Abu Dhabi fund sees returns dip

The Abu Dhabi Investment Authority, one of the world's largest sovereign wealth funds, saw its investment returns slip last year but believes that the global economy still offers good opportunities for itself and similar patient investors.

The fund, which does not reveal detailed annual figures but is reckoned to have investments worth more than $600bn (£385bn), said its annualised returns slipped to 6.9 per cent in 2011 from 7.6 per cent a year earlier.

Its managing director, Hamed bin Zayed al Nahyan, said: "Despite facing undoubted short-term risks, the global economy offers many exciting and important opportunities."