Sheikh Hamed bin Zayed al Nahyan was named managing director of the Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds.
He succeeds Sheikh Ahmed bin Zayed Al Nahyan, who died March 26 in a glider crash near Rabat, Morocco.
Mr. Hamed currently heads the Abu Dhabi Crown Prince’s Court and is chairman of the Higher Corporation for Specialized Economic Zones. He is the half-brother of Sheikh Khalifa bin Zayed Al Nahyan, president of the United Arab Emirates, and a younger brother of Mr. Ahmed.
Mr. Khalifa issued a decree appointing Mr. Hamed to the position, state-run WAM news agency reported Wednesday.
The Abu Dhabi Investment Authority, also known as ADIA, had assets estimated at $627 billion.
Mr. Hamed “was the only clear candidate for the job,” said Christopher Davidson, a professor of Middle East studies at Durham University in the U.K., who is writing a book on Abu Dhabi. “I could not imagine them giving the position to anyone who was not family.”
