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Financials

Abu Dhabi government orders merging of Mubadala And IPIC - state news agency

DUBAI, June 29 (Reuters) - The Abu Dhabi government has ordered the merging of state investment funds Mubadala Development Company and International Petroleum Investment Company, according to a statement carried by the state news agency on Wednesday.

“The merger of the two companies augments the investment advantages and economic revenue for Abu Dhabi, and creates a body capable of achieving the highest level of integration and growth in multiple sectors, including energy, technology and space industry,” the agency said.

A committee headed by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan will oversee the merger, the statement added without giving a timeframe for when the combination would be completed. (Reporting by Ahmed Tolba, Writing by David French; Editing by Sami Aboudi)

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