Abu Dhabi Investment AuthorityADIAUnited Arab Emirates |
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| The Abu Dhabi Investment
Authority (ADIA)
in the United Arab Emirates is a Sovereign Wealth Fund established by Sheikh Zayed bin Sultan Al Nahyan (founder of
the United Arab Emirates) in 1976 to invest the Abu Dhabi government’s
reserves in low risk in assets like equities, fixed income, and real estate.
The ADIA's portfolio is subdivided into sub-funds specific for each asset class. The size of the fund portfolio is between $650 billion to $875 billion, making ADIA the world-s largest sovereign wealth fund and the world’s second biggest institutional investor behind the Bank of Japan. The ranking of the Abu Dhabi Investment Authority fund in terms of asset is then higher than the one of Government Investment Corporation, Government Pension Fund, Libyan Investment Authority, and Revenue Regulation Fund.
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The currency of the United Arab Emirates is the dirham; subdivided into 100 fils, it has the ISO 4217 code AED. The name of the Dirham is derived from the Greek Drachmae, survived through the Ottoman Empire due to the usage in the trade of the currency. The coins are minted by the Central Bank of the United Arab Emirates.
The dirham was introduced in 1973, replacing at par the Qatar and Dubai riyal, circulated since 1966 in the United Arab Emirates except Abu Dhabi, where the former currency was the Bahraini dinar, replaced at 1 dirham = 0.1 dinar. Before 1966, in the United Arab Emirates circulated the Gulf rupee, introduced by the Indian government to replace the Indian rupee outside the country on May 1, 1959. On June 6, 1966 United Arab Emirates, Oman, Qatar replaced the Gulf rupee with their own currencies after India devalued the rupee. During the transition to the Qatar and Dubai riyal from the Gulf rupee, in the United Arab Emirates, as in Qatar, the Saudi riyal was briefly adopted.
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