Thursday, 06 May 2021 06:14 GMT

Combined Abu Dhabi entities will offer better synergies: paper

(MENAFN - Emirates News Agency (WAM))

ABU DHABI, 25th July, 2016 (WAM) -- Abu Dhabi has taken a significant step in coordinating different elements of its long-term strategic vision by merging International Petroleum Investment Company, IPIC, and the Mubadala Development Company. Both companies are well-established parts of Abu Dhabi's plans for economic diversification and sustainable development and the decision to merge them by His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, means that Abu Dhabi can expect greater value and substantially enhanced economic environment, according to The Gulf News in an editorial today.

"The combined entity will offer synergies in several sectors, including energy (where IPIC has been very active), utilities, as well as a range of strategically-important industries for Abu Dhabi's development, like technology, aerospace, industry, health care, real estate and financial investments. This means it will be able to better support the development of necessary and new non-oil industries in the UAE and also create a variety of career options for Emiratis, which will support the essential development of human capital."

The editorial continued, "The UAE needs a much bigger non-oil economy in order to become economically self-sufficient and wean itself off relying on oil revenues. It is also well aware that its population will grow in future decades and the emerging new generations will need concrete and substantial careers. Therefore, the UAE also wants to develop a strategic interest in important sectors like energy, where it is already a world leader, and in sectors in which knowledge can add value. The UAE also aims to be a leading member of the global community and its emerging power in these economic sectors helps build that national vision," the Gulf News concluded.

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