SovereignWealthFunds.comADQ and L'IMAD Holding
ADQ and L'IMAD Holding: what it invests in
Geography Domestic and global
ADQ and L'IMAD Holding: how big it is, and on what basis
In US dollars: about USD 271.4B. Converted at the fixed peg of AED 3.6725 per US dollar.
ADQ and L'IMAD Holding: what it publishes
Published 5 · Partly 4 · Not published 1
Our 10 item score. It measures what is public, not how well a fund is run.
At a glance. ADQ is Abu Dhabi's state holding company for national champions in energy, transport, food, health, finance and real estate. Audited total assets were AED 996.8 billion at end 2025, about USD 271 billion at the dirham peg. Since 30 January 2026 its assets sit under L'IMAD Holding, which counts 25 investment platforms and more than 250 group companies. S6 S2
Key points
- 2025 revenue of AED 148.2 billion (up 15.8 percent) and profit of AED 43.0 billion, up from AED 25.9 billion. S6
- Energy and utilities hold about a third of segment assets; alternative investments are the most profitable segment. S6
- About 62 percent of revenue comes from the UAE; deals span six continents. S6 S7
- Paid USD 24 billion in 2024 for the Ras El-Hekma land rights in Egypt, part of a USD 35 billion programme. S4 S8
- Took AD Ports Group to 98.93 percent in September 2026 and started buying out the rest. S9
- Rated AA by Fitch; issued USD 4.5 billion under its first medium-term note programme. S10 S4
- In 2024 its companies employed over 86,000 people and produced 22 percent of Abu Dhabi's non-oil GDP. S4
Interesting facts
- Owns Etihad Airways, Etihad Rail, Abu Dhabi Airports and the operator of the Barakah nuclear plant, which supplies about a quarter of UAE power. S4 S1
- Holds 45 percent of commodity trader Louis Dreyfus Company and, through L'IMAD, carmaker McLaren. S1 S2
- Committed USD 7 billion alongside PIF and QIA to the Paramount Skydance bid for Warner Bros Discovery. S11
Mandate and goals
Build global business platforms that create value and long-term financial returns for Abu Dhabi. L'IMAD extends this to national champions in strategic sectors, investing directly, through funds and in public and private markets. S4 S2
How it invests
| Industries | Energy: oil and gas, Infrastructure and utilities, Transport and logistics, Real estate, Agriculture and food security, Healthcare and life sciences, Financial services, Industrials and manufacturing S6 S12 |
|---|---|
| Asset classes | Strategic state holdings, Private equity, Real estate, Infrastructure, Public equities S6 |
| Stages | Buyout, Growth, Infrastructure, Real estate, Public markets S6 |
| Geography | Domestic and global. About 62 percent of revenue is earned in the UAE; holdings stretch across six continents S6 S7 |
| Direct / through funds / co-invest | Yes / Yes / Yes S4 S2 |
| Ticket size | No minimum or ticket size is published. S6 |
| Deal sizes seen | AED 670M (Odea Bank, 2025) to USD 25B (Energy Capital Partners platform, 2025) in the deals below |
| External managers | Limited partner in Lunate funds; most assets are held directly in controlled companies S6 |
| Co-investment programme | Builds platforms with strategic partners, such as the US power venture with Energy Capital Partners S4 S12 |
Sector weights: Energy and utilities 33.6%, Alternative investments 22.2%, Transport and logistics 18.9%, Real estate 13.2%, Food and agriculture 3.6%, Healthcare and life sciences 2.0%, Financial services 1.8%, Sustainable manufacturing 1.3% (as of 2025-12-31) S6
Fund commitments
| Manager | Fund | Amount | Year |
|---|---|---|---|
| Lunate | Lunate funds | Not published | 2024 S6 |
Past investments
| Year | Investment | Type | Sector | Stage | Amount | Stake |
|---|---|---|---|---|---|---|
| 2026 | AD Ports Group take-private. Tender offer took the stake from 75.42 to 98.93 percent; squeeze-out under way. S13 S9 | Direct investment | Transport and logistics | Buyout | AED 6.25 a share for the 24.58% it did not own | 98.93% |
| 2026 | Paramount Skydance bid for Warner Bros Discovery. Gulf funds to hold 49.5 percent of the equity without votes; USD 24B combined. S11 | Co-investment | Telecoms and media | Buyout | USD 7B | |
| 2026 | CYVN Holdings (McLaren). Moved into L'IMAD in January 2026. S2 | State asset transfer | Industrials and manufacturing | Not stated | Not published | |
| 2025 | Modon Holding. First public deal by L'IMAD, bought from IHC. S14 S15 | Direct investment | Real estate | Public markets | Not published | 42.54% |
| 2025 | Aramex. Stake raised to 57.60 percent on 1 August 2025. S1 | Direct investment | Transport and logistics | Public markets | AED 2,529M | 57.6% |
| 2025 | Limagrain Vegetable Seeds. Minority stake announced June 2025. S14 | Direct investment | Agriculture and food security | Growth | Not published | 35% |
| 2025 | Odea Bank. Bought 31 March 2025. S1 | Direct investment | Financial services | Buyout | AED 670M | 96% |
| 2025 | Energy Capital Partners platform. Power for data centres in the US. S14 | Joint venture or partnership | Infrastructure and utilities | Infrastructure | USD 25B | |
| 2024 | Ras El-Hekma. Coastal development on about 130 million square metres; Modon is master developer. S4 S8 | Direct investment | Real estate | Real estate | USD 24B for land rights | |
| 2024 | Sotheby's. Minority stake. S4 | Direct investment | Consumer and retail | Growth | Not published | |
| 2024 | Plenary Group. Infrastructure investor and developer. S4 | Direct investment | Infrastructure and utilities | Infrastructure | Not published | 49.9% |
| 2024 | Circle Health Group (through PureHealth). Hospital group deal by its health platform. S4 | Direct investment | Healthcare and life sciences | Buyout | Not published | |
| 2022 | Etihad Airways. National airline transferred to ADQ. S8 | State asset transfer | Transport and logistics | Not stated | Not published | |
| 2020 | Al Dahra. Agribusiness stake. S8 | Direct investment | Agriculture and food security | Growth | Not published | 50% |
| 2020 | LuLu Group. Retail stake. S8 | Direct investment | Consumer and retail | Growth | Not published | 20% |
Case studies
Ras El-Hekma: a city-scale bet in Egypt S4 S8
- What: Bought development rights to a stretch of Egypt's Mediterranean coast, with Modon as master developer.
- When: 2024
- Size: USD 24B paid for land; USD 35B programme
- Why: Funded half by the shareholder and half by a government grant to build a long-term real estate platform abroad.
- Outcome: Held at cost of AED 104.3B at end 2025 pending the master plan.
AD Ports: taking a listed champion private S13 S9
- What: Offered AED 6.25 a share, a 23 percent premium, for the AD Ports shares it did not hold.
- When: August to September 2026
- Size: About 1.25 billion shares
- Why: Part of a pattern of using tender offers to take full control of listed holdings, as with Taqa.
- Outcome: Reached 98.93 percent on 25 September 2026; squeeze-out under way.
Energy Capital Partners: a USD 25B power platform S14
- What: Formed a partnership with the US firm to build power supply for data centres.
- When: 2025
- Size: USD 25B
- Why: Pairs ADQ's energy holdings with a specialist US partner to reach the AI power theme.
Investment process
The Supreme Council for Financial and Economic Affairs sets the structure by resolution. The L'IMAD board, chaired by the Crown Prince of Abu Dhabi, approves strategy and its platforms framework; the platform companies run the deals. S2 S12
| Committee | Role |
|---|---|
| Supreme Council for Financial and Economic Affairs | Oversees Abu Dhabi state investors; resolved to consolidate ADQ under L'IMAD S2 |
| L'IMAD Board of Directors | Approved the investment and operational platforms framework in July 2026 S12 |
- State shareholdings and cash are transferred in by government resolution. S4
- Holdings are grouped into six platforms: energy and utilities, urban development, ports and logistics, aviation, industrial, and alternative investments. S12
- Platform companies such as TAQA, AD Ports, Modon and PureHealth make acquisitions. S4
- Listed holdings are consolidated through tender offers and delistings. S9
How to approach: No open intake channel is published. Partners usually come in through the platform companies or as co-investors in announced programmes. S4 S12
Size and returns
- Headline size: AED 996.8B (Total assets (balance sheet), as of 2025-12-31) S6
- In US dollars: about USD 271.4B. Converted at the fixed peg of AED 3.6725 per US dollar.
- Total equity, end 2025: AED 521.4B (about USD 142.0B) (Net assets or equity, as of 2025-12-31) S6
- Returns: the fund does not publish a return figure.
- Staff: Over 86,000 people employed across its companies in 2024 S4
- Size over time (AED billion): 2023 720.5, 2024 921.7, 2025 996.8 S6
Leadership
| Name | Title | Since |
|---|---|---|
| Sheikh Khaled bin Mohamed bin Zayed Al Nahyan | Chairman, L'IMAD Holding S5 | 2026-01 |
| Jassem Mohamed Bu Ataba Al Zaabi | Managing Director and Group CEO, L'IMAD Holding S5 | 2026-01 |
| Khaldoon Khalifa Al Mubarak | Board member S5 | Not published |
| Dr Ahmed Mubarak bin Nawi Al Mazrouei | Board member S5 | Not published |
| Mohamed Ali Al Shorafa Al Hammadi | Board member S5 | Not published |
| Saif Saeed Ghobash | Board member S5 | Not published |
| Waleed Al Mokarrab Al Muhairi | Board member S5 | Not published |
| Kamal Ishaq Almaazmi | Board member S5 | Not published |
| Sheikh Tahnoon bin Zayed Al Nahyan | Chairman, ADQ S4 | 2021 |
Governance and transparency
- Legal basis: Abu Dhabi Law No. 2 of 2018; owned by Abu Dhabi Developmental Holding Group PJSC since April 2024 and consolidated under L'IMAD by resolution in January 2026 S1 S2
- Oversight: Supreme Council for Financial and Economic Affairs, which also oversees other Abu Dhabi state investors S14
- Auditor: PwC Abu Dhabi for 2025; Deloitte for 2024 S6 S4
- Accounts follow IFRS and are audited under the Abu Dhabi Accountability Authority regime. S6
- ADQ remains a legal entity and bond issuer after the move under L'IMAD. S6
Transparency score: 7.0 of 10 (band 4 of 5). Our own 10-item rubric; see the methodology page.
History
| Date | Event |
|---|---|
| 2018-03-26 | ADQ incorporated. S1 |
| 2020 | Stakes in LuLu, Al Dahra, Aramex and Louis Dreyfus. S8 |
| 2021 | Sheikh Tahnoon bin Zayed becomes chairman. S8 |
| 2022 | Etihad Airways transferred in. S8 |
| 2024 | Ras El-Hekma land rights bought; first USD 4.5B note issue. S4 |
| 2025-10 | L'IMAD buys 42.54 percent of Modon. S14 |
| 2026-01-12 | L'IMAD board formed. S5 |
| 2026-01-29 | Founding CEO Mohamed Hassan Alsuwaidi moves to lead Lunate. S14 |
| 2026-01-30 | ADQ consolidated under L'IMAD. S2 |
| 2026-06-03 | 2025 audited accounts approved. S6 |
| 2026-07-04 | L'IMAD board approves its platforms framework. S12 |
| 2026-09-25 | AD Ports stake reaches 98.93 percent. S9 |
For family offices
There is no open programme for private investors. L'IMAD says it will grow abroad through private funds, direct deals and strategic partners, and its board reviewed partnerships with local and international institutions in July 2026. S2 S12
Reports
- Consolidated financial statements 2025: https://www.adq.ae/cdn-assets/documents/ADQ-Group-consolidated-FY25-signed-FS.pdf S6
- Consolidated financial statements and board report 2024: https://www.adq.ae/cdn-assets/documents/67fea14a69e031c1e317712a-adq-group-consolidated-ye-2024-signed.pdf S4
Common questions
How big is ADQ?
Audited total assets were AED 996.8 billion at end 2025, about USD 271.4 billion at the dirham peg, with equity of AED 521.4 billion. S6
Is ADQ still separate from L'IMAD?
ADQ remains a legal entity, but since 30 January 2026 its assets are consolidated under L'IMAD Holding. S2 S6
Who runs L'IMAD?
Sheikh Khaled bin Mohamed bin Zayed Al Nahyan chairs it; Jassem Mohamed Bu Ataba Al Zaabi is Managing Director and Group CEO. S5
What was Ras El-Hekma?
A USD 35 billion development programme on Egypt's coast; ADQ paid USD 24 billion for the land rights in 2024. S4 S8
Who audits ADQ?
PwC for 2025, after Deloitte for 2024. S6
Is ADQ an IFSWF member?
It is not listed as a member. S3
Related profiles
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- Dubai Holding United Arab Emirates (Dubai) · AED 500B
- Dubai Investment Fund United Arab Emirates (Dubai) · About USD 80B, estimate
- Mumtalakat Holding Company Bahrain · BHD 7.22B
- Wafra Kuwait · KD 119.0M
- Dubai World United Arab Emirates (Dubai) · Not disclosed
All sovereign wealth funds in Middle East · All state holding companys · All funds in United Arab Emirates
Sources
- S1Gulf Times Now, ADQ and L'IMAD profile
- S2Abu Dhabi Media Office, resolution to consolidate L'IMAD and ADQ
- S3IFSWF, members list
- S4ADQ, consolidated financial statements and board report 2024 (Deloitte audited)
- S5Abu Dhabi Media Office, L'IMAD board formed
- S6ADQ, consolidated financial statements 2025 (PwC audited)
- S7ADQ, home page
- S8Wikipedia, Abu Dhabi Developmental Holding Company
- S9Enterprise, L'IMAD moves ahead with AD Ports squeeze-out, 28 September 2026
- S10Fitch Ratings, ADQ affirmed at AA
- S11AGBI, US clears Gulf funds in the Paramount and Warner deal
- S12Abu Dhabi Media Office, L'IMAD board meeting, 4 July 2026
- S13AD Ports Group, notice of L'IMAD cash offer, 17 August 2026
- S14The National, Abu Dhabi to consolidate ADQ assets under L'IMAD, 30 January 2026
- S15AGBI, L'IMAD absorbs ADQ
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