Adic appoints new chief executive

The Abu Dhabi Investment Company (Adic), one of the Government's least known investment funds, announced the appointment yesterday of a new chief executive to raise its profile. Nazem al Kudsi will succeed Abdul Rahman Omar Abdulla, Adic's acting chief executive. Khalifa Mohammed al Kindi, the company chairman, said that Mr Kudsi would be tasked with leading the low-profile fund "at a time when we are committed to achieving significant growth".

"Nazem has broad experience across the investment business in developing and building funds; from commodities and equities to technology," Mr Kindi said. Adic - not to be confused with its parent organisation, the Abu Dhabi Investment Council - had close to Dh8 billion (US$2.1bn) in assets at the close of last year, with a strong focus in private equity and infrastructure, as well as a 20 per cent stake in Tatweer, the Dubai asset management company.

In Adic's last big move in January, the company announced the formation of a US$500 million (Dh1.8bn) joint venture infrastructure fund with UBS that would finance projects across the region. The shake-up at Adic comes days after the Abu Dhabi Investment Council - which owns Etihad Airways and Al Hilal Bank, among other assets - bought a large stake in the iconic Chrysler Building in New York. Prior to his recent appointment, Mr Kudsi was the chief investment officer for the asset management group at the National Bank of Abu Dhabi. He could not be reached for comment yesterday.

Meanwhile, the Dubai International Financial Exchange (DIFX) said yesterday it had appointed Nassef Sawiris, the chief executive of Orascom Construction Industries from Egypt, to its board of directors. Mr Sawiris, who sat on the board of the Cairo and Alexandria Stock Exchanges from 2004 until last year, was also a director of NN Holding, a private investment firm holding a majority stake in France's Lafarge, the DIFX said. The DIFX was set up in 2005 to operate according to global financial standards.

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