Mubadala Chief Executive Officer Khaldoon Al Mubarak. (World Economic Forum, Wikipedia)
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Abu Dhabi is close to finalizing the merger of two of its largest sovereign wealth funds – Mubadala Development Co. PJSC and International Petroleum Investment Co. The combined entity, which will be known as Mubadala Investment Co., will become the 14th largest fund globally with about $125 billion of assets, according to the Sovereign Wealth Fund Institute. The emirate, home to about 6 percent of the world's proven oil reserves, is cutting spending and merging companies after oil prices slumped about 50 percent over the past two years. Consolidation is mainly taking place in the financial services industry, including the mega-merger of the emirate's two largest banks National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC.Why are Mubadala and IPIC merging?Mubadala CEO Mubarak will lead the new entity, while Mubadala Chairman Abu Dhabi Crown Prince Sheikh Mohamed bin Zayed al-Nahyan will assume the same role in Mubadala Investment.What assets will the new company have?Abu Dhabi is considering a plan to merge Abu Dhabi Commercial Bank PJSC and Union National Bank PJSC, and also combine Abu Dhabi Islamic Bank PJSC with Al-Hilal Bank PJSC, once the NBAD and FGB deal is done, people with knowledge of the matter said in November.
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