Sovereign wealth fund tracker Global SWF estimated on Monday that Abu Dhabi‘s ADQ, which last week became the new owner of state carrier Etihad, has seen its assets under management grow to $157 billion.
The smallest of Abu Dhabi’s three main sovereign wealth funds, ADQ has emerged as one of the region’s most active dealmakers, and Global SWF suggested it could even merge in future with Mubadala Investment Company, Abu Dhabi’s second-biggest SWF.
ADQ began in 2018 as a holding company for government assets and has been consolidating its portfolio, privatising some assets and making strategic acquisitions to build companies that are leaders in their industries locally or regionally.
The fund declined to comment. Global SWF said it first estimated ADQ’s portfolio at about $110 billion in March 2021 and its value had remained “relatively stable” since.
A surging stock price for utility TAQA, which ADQ sold 8.6% of to a subsidiary of International Holding Company, pushed its AUM higher. IHC and ADQ are both chaired by Sheikh Tahnoon Bin Zayed Al Nahyan, the UAE’s national security adviser and a half-brother of UAE President Mohammed bin Zayed. Global SWF said its stake in TAQA more than doubled in value to $71.9 billion.
