Abu Dhabi
Abu Dhabi merges sovereign wealth funds
Edward C. Baig, USA TODAY
Abu Dhabi has completed a $125 billion merger of sovereign wealth funds, as the emirate attempts to diversify investments away from oil, which has seen a major slump in prices. The government-owned Mubadala Investment Company, as the new venture is called, combines the assets of the International Petroleum Investment Company and Mubadala Development Company. The decision to merge IPIC and Mubadala was first announced in June.
The combined entity becomes the 14th largest sovereign fund, according to the Sovereign Wealth Fund Institute. It will conduct partnerships and businesses in more than 30 countries. The sheikdom’s two leading banks are also in the process of merging.
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