Abu Dhabi’s EIA to Change Board Composition, Mubadala Makes New Purchase
Posted on 05/25/2023
The Emirates Investment Authority (EIA), the federal sovereign wealth fund of the United Arab Emirates, has made plans to restructure its board of directors, UAE Vice President and Prime Minister Sheikh Mohammed bin Rashid Al Maktoum confirmed. The EIA is currently chaired by Sheikh Mansour Bin Zayed Al Nahyan, who was appointed UAE Co-VP.
The fund manages the sovereign wealth of the United Arab Emirates’ federal government. Emirates Investment Authority manages both the strategic assets of the UAE federal government and the global endowment portfolio. The Emirates Investment Authority (EIA) is the sole entity responsible for the future stewardship of federal government stakes in over 30 corporations across the GCC, including Etisalat, Du, Gulf International Bank, United Arab Shipping Company and Gulf Investment Corporation.
The Purchase of Fortress Investment Group
Abu Dhabi’s Mubadala purchased Softbank’s Fortress Investment Group stake. Fortress Investment Group is a New York investment firm with US$ 45.8 billion under management. Mubadala will maintain 70% interest in the company.
Drew McKnight and Joshua Pack will serve as co-CEOs and Pete Briger will reside as chairman of the board.
