Abu Dhabi plans merger of sovereign funds Mubadala, IPIC
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Dubai
ABU Dhabi is planning to merge two of its largest sovereign investment funds as the sheikhdom pursues a strategy of consolidation after the slump in oil prices.
The combination of International Petroleum Investment Co (IPIC) and Mubadala Development Company PJSC would pool assets of about US$135 billion and debt of about US$42 billion, according to Bloomberg calculations. UAE Deputy Prime Minister Mansour bin Zayed Al Nahyan and Oil Minister Suhail Al Mazroui will be part of the committee charged with overseeing the deal, according to a statement on state-run WAM news agency on Wednesday.
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