Word: khalifa
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...body of Sheik Ahmed bin Zayed al-Nahayan--half brother of United Arab Emirates President and Abu Dhabi ruler Sheik Khalifa bin Zayed al-Nahayan--was retrieved from a Moroccan lake on March 31, five days after his glider crashed there. The death of Sheik Ahmed--managing director of the Abu Dhabi Investment Authority (ADIA), one of the world's largest sovereign wealth funds--has raised fears of a power struggle among his 17 surviving brothers for control of ADIA...
...director of one of the world's largest sovereign wealth funds, was retrieved on Tuesday, fished out from a picturesque lake some 20 miles southeast of the Moroccan capital, Rabat, that his glider had crashed into five days before. The 41-year-old was the half-brother of Sheik Khalifa bin Zayed al-Nahayan, President of the United Arab Emirates and ruler of Abu Dhabi, the most influential - and with some 8% of the world's proven oil reserves - the wealthiest of the seven states that comprise the U.A.E...
...substantial oil surpluses, ADIA's assets are estimated at between $300 billion and $800 billion. It was Abu Dhabi's wealth that helped bail out sister city-state Dubai when it ran short of funds to complete the world's tallest building - which was then renamed the Burj Khalifa after the President of the U.A.E. (See pictures of the Burj Khalifa, the world's tallest building...
Power and influence among the male heirs of the al-Nahayan clan is divided among several groups within the family; the President, Sheik Khalifa, who does not have any full brothers, and Crown Prince Sheik Mohammed, who along with his five full brothers from a common mother, Sheika Fatima bint Mubarak, form the most powerful bloc within the clan. The sons of Sheika Fatima (the late Sheik Zayed's third wife) control the defense, intelligence, national security and foreign affairs portfolios, as well as the chairmanship of Abu Dhabi's second largest sovereign wealth fund (the International Petroleum Investments...
...whoever assumes the helm of ADIA will be of keen interest to Dubai, according to Davidson. Apart from the troubles with the Burj Khalifa, debt-laden Dubai received a $10 billion bailout late last year from Abu Dhabi to pay off the debts of some of its most troubled state-run companies. "Dubai will be hoping that whoever replaces [Sheik Ahmed] will be someone who is more open to assisting Dubai, rather than this drip-feed of financial assistance Abu Dhabi has been giving Dubai, little by little, humiliating them every step of the way," Davidson says. Sheik Ahmed...