Abu Dhabi's powerful wealth fund sticks to long-term plan

By The Associated Press

 

DUBAI, United Arab Emirates (AP) — The Abu Dhabi Investment Authority says it is committed to a long-term investment strategy despite a slump in oil prices and concerns about slower economic growth worldwide.

ADIA is based in the capital of OPEC member United Arab Emirates and is one of the world's largest sovereign wealth funds.

Managing Director Hamed bin Zayed Al-Nahyan said in ADIA's 2015 annual review released on Wednesday that the fund "will remain focused on identifying long-term trends and patiently growing capital."

He also expressed confidence in China's and India's future growth prospects.

ADIA does not disclose the size of its holdings, but said its annualized rate of return in dollar terms over the past 20 years fell to 6.5 percent in 2015, compared with 7.4 percent in 2014.

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