Abu Dhabi’s sovereign capital is usually discussed through two names, ADIA and Mubadala. The third — ADQ — is the one that owns the things residents actually touch: the airports, the ports, the power company, the hospitals group, the stock exchange. In January 2026 its place in the structure changed. Here is what ADQ is, what it holds, and what the reorganisation did.
What ADQ is
ADQ was incorporated on 26 March 2018, established under Abu Dhabi Law No. 2 of 2018 and registered as a public joint stock company in the emirate. Its statutory purpose is unusually plain for a sovereign vehicle: investing in and managing the developmental companies transferred to it by its shareholder, so those companies improve their performance, productivity, efficiency and the quality of the services they provide.
That word — developmental — is the whole point. ADQ was not built to chase returns in foreign markets. It was built to hold and improve the operating businesses that run Abu Dhabi.
Since 19 April 2024 it has been wholly owned by Abu Dhabi Developmental Holding Group PJSC, with the Government of Abu Dhabi as ultimate parent.
The size of it
Because ADQ publishes audited consolidated accounts, its scale is a matter of record rather than estimate. At 31 December 2025, on PwC-audited figures:
| Measure | FY2025 | FY2024 |
|---|---|---|
| Total assets | AED 996,777 million | AED 921,741 million |
| Total equity | AED 521,383 million | — |
| Revenue | AED 148,152 million | AED 127,890 million |
| Profit for the year | AED 43,037 million | AED 25,890 million |
| Dividends to shareholder | AED 5,500 million | AED 4,500 million |
Figures circulating in press coverage put ADQ’s assets in US dollars at various numbers; we are quoting the audited dirham figure with its date, which is the only version that can be checked.
What it owns
ADQ reports through nine segments: energy and utilities, transport and logistics, food and agriculture, healthcare and life sciences, financial services, infrastructure and critical minerals, real estate investments, sustainable manufacturing, and alternative investments.
Energy and utilities is far and away the largest, at AED 343,850 million of segment assets, followed by transport and logistics at AED 193,625 million and real estate at AED 134,724 million.
The subsidiary register is the clearest statement of what that means in practice:
| Company | ADQ stake |
|---|---|
| Abu Dhabi Airports | 100% |
| Abu Dhabi Power Corporation | 100% |
| Emirates Nuclear Energy Corporation | 100% |
| Etihad Aviation Group | 100% |
| Abu Dhabi Securities Exchange | 100% |
| General Holding Corporation (SENAAT) | 100% |
| Odea Bank (Türkiye) | 96% |
| Abu Dhabi Ports | 75.42% |
| Aramex | 57.60% |
It also holds significant associates, including PureHealth at 43.9% and the agricultural trading house Louis Dreyfus Company at 45%. The food and agriculture arm reaches well beyond the Gulf, taking in Agthia, Unifrutti, Verfrut in Chile and Peru, and Egyptian and Jordanian food businesses.
Two 2025 moves show the direction of travel. ADQ took Aramex to 57.6% on 1 August 2025 for AED 2,529 million, with the stated logic of strengthening the services layer of the logistics ecosystem — a portfolio built around ports gaining the delivery company that rides on it. And it bought 96% of Türkiye’s Odea Bank on 31 March 2025 for AED 670 million.
The January 2026 reorganisation
On 30 January 2026, the Supreme Council for Financial and Economic Affairs resolved to consolidate the assets and investments of L’IMAD Holding Company and Abu Dhabi Developmental Holding Group under the umbrella of L’IMAD. ADQ disclosed the resolution itself, as a subsequent event in its 2025 accounts.
L’IMAD is chaired by H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, with H.E. Jassem Mohamed Bu Ataba Al Zaabi as managing director and chief executive. Its portfolio is described as 25 investment companies and platforms with more than 250 group subsidiaries, and the named holdings span TAQA, Modon Properties, Etihad Airways, PureHealth, Etihad Rail, Wio Bank, Abu Dhabi Ports, McLaren and Louis Dreyfus.
What this does not mean is that ADQ has disappeared. It continues as a legal entity and a debt issuer, filing audited accounts and running a Global Medium Term Note programme listed in London with a secondary listing in Abu Dhabi. What has not been stated anywhere official is how the ADQ brand, its staff or its separate mandate will operate under L’IMAD over time — so anyone telling you the answer is guessing.
Why it matters to readers here
Most residents of the capital deal with an ADQ company several times a day without knowing it — the electricity, the airport, the hospital group, the port their goods arrive through. That concentration is the point of a developmental holding, and it is also the argument against one: performance and accountability sit in fewer hands.
For investors, the practical link is the Abu Dhabi Securities Exchange — itself an ADQ company — where several of these names are listed. For the wider picture of how the capital deploys money, see our coverage of Mubadala, of the AI investment push, and of why the capital is now outperforming Dubai on property.
Primary sources: ADQ consolidated financial statements FY2025 (audited), the SCFEA consolidation resolution and ADQ investor relations. All figures as at 31 December 2025.
