Tom Arnold has stepped down as global real estate head at the Abu Dhabi Investment Authority (ADIA) and has been replaced temporarily by Salem AlDarmaki.

IPE Real Assets understands that AlDarmaki, deputy director of real estate and infrastructure, will take on the acting role to lead the $43.47bn (€38.5bn) real estate business as ADIA searches for a new global head ”who can lead the real estate team in the next phase of its development”.

Arnold, who took up the global head of real estate role in June 2018, has decided to relocate back to the US to be closer to his family.

He joined ADIA in 2009 as Americas real estate head from Cerberus Capital Management.

When approached by IPE Real Assets, a spokesperson for ADIA, said: ”We are very grateful for Tom’s many contributions over the past 11 years and the key role he has played in the development of ADIA’s real estate business. We wish him the best in his future endeavours.”

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