Nazem Al Kudsi, the chief executive officer of Abu Dhabi Investment Company (Adic), a unit of sovereign wealth fund Abu Dhabi Investment Council, has left after seven years at the firm, the company said.
Mr Al Kudsi left to purse new opportunities, according to Mohammed Al Hashemi, the executive director of asset management at the company also known as Invest AD.
Khalifa Sultan Al Suwaidi, the director of direct investments at Adic and a member of the Invest AD board, has been interim CEO since January, Mr Al Hashemi said.
Adic, which has an almost 70 per cent stake in the UAE’s biggest lender, National Bank of Abu Dhabi, in June reshuffled its board and Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, was named head.
Invest AD manages several investment funds including the Invest AD GCC Focus Fund, which has $45 million under management, and the Invest AD Emerging Africa fund, with assets of $41m. It also has a smaller fund focused on investing in Iraq. “We continue to respond to investor demand, and are looking to launch new investment vehicles in the coming months,” Mr Al Hashemi said.
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