Rescue workers continue search for ADIA boss Sheikh Ahmed

Rescue workers continue search for ADIA boss Sheikh Ahmed

Moroccan authorities are searching an artificial lake after a glider plane accident involving the Abu Dhabi royal.

March 28, 2010 2:52 by Ben Flanagan

Rescue workers in Morocco are continuing their search for Sheikh Ahmed bin Zayed al-Nahayan, following a glider plane accident late on Friday.

Al Nahyan’s glider crashed into a lake located near the Atlantic coastal town of Skhirat, about 35km south of the capital Rabat. The Spanish co-pilot was rescued and is in a good condition, 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 among the world’s biggest 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.

“Sheikh Ahmed bin Zayed al-Nahayan… was in a crash of a glider which was airborne in Morocco. The pilot was rescued and is in good condition. The search for His Highness is still continuing,” WAM, the official news agency of the UAE, said in a statement on Saturday. No further official statements have been issued as at 6pm UAE time Sunday.

Kippreport’s enquiries to ADIA’s spokesman went unanswered on Sunday.