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Thu 15 Apr 2010 02:04 PM

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Abu Dhabi fund shuts investment banking unit

Invest AD also cancels its plans to offer a property fund.

Abu Dhabi fund shuts investment banking unit
INVEST AD: Abu Dhabi’s government has pursued investments in real estate, tourism and infrastructure as it seeks to diversify from an oil-based economy.(Getty Images)

Invest AD, an Abu Dhabi government-owned money manager, shut its investment banking advisory team and cancelled plans to offer a property fund, citing market conditions. “After careful consideration of market conditions, Invest AD has decided to close its small investment banking advisory team,” a spokesman for the company said in an e-mail in response to questions from Bloomberg News today.

Invest AD’s investment banking unit was headed by Alex Carre de Malberg, who joined the company last year from Rothschild & Sons Ltd.

Abu Dhabi’s government has pursued investments in real estate, tourism and infrastructure as it seeks to diversify from an oil-based economy. The emirate expects non-oil businesses will contribute 50 percent of its gross domestic product by 2015, as stated in its 22-year economic plan. Abu Dhabi currently has more than 92 billion barrels in oil reserves.

Invest AD owns a stake in Airport International Group, which has the concession to undertake the rehabilitation, expansion and operation of Queen Alia International Airport in Jordan. It also holds a majority in Industrial City Cooling Co., owner and operator of two district cooling plants in Abu Dhabi’s Industrial City.

The company and UBS AG on March 31 said they won’t proceed with a Middle East and North Africa infrastructure fund.The National reported the closure of the advisory team and the cancelation of the property fund earlier on Thursday.

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