Abu Dhabi wealth fund cuts jobs as part of $272m cost-saving programme

Abu Dhabi wealth fund cuts jobs as part of $272m cost-saving programme

A general view of the Abu Dhabi skyline is seen, in this file photo taken on December 15, 2009. REUTERS/Ahmed Jadallah

The Abu Dhabi Investment Authority, one of the world’s largest sovereign wealth funds, has cut dozens of jobs over the past year as part of a 1 billion dirham ($272.29 million) cost-saving programme, two sources told Reuters.

The cost savings will help Abu Dhabi‘s sovereign wealth fund, which manages $700 billion in assets, divert money into new projects such as quantitative research and development.

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