Abu Dhabi as well as in overseas capital markets.

ADIA focused primarily on international equities, as well as on fixed income market, but did not invest at home.

The new council will also take on a bigger policy role under its new organizational structure, dictating and directing investment policies.

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