Abu Dhabi plans merger of sovereign funds Mubadala, IPIC
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.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
South Korea’s March factory output falls most in 15 months
Deflation reaches UK stores as non-food prices fall 0.6%
Japan’s March factory output rises 3.8% vs month earlier
Hong Kong vies with US in Bitcoin ETF market after crypto’s revival
More UK companies plan price rises but wage expectations cool: Lloyds
Campaigning EU chief von der Leyen defends record during debate