Abu Dhabi Investment Council chief executive Eissa Al Suwaidi to retire

Mohamed Ali Al Dhaheri has been appointed as his successor

Eissa Al Suwaidi previously served as an executive at Abu Dhabi Investment Authority for 25 years. Delores Johnson / The National

Abu Dhabi Investment Council (Adic) chief executive Eissa Al Suwaidi is to retire in June after 15 years' service, it was announced on Thursday.

He will be succeeded by deputy chief executive Mohamed Ali Al Dhaheri, Adic's holding company Mubadala Investment Company said in a statement.

Mr Al Suwaidi joined Adic when it was created in 2007 after previously spending 25 years at Abu Dhabi Investment Authority (Adia). He became Adic's managing director in 2015 and chief executive in 2018, when Adic became part of Mubadala.

Adic is managed on a model similar to endowment investing and is focused more on private assets, according to Mubadala.

"Its investment strategy is similar to the major endowments’ model of investing and its business performance is benchmarked to the market", the Abu Dhabi investment fund said.

Adic's global investment strategy is to pursue superior risk-adjusted returns across the entire capital structure, from global illiquid private to liquid public asset classes while preserving capital.

Locally, Adic is a major investor in Abu Dhabi's financial services sector.

Mr Al Dhaheri has "served for more than two decades as a highly regarded investment executive first at Adia and then working with the founding members of the council in 2007", Mubadala said on Thursday.

He also worked closely with Mr Al Suwaidi and led the council’s accounting and financial services group.

Mubadala, Abu Dhabi’s strategic investment arm, has a $243 billion (Dh894bn) portfolio spanning six continents with interests in numerous sectors and asset classes.