# Abu Dhabi reviews $1.8tn+ in sovereign funds through war volatility
> Sheikh Tahnoon chairs a Q1 review of ADIA, Mubadala, L'Imad and ADNOC as the emirate steers wartime capital and builds a 'fourth pillar' fund

**Meta:** type: story · date: 2026-06-24 · heads: El dinero de quién, El juego largo · 7 takes · 1 lenses · 2 regions

## Summary

Abu Dhabi's Investment Affairs Council, chaired by Sheikh Tahnoon bin Zayed, reviewed the
Q1 2026 performance of the emirate's main funds on 22 June amid global volatility from the
[Iran war](/es/n/iran-us-ceasefire-mou). ADIA, the Gulf's largest sovereign wealth fund, stands
near $1.19tn; Mubadala at $385bn, up 17% in 2025; and L'Imad Holding above $263bn across
energy, infrastructure and healthcare — Abu Dhabi's new "fourth pillar," which recently
acquired Aramex and signed a $25bn Energy Capital Partners deal. Attendees included VP
Sheikh Mansour bin Zayed, Crown Prince Sheikh Khaled and ADNOC's Sultan Al Jaber. ADNOC is
accelerating roughly $55bn in project awards after the [United Arab Emirates](/es/entity/united-arab-emirates)' OPEC exit.
The review is how [Mohammed Bin Zayed](/es/entity/mohammed-bin-zayed) keeps wartime capital working — and funds the
[AI build](/es/n/uae-g42-stargate-nvidia) underwriting his US alignment.

## By the numbers

- ~$1.19tn — ADIA, the Gulf's largest sovereign wealth fund (3rd globally).
- $385bn — Mubadala, up 17% in 2025; 5- and 10-year returns above 10%.
- $263bn+ — L'Imad Holding, the "fourth pillar"; recent $25bn ECP deal.
- ~$55bn — ADNOC project awards accelerated after the UAE's OPEC exit.

## Why it matters

The combined funds give MBZ a pool of patient capital larger than most national economies,
the engine behind the UAE's AI, energy and diplomatic reach. Steering it through war-driven
volatility — and standing up a fourth fund to diversify — is the quiet machinery beneath the
emirate's outsized geopolitical role.

## What to watch

- Reported Q1 returns and any capital reallocation after the war.
- L'Imad's deal pace as the "fourth pillar" scales.
- How ADNOC's $55bn build interacts with the OPEC exit and oil prices.

## Regional takes (batched by bias / lens)

### unlabelled
- **ADIA** (United Arab Emirates, en) — The Abu Dhabi Investment Authority's own publications — the fund-level record behind the ~$1.19tn AUM figure for the Gulf's largest sovereign wealth fund reviewed at the Investment Affairs Council.
  Source: https://www.adia.ae/en/publications
- **The National** (United Arab Emirates, en) — Abu Dhabi-owned paper's account of the 22 June Investment Affairs Council, chaired by Sheikh Tahnoon bin Zayed, reviewing Q1 performance of ADIA, Mubadala, L'Imad and ADNOC amid global volatility.
  > "Abu Dhabi reviews the performance of its sovereign wealth funds amid global economic shifts."
  Source: https://www.thenationalnews.com/business/2026/06/22/abu-dhabi-reviews-performance-of-sovereign-wealth-funds-amid-global-economic-shifts/
- **OilPrice** (United States, en) — Energy angle: ADNOC accelerating roughly $55bn in project awards after the UAE's OPEC exit, framing the sovereign-capital review through Abu Dhabi's energy expansion rather than portfolio returns alone.
  > "ADNOC accelerates a $55 billion investment after the UAE's OPEC exit."
  Source: https://oilprice.com/Energy/Energy-General/ADNOC-Accelerates-55-Billion-Investment-after-UAEs-OPEC-Exit.html
- **IndexBox** (United States, en) — 
  Source: https://www.indexbox.io/blog/sheikh-tahnoon-chairs-abu-dhabi-investment-council-meeting-on-sovereign-fund-performance/
- **The National (L'Imad)** (United Arab Emirates, en) — 
  Source: https://www.thenationalnews.com/business/2026/01/14/limad-holding-abu-dhabis-fourth-investment-pillar-will-be-economic-diversifier-analysts-say/
- **JPT / SPE** (United States, en) — 
  Source: https://jpt.spe.org/adnoc-board-greenlights-150-billion-investment
- **ADNOC** (United Arab Emirates, en) — 
  Source: https://www.adnoc.ae/en/news-and-media/press-releases

## Across the graph
- Related: [[uae-g42-stargate-nvidia]], [[mbz-iran-ceasefire-hormuz]]
- Entities: Mohammed Bin Zayed, United Arab Emirates

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Canonical: https://rbtfl.xyz/es/n/abu-dhabi-sovereign-funds-q1