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HomeMiddle EastNew Mubadala, IPIC merged company begins operations – Banking & Finance

New Mubadala, IPIC merged company begins operations – Banking & Finance

Mubadala Investment Company, established after the merger of Mubadala Development Company and International Petroleum Investment Company, began operations on Monday.

The new entity is expected to accelerate Abu Dhabi’s economic diversification as it is active in 13 business sectors in more than 30 countries globally, state news agency WAM reported.

The new firm’s total assets of about $125 billion, based on valuations at the end of 2015, will make it the world’s 14th largest sovereign fund, according to data from the Sovereign Wealth Fund Institute.

The company has four investment platforms – petroleum and petrochemicals, alternative investments and infrastructure, technology, manufacturing and mining, and aerospace, information and communications technology, renewable energy and the management of diverse financial holdings.

WAM added that the work includes the development of global industrial champions in sectors such as aerospace, ICT, semi-conductors, metals & mining and renewable energy, and the management of diverse financial holdings.

Khaldoon Khalifa Al Mubarak, Group CEO and managing director of Mubadala Investment Company, addressed employees at an internal event on Monday to mark the first day of operations.

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