Abu Dhabi: H.H. Sheikh Tahnoon bin Zayed Al Nahyan, Deputy Ruler of Abu Dhabi and Member of the Supreme Council for Financial and Economic Affairs (SCFEA), chaired the board meeting of ADQ, a sovereign investor in Abu Dhabi, in his capacity as Chairman of the Board of Directors.
According to Emirates News Agency, the meeting focused on ADQ's financial performance in 2024, continuing its growth from previous years. The board reviewed key business milestones, highlighting ADQ's role as an active investor unlocking transformative value for its portfolio companies and the local economy. A summary of recent key transactions, joint ventures, and memorandums of understanding emphasized their strategic importance and alignment with ADQ's mandate.
Notable developments included the establishment of Plenary Middle East, a co-investment platform with Plenary Group targeting infrastructure in the Middle East and Central Asia, and the formation of Orion Abu Dhabi, a joint venture with Orion Resource Partners focusing on investments in critical minerals across emerging markets. Both investments are part of the new Infrastructure and Critical Minerals cluster, supporting the creation of vital platforms for economic sectors.
In line with ADQ's partnership initiatives, an MoU was signed with the International Finance Corporation for joint development projects, an agreement with Vietnam's State Capital Investment Corporation to explore mutual investment opportunities, and another MoU with Eni to explore strategic cooperation in critical minerals for the energy transition.
The board was updated on achievements across ADQ's portfolio, including the launch of a 24/7 solar and battery storage project in Abu Dhabi by EWEC and Masdar. This project, the largest of its kind, combines significant battery storage with solar power, setting a benchmark in clean energy.
ADQ also developed an AI Board advisor, "Q," in line with the UAE National Strategy for Artificial Intelligence 2031. This system provides expert advice and insights during board discussions, integrating AI into decision-making and enhancing corporate governance.
The meeting concluded with a review of ADQ's non-financial impact, emphasizing infrastructure elevation and the delivery of essential services, benefiting communities. Attendees included H.H. Sheikh Zayed bin Hamdan bin Zayed Al Nahyan and other prominent board members.
Mohamed Hassan Alsuwaidi, Managing Director and Group Chief Executive Officer of ADQ, highlighted ADQ's consistent contributions under H.H. Sheikh Tahnoon's guidance, noting the strategic importance of the new infrastructure and critical minerals investments for advancing sectors like energy, manufacturing, and real estate.