Head of Largest Sovereign Wealth Fund Missing After Glider Crash

AP

The United Arab Emirates state news agency says the head of Abu
Dhabi's sovereign wealth fund -- the world's largest -- is missing
after his glider crashed in Morocco.

Rescue workers were scouring an artificial Moroccan lake Saturday in
search of the head of Abu Dhabi's sovereign wealth fund -- the world's
largest -- who went missing after his glider crashed.

Morocco's official MAP news agency said that Ahmed bin Zayed Al
Nahyan's glider went down in the lake Friday. The pilot of the
aircraft was rescued in good condition, but authorities continued the
search for Al Nahyan.

Al Nahyan is the managing director of the Abu Dhabi Investment
Authority. He is also the younger brother of Sheik Khalifa bin Zayed
Al Nahyan, the leader of the United Arab Emirates.

The Abu Dhabi Investment Authority could not be immediately reached
for comment.

The glider went down near the Sidi Mohammed Ben Abdallah Dam, which
forms the lake. It is located near the Atlantic coastal town of
Skhirat, some 35 kilometers south of the capital city Rabat and site
of one of Morocco's royal palaces.

The search could be particularly arduous because of recent heavy rains
that have pushed up water levels.

The family of Ahmed bin Zayed Al Nahyan is known to have numerous
properties around this North African kingdom, which offers up ocean,
mountains and desert.

The bulk of the Abu Dhabi Investment Authority holdings are in the
United States and Europe. Al Nahyan said earlier this year the Abu
Dhabi fund sees "significant, long-term investment potential" in both
regions despite the global downturn.

The fund broke with its customary privacy by issuing its first yearly
statement last week -- one of the biggest steps yet by the world's
largest sovereign wealth fund to increase transparency. However, the
report did not contain information on its balance sheet or the overall
size of the fund's holdings.

Analysts believe ADIA is the world's largest sovereign wealth fund,
with estimates of its size having ranged from less than $400 billion
to $875 billion and beyond.

Its investments include a $7.5 billion cash injection into Citigroup
Inc. in 2007. Stocks and other equities in the developed world make up
the largest class of the fund's assets, ranging from 35 to 45 percent
of its holdings.

Between 35 and 50 percent of ADIA's investments are typically in North
America, and another 25 to 35 percent are in Europe.

The fund, like other investors, is believed to have lost considerable
value during the market downturn before bouncing back somewhat over
the past year.