#AbuDhabi's ADIA sees China, India as key growth drivers | Reuters

Abu Dhabi's ADIA sees China, India as key growth drivers | Reuters

Abu Dhabi Investment Authority (ADIA), the United Arab Emirates’ biggest sovereign wealth fund, said in its 2019 annual review it saw China and India as key drivers of global economic growth, and climate change and data centres as investment opportunities.

ADIA, which manages capital on behalf of the oil rich Abu Dhabi government, does not disclose the value of its assets but financial advisory boutique Global SWF, which specialises in sovereign funds, has put them at $710 billion this year.

In 2019, ADIA achieved 20-year and 30-year annualised rates of return of 4.8% and 6.6% respectively compared to 5.4% and 6.5% in 2018, it said in its report, published on Tuesday.

“At ADIA, we view climate change as an opportunity. We already routinely incorporate climate change considerations into all of our investment proposals, and have been steadily expanding our exposure to renewable energy,” Managing Director Hamed bin Zayed al-Nahyan said in the report.

“On a geographic basis, we continue to see China and India as key drivers of global growth in the years to come,” he said, adding that African countries are among those offering the greatest potential for long-term investors.