He has prioritized the adoption of breakthrough technologies including AI, Big Data and Blockchain to ensure ADNOC stays ahead of global energy demand and remains a key contributor Beginning his career at the Abu Dhabi National Oil Company, H.E. His Excellency Mohammad Al Gergawi is the United Arab Emirates Minister of Cabinet Affairs and The Future and serves as Chairman of Dubai Governments Executive Office. [14][15], On 27 May 2013, ADIA published its 2012 Review, with an overview of its activities during the past year as well as an explanation of its approach to investing strategy, governance and risk management.[16]. Executive Director of the Institute of Multi-Cultural Studies, University of Denver, Colo, USA. [10] ADIA is one of the largest sovereign wealth funds in the world. He was the Secretary General of the UAE Cabinet since 2017, during which he was instrumental in strengthening the interdependence between the federal and local governments. Although the IAG conducts audits on all of the Banks units, the frequency of internal audits carried out with respect to each of the Banks units depends on the inherent risk of that unit and its related control risk evaluation. His Excellency Mohammad Al Gergawi is the United Arab Emirates Minister of Cabinet Affairs and The Future and serves as Chairman of Dubai Government. Copyright 2023 ADCB. [10] Abu Dhabi Investment Authority (ADIA) is a public institution established in 1976 by the Government of the Emirate of Abu Dhabi as an independent government investment institution. Kaltham Al Ghafli is a Senior Investment Manager in the External Equities Department in ADIA. Ensure that effective measures are in place to safeguard the Banks assets; Ensure proper accounting records and reliable financial information by procedures designed to avoid or reduce risks and ensure compliance with applicable laws and regulations; Ensure that an adequate and effective system of internal controls and procedures is established and maintained; and. He is also a board member of the Economic Zones World and Dubai Real Estate Corporation. The Abu Dhabi Investment Council is an investment arm of the Government of Abu Dhabi. The Board of Directors comprises a Chairman, Deputy Chairman, Managing Director and board members who are appointed by an Emiri Decree of the Ruler of the Emirate of Abu Dhabi. Former board positions include: Chairman of Abu Dhabi Commercial Bank, Vice Chairman of the Abu Dhabi Investment Company, Governor of the Board of the CFA Institute . He has guided ADNOC through a number of strategic firsts, including entering the global capital markets for the first time, completing the first ever IPO of an ADNOC business (ADNOC Distribution) and attracting significant FDI from strategic and private equity investors to stimulate smart growth across ADNOCs upstream, midstream and downstream value chain. The Board Secretariat actively engages with the Chairman, Committee Chairman and management to ensure that agendas are appropriate and meetings are effective. Assistant to the Deputy Director, Colo Dept. in Accounting from United Arab Emirates University (UAEU). Carlos Obeid is the Group Chief Financial Officer of Mubadala Investment Company PJSC and is responsible for managing the organisations Business Finance including Treasury and Investor Relations, Financial Planning and Business Performance, and Financial Governance and Reporting. These principles were created to demonstrate to home and recipient countries and the international financial markets that sovereign wealth funds had robust internal frameworks and governance practices and that their investments were made only on an economic and financial basis. Chairman of the Board of Directors of Al-Ghaith Trading and Contracting Co. LLC. He has received various awards including the United Nations flagship award Champion of the Earth in 2012, given to outstanding visionaries and leaders in the fields of policy, science and entrepreneurship. The Bank's policy is to, so far as possible, engage in transactions with related parties (including Directors) only on arm's-length terms. Get the full list, Youre viewing 5 of 98 team members. For over 50 years, the Group has played . The Chairman's main responsibilities include: The day to day management of the Bank has been delegated by the Board to the GCEO and the senior management team. In his capacity as Minister of Cabinet Affairs and The Future, Al Gergawi led the development of the UAE National Agenda and Future Foresight Strategy. The Board of Directors is responsible for Mubadala's strategic direction, oversight and corporate governance, ensuring the business delivers on the government of Abu Dhabi's development and diversification priorities. Sheikh Mansour Bin Zayed Al Nahyan Chairman H.H. The Boards Nomination, Compensation, HR & Governance Committee is responsible to ensure that independent directors remain independent on a continuous basis. Previously he had held various board membership in several regional and international publicly listed companies across various sector such as finance, oil & gas, real estate and healthcare (UAE Banks Federation, GFH Financial Group, NESR (NASDAQ listed), SDX Energy (AIM listed), Deem Finance and Abu Dhabi Finance. Al Gergawi is also the Co-chairman of the Global Future Councils, a forward-looking think tank in cooperation with the World Economic Forum. Abu Dhabi Investment Authority 's most notable . Where a Director is interested, the interested Director neither participates in the discussions nor votes on such matters. Abdulla Bin Touq Al Marri was appointed Minister of Economy of the United Arab Emirates (UAE) under the new government structure approved in July . Since January 2006, he has been the Chairman of Orient House for Development & Construction LLC. The Bank's policy is to, so far as possible, only engage in transactions with related parties (including Directors) on arm's length terms. His dedication to advancing the United Arab Emirates has been demonstrated through numerous director and chairman roles in major financial institutions and government bodies: Chairperson of the Board of UAE Central Bank, Chairperson of the National Bank of Abu Dhabi, Member of the Supreme Petroleum Council, Board Member of ADIA, Chairman of Abu Dhabi National Insurance Company, Member of Allianz International Advisory Board and Chairperson of the Arab Banking Corporation. In 2009 he led Masdars efforts in the UAEs successful bid to host the headquarters of the International Renewable Energy Agency (IRENA). H.E. In particular, the Bank recognizes the damage that could be created by conflicts of interest at Board level, whether disclosed or undisclosed; this includes potential conflicts with the interests of the Bank's controlling shareholder and its related parties. Sheikh Zayed bin AweidhaMANAGING DIRECTOR, Dr. Ahmed Abdulla Ghaith Al SuwaidiBoard Member. To develop a constructive relationship with the GCEO and to manage his performance. A seasoned banker with strong leadership skills across all facets of the business and with extensive expertise in strategy, finance, risk, investment, credit and corporate governance. Since being appointed Group CEO of ADNOC in 2016, Dr. Al Jaber has spearheaded a rapid and comprehensive transformation of the company at the direction of the UAE leadership. Degree in Economics & Finance (Tufts University, USA). Before joining Mubadala, Carlos Obeid worked with the UAE Offset Program Bureau, where he led a wide range of initiatives including privatisation, utilities and financial services. H.E. Hareb Al Darmaki Joined the Abu Dhabi Investment Authority in June 1976 as Director, Bond & Equity Department. Board Of Directors; CEO's Message; Staff. ADIAs investment departments are responsible for building investment portfolios within the parameters set for them through the asset allocation process. While the Board's Audit Committee oversees and reviews the Banks compliance policies and their implementation, the Group Compliance department is responsible for monitoring compliance with local regulatory requirements. Al Hussaini has widespread professional experience across the banking, finance, real estate and investment sectors. H.E. Al Gergawi also holds the position of Deputy Chairman of the UAEs Ministerial Development Council, as well as Emirates Investment Authority, the UAE Federal Governments sovereign wealth fund. The Abu Dhabi Investment Council was splintered off from the Abu Dhabi Investment Authority (ADIA) . The EIA was established in 2007 through Federal Decree Law No. Furthermore, he is a professional and motivational speaker, writes articles for local and regional media, is published in business journals on a regular basis, and holds chief positions as Chairman/Director of various reputable companies, including Gulf Capital, KHK & Partners Limited, Dalma Capital, Johnson Arabia LLC and KAAF Investments. Learn more. Established in 2007, the EIA has actively sought unique investment opportunities locally, regionally and internationally, focusing on investing in asset classes that will help strengthen and diversify the UAE economy. In addition to his roles at ADIA and Gulf Capital, Mr. Al Darmaki holds multiple board roles, including Chairperson of Neue Privat Bank (Middle East), Board and Committee Member at Emirates Investment Authority. Sheikh Mansour Bin Zayed Al Nahyan is the Deputy Prime Minister and Minister of Presidential Affairs of the UAE. . Purpose Powering a thriving future by efficiently providing sustainable and reliable energy and water to unleash the unlimited potential of people and places. Devoting his career to progress, bold ideas and teamwork, His Excellency has positioned ADIO to always seek new ideas and challenges in order to promote Abu Dhabi globally. The Banks internal controls over financial reporting comprise processes designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles. Skilled in Real Estate & Private Equity Risk Due Dilligence. Feedback. He was part of the high-profile team that was behind the launch of Area 2071, the nucleus of the future envisioned in the UAE Centennial Plan 2071. Our support department structure has developed over many years to ensure that the business continues to operate efficiently at all levels in pursuit of ADIAs investment goals. Board papers are delivered at least 3 business days before each Board meeting. [4], The operations of ADIA have historically and to the present been secretive and opaque. Eissa Al Suwaidi holds the post of Chief Executive Officer at Abu Dhabi Investment Council, United Arab Emirates. The Abu Dhabi Investment Authority will receive units that will be convertible into Citigroup shares at a price of up to $37.24 a share between March 15, 2010, and Sept. 15, 2011. His Excellency earned his stripes in professional finance at Citi Bank in London. The excitement of helping others achieve their goals, both big or small, is what drives him. ABU DHABI, Under the patronage of H.H. The most relevant comments from the evaluation are presented to the Board, in the form of an action list, and its implementation is monitored by the Board's Nomination, Compensation, HR & Governance Committee. Feedback. H.E. Abu Dhabi Investment Authority has 3 board members and advisors, including Shubhrawpratap Dasgupta. She is an integral part of the team responsible for selecting, building and managing a portfolio of funds and relationships in Europe, Middle East & Africa. | Advanced search Any proposals for changes are considered by the Nomination, Compensation, HR & Governance Committee prior to obtaining Board and, if necessary, shareholder approvals. Sheikh Sultan bin Suroor Al Dhaheri has more than 10 years experience in business and marketing and strong commercial knowledge. Director at Global Finance & Capital Ltd. Board Member of United Capital (ex UBA Capital). According to the Sovereign Wealth Fund . Dr. Al Jaber continues to serve as Chairman of Masdar, guiding its strategic direction. to the UAEs economy. Andrew Kripke Director, Portfolio Manager - US Team. He is a UAE national, coming from a prominent family of businessmen primarily engaged in trading sector businesses. Mr. Al Darmaki received a B.S. Its board of directors, which is made up of members nominated by the two companies, is responsible for directing the company's independent strategy and developing its business. General Information Description Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund based in Abu Dhabi, United Arab Emirates. The Emirates Investment Authority (EIA), an authority owned by the Federal Government, was established through Federal Decree Law No. Where Abu Dhabi Investment Council intends to appoint a new Director, it is required to consult with the Committee in advance of such appointment. Decree establishes the EIA as sole Federal investment vehicle. Fatima Al Nuaimi was appointed by the ADCB shareholders to join the ADCB Board of Directors in 2022. Al Mubarak held a number of positions at Tawazun Economic Council, formerly known as UAE Offsets Group, before assuming his current portfolio of responsibilities. Kaltham is a graduate of the American University in Dubai, specializing in Business Administration. . H.E. The Board's Audit Committee ensures the implementation of regulations, policies and procedures through all Bank departments aimed at mitigating identified risks and safeguarding the interests of the Bank and its shareholders. BSc Computer Information Systems (Bethune Cookman College, USA). [6] At the time it was novel for a government to invest its reserves in anything other than gold or short-term credit. All internal control systems, no matter how well designed, have inherent limitations and they may not prevent or detect misstatements. ABU DHABI, Under the patronage of H.H. Air Arabia Abu Dhabi is Etihad Airways' first major investment, a change from its long-held relationship strategy of airline equity partnerships. Last edited on 23 February 2023, at 20:27, Bank of Credit and Commerce International, International Forum of Sovereign Wealth Funds, "Top 100 Largest Sovereign Wealth Fund Rankings by Total Assets", "Gulf sovereign wealth funds among world's least transparent", "Biggest Gulf Wealth Funds Are Faulted for Lagging on Governance", "Cash-Rich, Publicity-Shy, Abu Dhabi Fund Draws Scrutiny", "Money and mystery: Adia unveils its secrets", "Generally Accepted Principles and Practices (GAPP)Santiago Principles", https://www.swfinstitute.org/fund-rankings/sovereign-wealth-fund, "The Abu Dhabi Investment Authority is a Buyer of Hotels Sovereign Wealth Fund Institute", "Abu Dhabi Power to take control of TAQA in asset swap", "Abu Dhabi Investment Authority Publishes 2012 ADIA Review", "Sheikh Ahmed Bin Zayed Al Nahyan: 1969-2010", "H.H. Internal controls are designed to ensure that adequate independent internal checks and balances exist in keeping with the maker-checker or four-eye principle and that the oversight roles are embedded in areas reporting independently to non-originating areas. In addition, the risk management and compliance functions monitor control activities on an ongoing basis. Strategy and management - setting the Bank's long-term objectives and commercial strategy, and monitoring management's performance; Structure and capital - approving changes relating to capital structure, corporate structure and management and control structures; Financial reporting, planning and controls - approving interim and final results, annual report and accounts, dividends, business plans, budgets (including funding plans) and forecasts, significant changes in accounting policies or practices, remuneration of and appointment or removal of auditors and other material accounting policies; Internal controls - setting and monitoring internal controls; Risk - setting the Bank's risk strategies and appetite and monitoring the Bank's approach to material risks; Major transactions - approving major capital investments and projects, by reason of materiality or size, including acquisitions, mergers, disposals, and material contracts not in the ordinary course of business; Board and other appointments - appointment or removal of the GCEO, the Board Secretary and other senior management, succession planning, terms of reference and membership of Board Committees, annual performance review of directors and Board Committees; GCEO - annual evaluation and supervision of the GCEO; Remuneration - determining policy for remuneration of directors and senior executives, creation and approval of share incentive plans and other remuneration schemes; and. Delegation of authority - monitoring matters delegated to Board Committees, Management Committees and management. The Banks internal controls over financial reporting include policies and procedures that (i) are designed to ensure maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Bank; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with accounting principles, and that receipts and expenditures of the Bank are being made only in accordance with authorizations of management and directors of the Bank; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Banks assets that could have a material effect on the financial statements. It often buys partial interest ownerships with leading real estate managers. Investment Leadership Program (ILP) Working at EIA; Media & Resources; . Sheikh Zayed does not hold any external directorships. H.E. Number of Board Member and Advisor Profiles 3. The Central Bank the Central Bank provides prudential supervision of banking activities. Though it talks of its long term success in generating returns, the fact that it has moved closer to the index and manages most of its funds through external third party fund managers shows that its tolerance for risk taking is greatly diminished over the years. The Board monitors the performance of the Bank's businesses and guides and supervises the Bank's management. ADIA conducts its investment activities without reference to the Government of Abu Dhabi and has no visibility on the spending requirements of the Government or the activities of other Abu Dhabi-owned investment entities. We also significantly expanded the international scope and reach of our investment portfolio and further developed our internal guidelines, operations, institutional functions and architecture. Board of Directors Corporate Governance Board of Directors H. E. Khaldoon Khalifa Al Mubarak CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR) Read more H. E. Hussain J. AlNowais VICE CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR) Read more Khaled H. Alkhoori INDEPENDENT, NON-EXECUTIVE DIRECTOR Read more Khalid Deemas Alsuwaidi NON-EXECUTIVE DIRECTOR She also has an MBA in International Finance and is a member of the Institute of Management Accountants, IMA. The assets of the fund are managed by the executive management team. 2023 Gulf Capital. Jan Schuster Portfolio Manager - Private Equity Division. Abu Dhabi Investment Authority (ADIA) is a sovereign wealth fund based in Abu Dhabi, United Arab Emirates. It has overall responsibility for leading, supervising and controlling the Bank and is accountable to the shareholders for creating and delivering sustainable shareholder value through its guidance and supervision of the Bank's business. Group 42 is an artificial intelligence and cloud computing company that was founded in Abu Dhabi, United Arab Emirates in 2018. DISTINGUISHED LEADERSHIPBoard of Directors Mr. Hareb Al Darmaki Co-founder and Chairperson of the Board H.E Hareb Al Darmaki is Co-Founder and Board Chairperson of Gulf Capital. In carrying out its audit activities and responsibilities, members of the IAG have unrestricted access to all of the Banks records (either manual or electronic), assets, physical properties and personnel, relevant to the audit. in International Studies from the John Hopkins University. In 2012, he was nominated and elected by ADCB shareholders to act as a Director, and in March 2015, he was again nominated and elected by ADIC to act as a Director. BSc Civil Engineering (Northeastern University, USA). His memberships allow him to actively support the development of priority sectors in the country such as the Golden Visa initiative, which seeks to attract talented individuals from across the world. Board Of Directors - EIA H.H. Ms. Ghobash currently serves as a board member of Abu Dhabi National Oil Company for Distribution (ADNOC Distribution), Emirates Telecommunications Group Company Etisalat, Emirates Development Bank and Zayed University. Any Candidate for appointment as a Director must be pre-approved by the UAE Central Bank. . In keeping with the Bank's principles of transparency, Directors may use the iPad application to view and access all documents presented to the Bank's management committees, as well as minutes of meetings of those committees. He is the Founding Member and Chairman of AlNowais Investments. 4 of 2007 as amended by Federal Decree Law No. Contact Email dg_dgm@yahoo.in. As Chairman of the Board, H.H. As nephew and son in law of Ajman ruler he played a major role in the development of UAE from a desert to an oasis. As an Institution in which the government of Abu Dhabis share is not less than 50%, the Bank is subject to audits by Abu Dhabi Accountability Authority. Abu Dhabi Finance P.P.C is closed UAE Joint stock company headquartered in Abu Dhabi with a paid-up capital of USD ($)142,780,000. He was previously elected by ADCB shareholders to join the ADCB Board of Directors in March 2009 and was re-elected by the ADCB shareholders to join the ADCB Board of Directors in 2022. . Mr. Kanoo currently serves as the Chairman of The Kanoo Group, one of the largest, longest running and independent family-owned groups of companies in the Gulf region. Their most recent investment was on Dec 7, 2022, when Craftsman Automation raised Abu Dhabi Investment Authority has made 2 diversity investments. Al Hussaini holds a Masters degree in International Business from Webster University in Geneva, Switzerland. Reporting to H.H., the Managing Dir. Even today, investment in short-term paper remains the strategy for the vast majority of countries. Site Advisory: Fraud Warning; . He is a member of the High-Level Panel on Digital Cooperation, a panel of independent experts advising the United Nations Secretary-General on technological developments and technology related issues. Dr. Al Jaber was appointed to the UAE cabinet in 2013, where he served as a Minister of State of the United Arab Emirates until July 2020. Directors access to independent professional advice policy (PDF), Procedures for selection and appointment of the Banks Directors, Procedures for selection and appointment of the Banks Directors Flowchart (PDF), Board performance evaluation policy (PDF), Directors' conflicts of interest policy (PDF), Abu Dhabi Executive Affairs Authority, Chairman (2006), UAE, Emirates Nuclear Energy Corporation, Chairman (2009), UAE, Emirates Global Aluminium PJSC, Chairman (2014), UAE, City Football Group Limited, Chairman (2008), UK, Abu Dhabi Executive Council, Member (2006), UAE, UAE Supreme Council for Financial & Economic Affairs, Member (2020), UAE, Abu Dhabi National Oil Company, Member (2021), UAE, AlNowais Investments LLC, Chairman (2016), UAE, Rotana Hotels and Real Estate Investment, Member (2006), UAE, Abu Dhabi National Hotels PJSC, Non-Executive Director (2009), UAE, Abu Dhabi National Takaful Company PSC, Vice-Chairman (2008), UAE, Manazel Group, Non-Executive Director (2009), UAE. He has also been Chairman of Emirates Financial Services. 2023 PitchBook. As a result of regular written declarations submitted by each of the Board Members, the Board maintains satisfactionthat the other commitments of the Directors do not conflict with their duties, or that, where conflicts may arise, the Board is sufficiently aware and appropriate policies are in place to minimise the risks. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the Emirates Investment Authority (EIA), the ABU DHABI, H.H. Its primary directive is to manage the sovereign wealth of the UAE by investing in a diversified portfolio of assets in key economic sectors and industries with the aim of delivering sustained financial gains for the UAE. Each asset class has its own fund managers and in-house analysts covering it. It is primarily involved in the establishment of Abu Dhabi National Bank 1968, and working in multiple sectors such as Banking, Financial services as well as Insurance services and manages investments. Get the full list, Youre viewing 5 of 8 board members. All rights reserved. Hussain Jasim Naser Al Nowais joined the ADCB Board in 2019. [2][3][4], In 1967, Abu Dhabi emirate created the Financial Investments Board which operated within its Department of Finance and was responsible for managing the Emirate's excess oil revenues. The Board of Directors and the management team regularly discuss and refine the Bank's strategy and objectives. ADIA's mission is to sustain the long-term prosperity of Abu Dhabi by prudently growing capital through a disciplined investment process and committed people who reflect ADIA's cultural values. Dr. Al Jaber also holds several leadership roles and advisory positions and counsels on issues related to Energy, Economics, Strategic Communications & Sustainable Development. He is currently part of the senior management team in the Crown Prince Court, serving as the executive director of the financial affairs, overseeing the entire financial activities and strategic initiatives. MSc International Securities Investment and Banking (University of Reading, UK) The Abu Dhabi Investment Group (ADIG) is an investment arm of the Bin Aweidha Corporation Holding, Established in 1968, Based in Abu Dhabi, With Capital 1 Billion USD. [1], ADIA's operations have been characterized as secretive and opaque. Shareholder support The internal audit group (IAG) is responsible for the evaluation of the Bank's risk management, control and governance processes. The Bank is subject to five main sources of regulation and supervision: Directors' remuneration is set annually by the Board following delegation from the Bank's shareholders. The Bank complies with the independence requirements of the Central Banks Corporate Governance Regulation and Standards for Banks (Circular No.89/2019 dated 18th July, 2019) and the Securities & Commodities Authority (SCA) Chairmans Resolution No.3/TM of 2020 Regarding the Approval of the Public Join-Stock Companies Governance Guide. Number of Exits 23. Our team helps investors and companies of all sizes establish their business, grow and develop in Abu Dhabi. He was also responsible for all Treasury activities including Mubadalas bond issuances and project financing. H.E Hareb Al Darmaki is Co-Founder and Board Chairperson of Gulf Capital.
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