Abu Dhabi's 3rd biggest sovereign wealth fund posts investment gain in 2017

DUBAI, April 30 (Xinhua) -- Abu Dhabi Investment Authority (ADIA), the third biggest sovereign wealth fund in the world based on the oil wealth of the sheikhdom, said on Monday its 30-year annualized rate of return rose to 7 percent last year compared to 6.9 percent in 2016, the UAE daily The National reported.

The fund said in its annual review that emerging markets such as China continued to be a target for the fund.

Rising stock prices in east and west were another driver of the fund's generated return. The fund's 20-year annualized rate of return increased to 6.5 percent in 2017, up from 6.2 percent registered in the previous year.

The report quoted the fund's managing director Sheikh Hamed Bin Zayed as saying that early 2018 global economic conditions around the globe remained "robust and well balanced in many parts of the world."

Economic indicators that hint at a recession such as high inflation and restrained monetary conditions, remained "absent," he said.

According to the U.S. based Sovereign Wealth Fund institute, the 1976-founded ADIA which employs 1,700 people manages approximately 828 billion U.S. dollars, making it number three among government-controlled investment funds behind the China Investment Corporation and Norway's Government Pension Fund Global. Enditem