Our team's investment experience spans more than four decades of market cycles, including senior roles at sovereign institutions. Today, market data, cited research, and institutional knowledge come together in AI-assisted workflows that broaden the team's field of view. Humans challenge, interpret, and decide.
Meet LiwaEvery outcome has forces behind it. We start by understanding those forces, then build for the range of futures they can create.
Markets are connected systems. We look beyond price to the causes that move growth, inflation, liquidity and human behaviour.
True diversification is not a collection of assets. It is a balance of risks designed to behave differently when the world changes.
The investment approach
Economic conditions, geography and manager skill. Each brings a different question to the same allocation.
What if conditions change?
Growth and inflation each rise and fall. Economic balance considers how portfolio exposures behave across those different environments.
Where does the risk actually sit?
Countries, currencies and asset classes bring different exposures. This lens asks whether a portfolio depends too heavily on one economy or market.
Who is doing the investing?
Specialist managers are selected against a documented framework and monitored over time. The reason for each allocation should remain clear.
The team's experience
Khalifa Al Kindi and Hashim Kudsi met inside the Abu Dhabi Investment Authority and spent the following three decades allocating sovereign capital, at ADIA and at the Abu Dhabi Investment Council. In 2017 they founded Liwa to do that same work for a wider set of investors.
Careers built through changing markets, from Black Monday to the fastest rate rise in decades. One continuous record of experience, now shared with a wider team in Abu Dhabi and Palo Alto.
Co-Founder and Managing Partner
Khalifa Al Kindi is a Managing Partner of Abu Dhabi-based Liwa Capital Advisors, which he co-founded with Hashim Kudsi in 2017. Prior to Liwa, he established Abu Dhabi Investment Council (ADIC) in 2007 and served as its Managing Director. His career began in asset management at Abu Dhabi Investment Authority (ADIA) in 1983, where he ultimately served as Deputy Managing Director from 1997 to 2007.
During his leadership of the investment committees at both ADIC and ADIA, Mr. Al Kindi developed specialized knowledge across asset classes. He understands the complex nature of both long-term investing and market fluctuations, which enables him to identify managers who prioritize the stewardship and the preservation of assets.
His dedication to advancing the United Arab Emirates has been demonstrated in his commitment through numerous director and chairman roles in major financial institutions and government bodies: Chairman of the Board of UAE Central Bank, Chairman of the National Bank of Abu Dhabi, Member of the Supreme Petroleum Council, Board Member of ADIA, Chairman of Abu Dhabi National Insurance Company, Member of Allianz International Advisory Board and Chairman of the Arab Banking Corporation, among others.
Mr. Al Kindi received an honorary doctorate from Eastern Michigan University in Ypsilanti, Michigan, where he had previously earned a bachelor of science in economics.
Co-Founder and Managing Partner
Hashim Kudsi is the Managing Partner of Liwa Capital Advisors, which he co-founded in 2017 with Khalifa Al Kindi. Previously, Mr. Kudsi worked with Mr. Al Kindi in establishing the Abu Dhabi Investment Council (ADIC) in 2007, where he served as an Executive Director responsible for Active Investment Strategies and as a member of the ADIC Investment Committee. He began his professional career at the Abu Dhabi Investment Authority (ADIA) in 1989.
Mr. Kudsi has an extensive background in the asset management industry. In a career managing portfolios and evaluating asset managers for both ADIA and ADIC, he has identified many best-in-class asset management firms and has worked with each one directly over the years. His understanding of global financial markets, asset classes and economic cycles has given him the expertise to identify an allocation framework that has preserved and grown wealth over decades.
Mr. Kudsi has experience in the banking sector through his involvement as a Non-Executive Director at the National Bank of Abu Dhabi and his time serving as a member of its Risk Management Committee. Mr. Kudsi holds a bachelor of science in business administration from American University in Washington DC and is a Chartered Financial Analyst.
Market data, cited research, and institutional knowledge come together in AI-assisted thinking.
Liwa uses technology to support investment research and operational efficiency. Market data, cited research, manager research, and lessons from the team's experience are brought together in AI-assisted workflows that help organise evidence, surface relationships, and test counter-cases. The team reviews sources, interprets the work, and remains accountable for every investment decision.
Market data
Illustrative market signals.
Cited research
Sources carried through to the conclusion.
Institutional knowledge
Four decades of decisions, kept close to hand.
Observations across markets put changing conditions in view.
Published work is read with its citations intact, not summarised away.
What the team has already lived through informs what it asks next.
The human challenge
The team reviews the sources, tests the interpretation, and considers what may be missing.
Humans challenge,
interpret, and decide.
The team remains accountable.
Ideas worth spending time with.
A continuous conversation
We believe the strongest investment relationships begin with shared understanding.
