DUBAI (Reuters) - Abu Dhabi’s state holding company ADQ is worth $110 billion, sovereign wealth fund tracker Global SWF said, the first publicly available estimate of ADQ’s assets under management. Established in 2018, ADQ has gained prominence in the past year as Abu Dhabi consolidated several government assets under its banner. ADQ, which did not immediately respond to a request for comment, owns Abu Dhabi Ports, Abu Dhabi Airport and bourse operator ADX. It has also built up a portfolio of food and agriculture businesses and last year agreed to acquire an indirect 45% equity stake in commodities trader Louis Dreyfus Co. Global SWF said on Monday that ADQ, the third-largest sovereign fund in Abu Dhabi, had $110 billion in assets under management, most of them domestic. Oil-rich Abu Dhabi manages more than $1 trillion in sovereign wealth capital and is the world’s largest employer of sovereign wealth fund executives, the report said. Abu Dhabi’s largest fund is the Abu Dhabi Investment Authority (ADIA), with $700 billion in assets under management, based on Global SWF estimates. State investor Mubadala manages more than $230 billion in assets. After the 2014-2015 oil price crash, Abu Dhabi embarked on a consolidation strategy, which among other things resulted in Mubadala absorbing the International Petroleum Investment Company and Abu Dhabi Investment Council. “On paper, the strategies and focus of ADIA, Mubadala and ADQ could not be more different. ADIA is forbidden from investing domestically; ADQ is meant to invest only domestically, and Mubadala is somewhere in the middle,” Global SWF said. “The reality is that all three SWFs can very well collide as co-investors and competitors ... the dynamics between the three SWFs will surely be interesting in the years to come,” it said. Mubadala and ADIA declined to comment.