Abu Dhabi to merge investment funds

Abu Dhabi

ABU DHABI, June 29, 2016 – Crown Prince Mohamed bin Zayed on Wednesday issued a resolution for the establishment of a joint committee that is to oversee the merger of Abu Dhabi’s two investment funds, the International Petroleum Investment Company (IPIC) and Mubadala Development Company, the Emirates News Agency reported.

IPIC owns Spain’s Compañía Española de Petróleo, better known as Cepsa. The fund also holds stakes in OMV of Austria and Oil Search, whose operations mostly centre on Papua New Guinea. Mubadala is invested in EmiratesLNG, Dolphin Energy and Mubadala Petroleum.

Deputy Prime Minister and Minister of Presidential Affairs Sheikh Mansour bin Zayed Al Nahyan will chair the committee.

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