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
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. 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' OPEC exit. The review is how Mohammed Bin Zayed keeps wartime capital working — and funds the AI build 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.