ADIC eyes more than $5b in assets

Abu Dhabi: State-controlled Abu Dhabi Investment Company (ADIC) said on Wednesday it expects to more than double the value of its assets to more than $5 billion by stepping up investments in the Middle East and North Africa (Mena) region.

"ADIC will invest in the UAE, the GCC and the wider Mena region in the core areas of private equity, real estate, asset management and infrastructure," Anurag Chandra, head of strategy at ADIC told Reuters on the sidelines of a conference in Abu Dhabi.

Set up in 1977, ADIC invests in financial services, Islamic finance and cooling companies, among others. In May, it led a group of companies that won a 25-year contract to manage and develop Jordan's biggest international airport at a cost of $500 million.

"ADIC will be making direct investments in four core segments in the MENA region, and we expect our total assets under management to grow to over $5 billion in the next five years," Chandra said, declining to be more specific.

ADIC managed about $2 billion of assets at the end of last year, Chandra said.