Chairman of the Board of Directors of the Abu Dhabi Urban Development Co. LLC. 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. ABU DHABI, Under the patronage of H.H. Fatima graduated magna cum laude from the Higher Colleges of Technology with a B.S. He started his career at Abu Dha. [11], Today ADIA invests in all the international markets equities, fixed income and treasury, infrastructure, real estate, private equity and alternatives (hedge funds and commodity trading advisers CTAs). 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. It often buys partial interest ownerships with leading real estate managers. 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. We also significantly expanded the international scope and reach of our investment portfolio and further developed our internal guidelines, operations, institutional functions and architecture. Their most recent investment was on Dec 7, 2022, when Craftsman Automation raised Abu Dhabi Investment Authority has made 2 diversity investments. 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. Where a Director is interested, the interested Director neither participates in the discussions nor votes on such matters. [8] Due to its size, the fund has been influential in international finance. The firm carries out its investment program independently and without reference from the Government of Abu Dhabi. In the event that a vacancy arises, Directors are permitted to elect any individual nominated to fill the vacancy, but any director so appointed must seek election by the shareholders at the next annual general meeting. 4 of 2007 and amended by Federal Decree Law No. It manages the Emirate's excess oil reserves and is estimated to manage $790 billion. Abu Dhabi Finance P.P.C is an entity authorized from Capital Market Authority. H.E. 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. Learn more. Member of President Clinton America 2000 Task Force, Washington, DC., USA, Acting Chairman and Group CEO of Midmar Holding, Johannesburg, South Africa. H.E. To read relevant policy please see below: The Board Secretariat delivers Board papers to the Board by means of a secure iPad application. This is a profile preview from the PitchBook Platform. [4], The operations of ADIA have historically and to the present been secretive and opaque. 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 Government. Sheikh Zayed was appointed as a Director of ADCB in 2021, having had gained experience working at the National Bank of Abu Dhabi and Morgan Stanley. Previously, Dr Bin Hendi was the Director General of the Abu Dhabi Investment Office (ADIO) since October 2019. Conor Boden . The Emirates Investment Authority (EIA), an authority owned by the Federal Government, was established through Federal Decree Law No. The Board iPad application is also used to provide Directors with access to other relevant information, and induction documentation. Shareholder support 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. Amr Al Menhali was appointed by the ADCB shareholders to join the ADCB Board of Directors in 2022. Our investment portfolio approach was broken down into two distinct and focused investment groups: Strategic Assets and Asset Management groups: Strategic Assets and Asset Management. Overview We are the Abu Dhabi Investment Office - ADIO. 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. The Abu Dhabi Investment Authority (ADIA) is a major purchaser of U.S. institutional real estate through various sub-entities. Al Ramz Corporation, one of the most active brokerages and investment companies in the UAE, trading member and clearing member in Dubai Financial Market DFM, Abu Dhabi Exchange and Nasdaq Dubai for equities, bonds, SUKUK and futures, also a market maker and liquidity provider in the local three markets. 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. to the UAEs economy. H.H. Decree establishes the EIA as sole Federal investment vehicle. In 2019, Dr. Al Jaber received a lifetime achievement award from his Excellency the prime minister of India, Narendra Modi, for his contributions to energy security, building bridges to emerging Asian economies and for reshaping traditional energy business models. H.E. Get the full list, Youre viewing 5 of 8 board members. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. Abu Dhabi Investment Authority - ADIA: A government-owned investment organization that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates. United Arab Emirates, Emirates Investment Authority All Rights Reserved 2023. 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 . Listen to the content of the page by clicking on listen below CHAIRMAN (INDEPENDENT, NON-EXECUTIVE DIRECTOR). 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. The new council was established to support Abu Dhabi's competitiveness and its economic and financial sustainability. Al Gergawi is the Secretary-General of the Mohammed bin Rashid Global Initiatives (MBRGI), a philanthropic foundation that combines under its umbrella over 30 humanitarian and developmental initiatives and entities. is also the former Director General of the Executive Office of H.H. MSc Civil Engineering (Northeastern University, USA) ADIAs Managing Director has responsibility for implementing ADIAs strategy and its investment and operational activities. All internal control systems, no matter how well designed, have inherent limitations and they may not prevent or detect misstatements. All rights reserved. According to the Sovereign Wealth Fund . BSc Electrical Engineering (American University of Beirut). BSc Business Sciences, Finance (Zayed University, UAE). MSc Business Administration (INSEAD) Board Of Directors - EIA H.H. All rights reserved. Chief Financial Officer, Private Equities Department, Youre viewing 5 of 29 commitments. The BRC also guides management on risk appetite across sectors, geographies and customer types. [6][citation needed], In the Bank of Credit and Commerce International scandal of the 1990s, ADIA reportedly lost hundreds of millions of dollars. MSc Finance & Banking (Cass Business School, City University, UK) Reporting to H.H., the Managing Director his current responsibilities at ADIA include. H.E. Governance structures in place- kick starts reputation as standard-bearer for good governance. The Executive Affairs Authority of the Emirate of Abu Dhabi today announced the "Al Masdar" Initiative. The $7 billion investment in Citigroup has lost approximately 90% of its value as of 26 November 2009, 2 years after it acquired a sizable stake in the bank. 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. It is the responsibility of Banks Board of Directors to: Control activities are closely monitored across the Bank by the Banks internal audit function, working independently of management. ADIA is required to invest these funds in such a way to generate sustainable long-term returns, and to return funds to the Government of Abu Dhabi, as needed. The Dubai 10X initiative, in particular, aims to strengthen the emirates bid to become the city of the future. In addition, Mr. Quarta is chairman of WPP plc and Smith & Nephew plc. 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. Responsibility for setting our risk appetite and for the effective management of risk rests with the Board of Directors. ADIA does not seek to manage or take an operational role in the companies in which it invests. Board Member of Cleveland Clinic Abu Dhabi. 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. The following matters are reserved to the Bank's Board in accordance with best practices: The Board conducts a formal and rigorous evaluation of its performance annually, with a view to constructively identifying areas of success and achievement, as well as areas, which may require improvement. Amr Al Menhali has a proven executive management track record with over 22 years of experience across a number of leadership positions in the financial sector such as the CEO of Al Hilal Bank (previously) and Waha capital. Combining extensive experience in both the public and private sector, he was responsible for overseeing, developing and enhancing strategic geopolitical, social and economic partnerships with several nations. Abu Dhabi Investment Authority has made 51 investments. ADIA's Board of Directors meets periodically, as required for the establishment and review of ADIA's strategic policy, as part of its oversight of ADIA. Aysha Al Hallami does not hold any external directorships. Emirates Investment Authority (EIA) is the only Sovereign Wealth Fund of the Federal Government of the United Arab Emirates. Al Marri held important positions in the government as a senior, top-ranking official. 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. Dr. Al Jaber served as Chairman of the UAE National Media Council from 2015 to 2020, where he led an organizational and governance restructure, while guiding the media sectors development as a responsive and responsible contributor to news and knowledge sharing in the digital and social media age. ADGM has also tapped on the inherent strengths of the Abu Dhabi economy to establish an international financial centre which will stand alongside the world's leading centres, such as Hong Kong, Singapore, London and New York, operating in partnership with them. His Excellency earned his stripes in professional finance at Citi Bank in London. ADIA Lab, the independent research institute dedicated to basic and applied research in data and computational sciences, commenced operations today, the 51st National Day of the UAE.As part of its launch, the Lab announced the composition of its Advisory Board, the details of its first academic collaborations, and launched a US$ 100,000 research award. Mansour bin Zayed . 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. Chairman of the Board of Directors of Al-Ghaith Trading and Contracting Co. LLC. He is former chairman of IMI plc and a former non-executive director of SPIE, BAE Systems plc, Foster Wheeler Corporation, Fondo Strategico Italiano, Equant NV, and PowerGen plc. Under his leadership, ADIO has launched international offices around the world. ADCB has implemented a Directors' conflicts of interest policy. As a custodian of the Federal assets of the United Arab Emirates, the EIA is mandated to strategically invest funds allocated by the Federal Government to create long-term value for the UAE and contribute to the future prosperity of the country. Mr. Al Darmaki joined Abu Dhabi Investment Authority (ADIA) in 1976 as Director, Bond & Equity department. In addition, the risk management and compliance functions monitor control activities on an ongoing basis. Lecturer & Head of Legal Affairs, High Commercial Institute, Kuwait, Published books on law that are adopted as text books in UAE and Kuwait University respectfully, Legal Advisor and Head of Legal Office; Ministry of Economy & Commerce, UAE, Legal Advisor of the Executive Council of the Emirate of AUH, Owner of Ghanayem Legal & Management Consultancy EST, Treasurer & Account Officer in Charge of Citibanks Financial Institutions in Dakar, Vice President Citibank Private Bank, Geneva, Managing Director Sahara Financial Management Services, Regional Director of Ecobank for Middle East, North Africa & India, Vice Chairman at Signature Africa Ventures. Prior to CD&R, he served as CEO of BBA Group plc from 1993 to 2001, leading the successful restructuring and reorganization of the company, and continued to serve as chairman from 2001 to 2006. ADIA is a public institution established by the Government of the Emirate of Abu Dhabi in 1976 as an independent investment institution. MSc International Securities Investment and Banking (University of Reading, UK) Mariam Ghobash has substantial corporate governance experience with both publicly listed and private companies. Sheikh Mansour Bin Zayed Al Nahyan is the Deputy Prime Minister and Minister of Presidential Affairs of the UAE. Sheikh Mansour Bin Zayed Al Nahyan is the Deputy Prime Minister and Minister of Presidential Affairs of the UAE. Experienced Specialist with a demonstrated history of working in the investment management industry. Mubadala Infrastructure Partners Limited, Chairman (2008), UAE, Cleveland Clinic Abu Dhabi LLC, Non-Executive Director (2010), UAE, GlobalFoundries Inc, Non-Executive Director (2012), USA, Mubadala Capital, Non-Executive Director, (2021), UAE, Borealis AG, Non-Executive Director (2020), Austria, Nova Chemicals Corporation, Non-Executive Director (2021), Canada, Aabar Investments PJSC, Non-Executive Director (2017), UAE, Abu Dhabi Retirement Pension & Benefits Fund (Operating Company), Non-Executive Director (2019), UAE, CEPSA - Compaa Espaola de Petrleos S.A., Non-Executive Director, Non-Executive Director (2019), Spain, OMV AG, Non-Executive Director (2021), Austria, International Petroleum Investment Company, Non-Executive Director, UAE, Yas Holding LLC, Non-Executive Director (2021), UAE. Overall between 70% and 80% of the organization's assets are managed outside, and over the last few years the fund has become more indexed which given its unique asset liability structure is somewhat perplexing. Khaldoon Khalifa Al Mubarak holds a number of UAE Government and Abu Dhabi Government responsibilities, including: a Member of the Abu Dhabi Executive Council since 2006; a Founding Member of Abu Dhabis Supreme Council for Financial and Economic Affairs; the Presidential Special Envoy to China since 2018; and the Founding Chairman of the Abu Dhabi Executive Affairs Authority, which has provided strategic policy advice to the Chairman of the Abu Dhabi Executive Council since 2006. Their most recent diversity investment was on May 6, 2021, when Charter Next Generation raised Abu Dhabi Investment Authority has had 22 exits. Using prudent investment strategies in accordance with global best practice, the EIA . In 2006, while at Mubadala, at the direction of the UAE leadership, he helped establish Masdar, Abu Dhabis pioneering renewable energy initiative, and served seven years as its CEO, guiding its global contribution to clean technology and sustainable development.
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