Mubadala Investment’s board named

Abu Dhabi

ABU DHABI, January 23, 2017 – On Saturday, the government of Abu Dhabi announced the names of the new board members for the USD 125 billion company being formed as a result of the merger of Mubadala Development Company and International Petroleum Investment Company (IPIC).

The newly created entity, Mubadala Investment Company, will have Crown Prince Sheikh Mohammed bin Zayed serve as chairman of the board, with Sheikh Mansour bin Zayed as vice-chairman. Mubadala Development Company’s chief executive, Khaldoon Al Mubarak, will become the chief executive of the combined entity.
Four other board members were also named, and the structure of the new company is expected to be detailed after the board meets.

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.