Abu Dhabi, the capital of the United Arab Emirates, has launched its fourth sovereign wealth fund, called L’IMAD Holdings.
The new fund is mandated to support sustainable economic growth, diversify revenue sources, and achieve optimal investment returns, according Abu Dhabi’s Supreme Council for Financial and Economic Affairs.
“Through an integrated investment approach, L’IMAD develops and manages a diversified portfolio of assets and projects across priority sectors within the UAE and internationally,” the council says in a statement on January 15.
It adds that the wealth fund will also work with local and international partners to support Abu Dhabi as a global centre for investment.
The emirate’s other wealth funds are the Abu Dhabi Investment Authority, Mubadala Investment and Abu Dhabi Development (ADQ).
L’IMAD Holdings is chaired by Sheikh Khaled Mohamed, the crown prince of Abu Dhabi. The fund’s managing director and chief executive officer is Jassem Al Zaabi, secretary-general of the supreme council, who also sits on the board of ADQ.
