Abu Dhabi lifts lid on sovereign wealth fund financials

ADQ, the smallest of Abu Dhabi’s three sovereign wealth funds (SWFs), has published a full financial statement for the first time.

The move comes ahead of the fund’s first issuance of a dual-tranche dollar denominated inaugural bond.

The debt sale is part of a strategy designed to diversify the SWF’s funding sources for acquisitions in the future.

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ADQ, formerly known as Abu Dhabi Development Holding, reported consolidated revenue of US$30.41 billion for 2023, up from $26.96 the previous year. Meanwhile, profit rose to $4.38 billion while assets reached $196.19 billion.

Established in 2018, ADQ is both the youngest and smallest of Abu Dhabi’s SWFs, behind Abu Dhabi Investment Authority and Mubadala.

In recent months, the fund has struck a number of co-investment deals and joint ventures with SWFs in Oman, Kazakhstan and Azerbaijan as well

While there are estimates as to the assets under management at each respective SWF, there has been a reluctance to publish full financials.

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