Abu Dhabi names board for new sovereign investment firm L’IMAD

Dubai: The Supreme Council for Financial and Economic Affairs has issued a resolution forming the board of directors of L’IMAD Holding Company, a newly established sovereign investment platform of the Abu Dhabi government.

The council said Sheikh Khaled bin Mohamed bin Zayed Al Nahyan will chair the board.

The board includes Khaldoon Khalifa Al Mubarak; Jassem Mohamed Bu Ataba Al Zaabi, who will serve as managing director and chief executive officer; Dr Ahmed Mubarak bin Nawi Al Mazrouei; Mohamed Ali Al Shorafa; Saif Saeed Ghobash; Waleed Al Mokarrab Al Muhairi; and Kamal Ishaq Almaazmi.

Abu Dhabi has set up L’IMAD to support sustainable economic growth, diversify government revenue sources and generate investment returns for the emirate, according to the council.

The company will build and manage a diversified portfolio across priority sectors in the UAE and overseas. These include infrastructure and real estate, financial services and asset management, advanced industries and technologies, urban mobility, and smart cities.

The council said L’IMAD will work with local and international partners to develop long-term economic and social value and to strengthen Abu Dhabi’s position as a global hub for investment and innovation.