UAE president and Abu Dhabi ruler Sheikh Khalifa bin Zayed al-Nahyan has named Sheikh Hamed bin Zayed al-Nahyan as the new managing director of sovereign wealth fund Abu Dhabi Investment Authority (Adia).

Sheikh Hamed is head of the Crown Prince’s court in Abu Dhbai and also serves as the head of General Holding Corporation, the parent company of Emirates Steel Industries.

The appointment comes following the death of Sheikh Ahmed bin Zayed al-Nahyan. Sheikh Hamed is a half-brother of Sheikh Khalifa.

Adia is one of the world’s largest sovereign wealth funds, with total assets thought to be the region of $600bn.