| Kippreport.com

Rescue teams ‘narrow search’ for ADIA boss Sheikh Ahmed

March 30, 2010 12:01 by Ben Flanagan

Rescue teams have narrowed their search for ADIA boss Sheikh Ahmed bin Zayed Al Nahyan to a ‘small area’ of the lake where his glider crashed on Friday.

According to a statement issued by state news agency WAM, teams from at least five countries are now concentrating their search on ‘minor spaces’ of the lake near Rabat in Morocco.

The “UAE search and rescue team praised the efforts extended by Moroccan government for allowing search day and night and facilitating challenges faced by them amid critical geographic conditions in the area,” said the statement.

Sheikh Ahmed’s glider crashed into a lake located near the Sidi Mohammed bin Abdullah Dam close to the town of Skhirat, about 35km south of the capital Rabat. The Spanish co-pilot was rescued, but search efforts for the Abu Dhabi royal are continuing. It is not yet known what caused the glider to crash.

Sheikh Ahmed is managing director the Abu Dhabi Investment Authority (ADIA), and a younger brother of Sheikh Khalifa bin Zayed Al Nahyan, the ruler of Abu Dhabi and UAE president. In 2009, Forbes magazine listed Sheikh Ahmed as the 27th most powerful person in the world.

Another of Sheikh Ahmed’s brothers, Mansour bin Zayed al-Nahyan, is the owner of Manchester City Football Club.

ADIA, which is believed to have assets of up to $700 billion, is considered to be the world’s largest sovereign wealth funds. Earlier this year, Sheikh Ahmed said the fund sees “significant, long-term investment potential” in both Europe and the US despite the global downturn.

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

Sheikh Ahmad is also chairman of the board of trustees of the Zayed Foundation for Charity and Humanitarian Works.

Tags: Abu Dhabi Investment Authority, ADIA, Sheikh Ahmed bin Zayed al-Nahayan