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Tuesday, 14 February 2017

Abu Dhabi’s New $125 Billion Sovereign Fund Is Taking Shape - Bloomberg

Abu Dhabi’s New $125 Billion Sovereign Fund Is Taking Shape - Bloomberg:

"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 fourteenth 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 megamerger of the emirate’s two largest banks National Bank of Abu Dhabi PJSC and First Gulf Bank PJSC. Although there are few details on how Mubadala Investment will operate, here’s what we do know:"

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