Emirati sovereign wealth fund chief's body found
Source: Agencies |
March 31, 2010, Wednesday
|
Print Edition
Print Edition
THE body of an Emirati sheikh and ruling family member who headed one of the world's biggest sovereign wealth funds has been found after a glider crash in Morocco, media said yesterday.
Rescuers had combed the area for four days after the aircraft with Sheikh Ahmed bin Zayed al-Nahayan on board crashed into a reservoir near the Sidi Mohamed Ben Abdallah Dam, south of the Moroccan capital, Rabat.
State television in the United Arab Emirates interrupted its broadcasts to air readings from the Koran. "Sheikh Ahmed ... is in the care of God," read a banner on Abu Dhabi Television.
Sheikh Ahmed, 41, was the younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. Sheikh Ahmed was ranked No. 27 on Forbes list of the world's most powerful people last year.
His fund, the Abu Dhabi Investment Authority, is believed to have assets of between US$500 billion and US$700 billion, ranging from Citigroup bonds to a stake in Britain's Gatwick Airport.
Experts expect the leadership role at ADIA to remain within the ruling family. "ADIA is essentially a custodian of Abu Dhabi's wealth, which belongs to the ruling family," said Khuram Maqsood, managing director at Emirates Capital.
"ADIA is an extremely well institutionalized and professional organization. It's the largest sovereign fund, or certainly among the top three globally. It is unlikely that there will be any change out of the ordinary as a result."
Residents of the area near Rabat said the sheikh was a regular visitor and the Abu Dhabi ruling family had a palace overlooking the reservoir.
The sheikh's body was pulled from water estimated up to 42 meters deep yesterday morning after a search involving some 225 people including 100 divers, according to Moroccan state media.
Sheikh Ahmed shunned the spotlight and was said to dislike being referred to as "Your Highness" as customary.
"He was extremely well respected as part of the work he did for ADIA and it was expected that he would play a vital role in the future development of the emirate as a leading member of the ruling family," a source said.
Rescuers had combed the area for four days after the aircraft with Sheikh Ahmed bin Zayed al-Nahayan on board crashed into a reservoir near the Sidi Mohamed Ben Abdallah Dam, south of the Moroccan capital, Rabat.
State television in the United Arab Emirates interrupted its broadcasts to air readings from the Koran. "Sheikh Ahmed ... is in the care of God," read a banner on Abu Dhabi Television.
Sheikh Ahmed, 41, was the younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. Sheikh Ahmed was ranked No. 27 on Forbes list of the world's most powerful people last year.
His fund, the Abu Dhabi Investment Authority, is believed to have assets of between US$500 billion and US$700 billion, ranging from Citigroup bonds to a stake in Britain's Gatwick Airport.
Experts expect the leadership role at ADIA to remain within the ruling family. "ADIA is essentially a custodian of Abu Dhabi's wealth, which belongs to the ruling family," said Khuram Maqsood, managing director at Emirates Capital.
"ADIA is an extremely well institutionalized and professional organization. It's the largest sovereign fund, or certainly among the top three globally. It is unlikely that there will be any change out of the ordinary as a result."
Residents of the area near Rabat said the sheikh was a regular visitor and the Abu Dhabi ruling family had a palace overlooking the reservoir.
The sheikh's body was pulled from water estimated up to 42 meters deep yesterday morning after a search involving some 225 people including 100 divers, according to Moroccan state media.
Sheikh Ahmed shunned the spotlight and was said to dislike being referred to as "Your Highness" as customary.
"He was extremely well respected as part of the work he did for ADIA and it was expected that he would play a vital role in the future development of the emirate as a leading member of the ruling family," a source said.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 沪ICP证：沪ICP备05050403号-1
- |
- 互联网新闻信息服务许可证：31120180004
- |
- 网络视听许可证：0909346
- |
- 广播电视节目制作许可证：沪字第354号
- |
- 增值电信业务经营许可证：沪B2-20120012
Copyright © 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
