The body of the managing director of Abu Dhabi Investment Authority (ADIA), among the world's biggest sovereign funds, has been found after a glider plane crash in Morocco, Al Arabiya television said today.
The glider of Sheikh Ahmed bin Zayed Al Nahayan crashed near the Sidi Mohamed Ben Abdallah Dam south of the Moroccan capital Rabat on Friday.
The pilot was rescued and a search launched for Sheikh Ahmed, ranked Number 27 on Forbes list of the world's most powerful people last year. He is the younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates.
Teams from five countries were searching for Sheikh Ahmed.
Sheikh Ahmed's sovereign wealth fund, the Abu Dhabi Investment Authority (ADIA), is believed to have assets of around $500 (€370) to $700 billion (€519 billion), ranging from Citigroup bonds to a stake in Britain's Gatwick airport.
Residents of the area said the sheikh, in his early 40s, was a regular visitor and that the Abu Dhabi ruling family had a palace overlooking the reservoir, which was swollen due to high rainfall and estimated to be about 60 metres deep.
ADIA is among the world's top state-run investors, funnelling funds from the emirate's oil exports into stocks and bonds overseas from its headquarters in a gleaming skyscraper on the island city's shoreline.
Sheikh Ahmed is the son of the founder of the seven member UAE federation, Sheikh Zayed bin Sultan al-Nahayan, and worked as a European equities analyst at ADIA for six years before becoming its boss.
Reuters