(MENAFN - NewsBytes)
Abu Dhabi is close to getting the 14th largest global fund with an approximate assets worth of 125 billion.
The global fund will be a product of the merger of 2 of its biggest autocrat wealth funds - International Petroleum Investment Co and Mubadala Development Co. PJSC.
The merged entity will be known as Mubadala Investment Co.
Timeline Mubadala law formalized by Abu Dhabi Crown Prince 21 Jan 2017
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan declared a statute forming the Mubadala Investment Company.
This would compromise of International Petroleum Investment Company (Ipic) and Mubadala Development Company bringing together two of the most illustrious global investment powerhoue.
His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi will be the Chairman of the merged Board.
Getting to know Ipic and Mubadala Ipic and Mubadala
Ipic has a stake in almost 18 leading companies dealing with the hydrocarbon value chain like "exploration and production, shipping and pipelines, downstream petrochemicals, power, utilities and industrial services".
Mubadala has investments in "aerospace, oil, and gas, semiconductors, information and communications technologies, utilities, capital investments, real estate and infrastructure".
The services of the 2 groups pan across Canada, Europe, US and Asia.