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DUBAI, Sept. 8 (Reuters) – Abu Dhabi Investment Authority (ADIA), the UAE’s largest sovereign wealth fund, sees technology and climate change as key investment areas for its post-COVID-19 strategy, a he said in his 2020 annual report to review.
ADIA, which manages capital on behalf of the Abu Dhabi oil government, does not disclose the value of its assets but the Sovereign Wealth Fund Institute, a research group, estimates them at $ 649 billion.
At the end of last year, ADIA achieved 20-year and 30-year annualized rates of return of 6% and 7.2% respectively, up from 4.8% and 6.6% in 2019, a- she stated in her report released Wednesday.
“As with any big shock to the status quo, the pandemic has also acted as a catalyst to accelerate a number of important themes in global financial markets,” Managing Director Hamed bin Zayed al-Nahyan said in the report.
The fund’s main areas of focus include technology, healthcare, renewable energy, and real estate sub-sectors such as logistics and data centers.
ADIA has increased its exposure to renewable energies and, through its infrastructure investments, it now has an indirect interest in assets with renewable capacity of over 20 gigawatts.
On the equities side, its index funds department introduced a climate change portfolio last year.
In 2020, ADIA combined previously separate external and internal equity departments, one responsible for overseeing the activities of external managers and the other for managing multiple internal portfolios.
He has also created a team – for which he plans to hire more people – to implement investment strategies using a quantitative and scientific approach, he said.
Reporting by Davide Barbuscia in Dubai Editing by Matthew Lewis
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