ADQ, one of Abu Dhabi’s largest sovereign wealth funds, is joining forces with the Kazaqstan Investment Corporation (QIC), to set up a co-investment platform that will focus on energy transformation and clean technologies.
A spokesperson for ADQ confirmed to Net Zero Investor this morning that ADQ, formerly known as Abu Dhabi Development Holding, has struck an agreement with QIC.
"Our new platform aims to explore investment opportunities in Kazakhstan and other countries in the Central Asia and Caucasus region," he said.
"ADQ and QIC will make equal financial and operational contributions to each investment," the press officer added, although he declined to provide any further financial details.
ADQ has around $200 billion in assets under management, with roughly 40% of this value being through through the sovereign wealth funds' 98.6% stake in utilities and energy giant Abu Dhabi National Energy Company, or TAQA.
The fund saw its portfolio swell from $110 billion to $200 billion in the last two years, reportedly due to the performance of TAQA.
QIC's currently has $2.5 billion in assets. The strategy of the fund, which was only launched in 2007, focuses on infrastructure investments in Kazakhstan and attracting foreign direct investments.
ADQ's spokesperson stressed that "the UAE and the Republic of Kazakhstan have maintained strong bilateral relations, which are underpinned by an increasing number of strategic partnerships between in the two countries."
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