ADIC rebrands, launches four new funds

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MONEY MATTERS: Abu Dhabi Investment Authority has launched four new funds.

State-owned Abu Dhabi Investment Company (ADIC) unveiled a new strategy on Tuesday saying it aims to attract investors to jointly invest in the Middle East North Africa (MENA) region and globally.

The firm, which is rebranding itself as "Invest AD" in line with its new strategy of attracting capital to the region, also said it plans to launch four investment funds that will invest in equities in the Arab peninsula.

ADIC, set up in 1977 invested mainly on behalf of the government of Abu Dhabi in the MENA region.

"The change is to attract local and international investments for joint investments. It is the right time that the MENA region becomes a destination for capital managed by astute fund managers," Khalifa Al Kindi, chairman of Invest AD told reporters.

"Most international portfolios are underweight in this region. We want to play our part in rectifying that. We also want to encourage local investors to focus on opportunities in their backyard," said Nazem Al Kudsi, CEO of Invest AD.

Kudsi said equity markets in the region are attractive, prompting ADIC to launch four new open-ended funds that will invest in the UAE, the Gulf, the MENA region and emerging Africa.

"These will fill the gap in MENA through new vehicles, in addition to our private equity fund. The markets are attractive now, there are opportunities to direct capital to these markets," he said.

GDP growth in the MENA region is 3.6 percent compared to the global growth of 1.9 percent and all forecasts indicate sustained growth in the long-term, he said, adding that infrastructure spending in the next decade would be at least $410 billion.

ADIC officials declined to give figures about the firm's assets under management, saying it would be disclosing financials by this year end.

But ADIC has largely escaped the global financial crisis, said Kudsi.

"We were less affected by the financial crisis than other companies due to our defensive strategies."

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