Comment on United Arab Emirates to merge 2 Abu Dhabi investment funds

United Arab Emirates to merge 2 Abu Dhabi investment funds

DUBAI, United Arab Emirates (AP) — A top United Arab Emirates official ordered the merger of two prominent government wealth funds on Wednesday, streamlining the country's investment strategy as it weathers a slump in oil prices. The decision by Abu Dhabi's crown prince, Sheikh Mohammed bin Zayed Al Nahyan, will combine Mubadala Development Company and the International Petroleum Investment Company into a new entity that will hold roughly $135 billion in assets across businesses ranging from computer chips to renewable energy. Both companies are owned by Abu Dhabi, the oil-rich capital of the seven-state Emirates federation, which includes the Gulf commercial hub of Dubai. State news agency WAM said the tie-up would "create greater benefits and enhanced economic value" for the Abu Dhabi government. The drop in oil prices over the past two years has led to a widening deficit and a slowdown in the UAE economy, and has prompted the government to cut back on generous energy subsidies.Read more on NewsOK.com

 

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