Abu Dhabi wealth fund to focus on technology and climate change for its post-COVID-19 strategy
September 8, 2021, 10:22 am

Abu Dhabi wealth fund to focus on technology and climate change for its post-COVID-19 strategy

UAE-city-

Reuters reported that Abu Dhabi Investment Authority (ADIA) said in its 2020 annual review, the United Arab Emirates' biggest sovereign wealth fund, sees technology and climate change as key investment areas for its post-COVID-19 strategy.

According to Reuters, ADIA, which manages capital on behalf of the oil-rich Abu Dhabi government, does not disclose the value of its assets but the Sovereign Wealth Fund Institute, a research group, estimates them at $649 billion.

ADIA said in its report, published on Wednesday that as of the end of last year ADIA achieved 20-year and 30-year annualized rates of return of 6% and 7.2% respectively, compared with 4.8% and 6.6% in 2019.

Managing Director Hamed bin Zayed al-Nahyan said in the report: "As with any great shock to the status quo, the pandemic has also acted as a catalyst to accelerate a number of important themes in global financial markets."

According to Reuters, major areas of focus for the fund include technology, healthcare, renewable energy, and real estate sub-sectors such as logistics and data centres.

It mentioned, ADIA increased its exposure to renewable energy and through its infrastructure investments it now has an indirect interest in assets with a renewable capacity of more than 20 gigawatts.

On the equities side, its Indexed Fund Department introduced a climate change portfolio last year.

In 2020 ADIA combined previously separate external and internal equities departments, one tasked with overseeing the activities of external managers and the other with managing multiple internal portfolios.

It said, it also created a team - for which it plans to hire more people - tasked with implementing investment strategies using a quantitative, scientific approach.

Source: Reuters

Swedish authorities arrest two women from Sweden suspected of committing war crimes in Syria Poor nations yearn for COVID-19 vaccines as rich nations take away lion's share

BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, has sponsored the BuildHer CityHack 2025 Hackathon, a two-day event spearheaded by the College of Engineering and Technology at the Royal University for Women (RUW).
Aimed at secondary school students, the event brought together a distinguished group of academic professionals and technology experts to mentor and inspire young participants.
More than 100 high school students from across the Kingdom of Bahrain took part in the hackathon, which featured an intensive programme of training workshops and hands-on sessions. These activities were tailored to enhance participants’ critical thinking, collaborative problem-solving, and team-building capabilities, while also encouraging the development of practical and sustainable solutions to contemporary challenges using modern technological tools.
BENEFIT’s Chief Executive Mr. Abdulwahed AlJanahi, commented: “Our support for this educational hackathon reflects our long-term strategic vision to nurture the talents of emerging national youth and empower the next generation of accomplished female leaders in technology. By fostering creativity and innovation, we aim to contribute meaningfully to Bahrain’s comprehensive development goals and align with the aspirations outlined in the Kingdom’s Vision 2030—an ambition in which BENEFIT plays a central role.”
Professor Riyadh Yousif Hamzah, President of the Royal University for Women, commented: “This initiative reflects our commitment to advancing women in STEM fields. We're cultivating a generation of creative, solution-driven female leaders who will drive national development. Our partnership with BENEFIT exemplifies the powerful synergy between academia and private sector in supporting educational innovation.”
Hanan Abdulla Hasan, Senior Manager, PR & Communication at BENEFIT, said: “We are honoured to collaborate with RUW in supporting this remarkable technology-focused event. It highlights our commitment to social responsibility, and our ongoing efforts to enhance the digital and innovation capabilities of young Bahraini women and foster their ability to harness technological tools in the service of a smarter, more sustainable future.”
For his part, Dr. Humam ElAgha, Acting Dean of the College of Engineering and Technology at the University, said: “BuildHer CityHack 2025 embodies our hands-on approach to education. By tackling real-world problems through creative thinking and sustainable solutions, we're preparing women to thrive in the knowledge economy – a cornerstone of the University's vision.”