Crown Prince – The New Chairman of Investment Fund ADIC
The board of the Abu Dhabi Investment Council (ADIC), an investment arm of the Abu Dhabi government, has been revamped with the emirate’s crown prince named as its chairman, state news agency WAM reported on Sunday.
Sheikh Mohammed bin Zayed al-Nahyan, who is also deputy supreme commander of the United Arab Emirates’ armed forces, replaces President Sheikh Khalifa bin Zayed al-Nahyan at the head of the fund, according to a royal decree carried by the agency.
ADIC, which holds majority stakes in some of Abu Dhabi banks including the largest, National Bank of Abu Dhabi, is responsible for investing part of the government’s surplus financial resources. Details