ABU DHABI (Reuters) – Abu Dhabi’s government on Saturday merged two of its top investment funds, Mubadala Development Co and International Petroleum Investment Co, to strengthen their financial clout in an era of low oil prices.
The new fund, Mubadala Investment Co, will be run by chief executive Khaldoon al-Mubarak, United Arab Emirates state news agency WAM reported, adding that a board had been appointed.
The merged fund will have assets worth around $ 125 billion (£101 billion), based on valuations at the end of 2015, officials said. The government originally announced in June last year that it planned the merger.
(Reporting by Ahmed Tolba, Stanley Carvalho and Tom Finn; Writing by Andrew Torchia)
