( CNN ) -- The managing director of the Abu Dhabi Investment Fund is missing after his glider plane crashed into a lake in Morocco , the state news agency of the United Arab Emirates reported Friday . Authorities were searching for Sheikh Ahmed bin Zayed Al Nahyan , who is a brother of the ruler of Abu Dhabi and president of the UAE , Sheikh Khalifa bin Zayed Al Nahyan . Sheikh Ahmed is also chairman of the board of trustees of the Zayed Foundation for Charity and Humanitarian Works , said WAM , the news agency . The plane went down in the northwestern city of Skhirat , according to Morocco 's official news agency , MAP . Forbes ' 2009 rankings of `` The World 's Most Powerful People '' rated the missing sheikh at No . 27 . The pilot was rescued in good condition , WAM said . A spokesman for the fund did not immediately return a call seeking comment . The sovereign-wealth fund , which was established in 1976 , is owned by the government of Abu Dhabi . In an interview in January with Germany 's business daily newspaper Handelsblatt , Sheikh Ahmed said he preferred not to use the sovereign-wealth fund label to describe the investment fund . `` We prefer to be seen simply as a globally diversified investment institution , with the difference being that our owner is the government of the Emirate of Abu Dhabi , '' he said . `` ADIA 's sole mission , which has not changed in over 30 years , is to secure and maintain the current and future welfare of the Emirate of Abu Dhabi . '' Asked about news reports that ADIA 's global assets range between $ 300 billion and $ 800 billion , Sheikh Ahmed hewed to the secretive style that has marked the fund . `` As a matter of policy , ADIA does not disclose its assets under management , '' he said . But he noted that his brother , the president , who is also ADIA 's chairman , `` has stated publicly that some of the highest estimates seen in the media have been exaggerated . ''
Search under way for Abu Dhabi executive Sheikh Ahmed after Morocco plane crash . Sheikh Ahmed is brother of Sheikh of Abu Dhabi , UAE president . Sheikh Ahmed ranked No . 27 on Forbes ' ` ` Most Powerful People '' list .