Sheikh Tahnoon bin Zayed Al Nahyan will become chairman of Abu Dhabi’s $790 billion sovereign wealth fund, consolidating his power beyond roles that include the United Arab Emirates’ national security adviser and head of the country’s largest bank.
In a reshuffle announced by the Supreme Council for Financial and Economic Affairs on Thursday, Sheikh Tahnoon will become chairman of Abu Dhabi Investment Authority, while the emirate’s $272 billion Mubadala Investment Co. will be lead by his brother Sheikh Mansour bin Zayed Al Nahyan.
Sheikh Tahnoon’s appointment puts him at the helm of one of the world’s largest sovereign wealth funds. The move comes as Abu Dhabi — a city that’s among the few globally to manage over $1 trillion in sovereign wealth capital — is seeking to extend its influence on the world stage.
Sheikh Tahnoon — a black belt in jiu-jitsu — is already one of Abu Dhabi’s most influential figures as chairman of its smaller wealth fund ADQ, the country’s biggest lender First Abu Dhabi Bank PJSC and private investment firm Royal Group. He also oversees the sprawling business empire of International Holding Co. whose spectacular market value surge has drawn scrutiny and failed to entice international investors, some of whom privately expressed concerns about a lack of transparency.
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