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Abu Dhabi wealth fund MD missing after plane crash - ASHARQ AL-AWSAT English Archive
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ABU DHABI, (Reuters) – The managing director of Abu Dhabi Investment Authority (Adia), considered the world’s biggest sovereign wealth fund, is missing after a glider plane crash in Morocco, the state news agency WAM said on Friday.

Sheikh Ahmed bin Zayed al-Nahayan is a younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates, but is not immediately in line for succession.

“Sheikh Ahmed bin Zayed al-Nahayan … was in a crash of a glider which was airborne in Morocco. The pilot was rescued and is in good condition. The search for His Highness is still continuing,” WAM said in a statement.

The plane had crashed into a lake, WAM reported.

An ADIA spokesman declined to comment.

Sheikh Ahmed was No. 27 on Forbes list of the world’s most powerful people last year.

The sovereign wealth fund, formed in 1976, is believed to have assets of around $500-$700 billion.

In a rare interview in January, Sheikh Ahmed said the wealth fund was refining its investment approach and might consider a larger investment than its rarely exceeded 5 percent stakes. “The rumours that circulate occasionally about Adia planning takeover bids or looking to buy controlling stakes in one company or another are invariably a case of mistaken identity,” he said in the interview published in German business daily Handelsblatt.

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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