The decision to crown prince of Abu Dhabi Sheikh Mohammed bin Zayed Al Nahyan, and the combination of Mubadala Development Company
and International Petroleum Investment Company in the new entity that will hold about $ 135 billion in
assets across firms ranging from computer chips to renewable energy.
It owns all of Abu Dhabi, the oil-rich capital of the seven emirates of the UAE to the state, which includes the Gulf trade hub of Dubai.
The official WAM news agency that the alliance ”
create greater benefits and enhance the economic value” of the Government of Abu Dhabi.
The decline has resulted in oil prices during the past two years to a deficit widening
and the slowdown in the UAE economy, the government has pushed to reduce support for the generous energy.
Abu Dhabi controls the bulk of the 98 billion barrels of OPEC member’s oil reserves in the world’s seventh-largest.
The holdings include a swap of the semiconductor industry and
the company Global renewable energy source, as well as stakes in General Electric Company of Fairfield,
-based, and private equity firm and the Washington-based Carlyle Group.
IPIC stakes in several energy-related businesses, and
owns most of Aabar Investments, based in Abu Dhabi, which include partial ownership to start space tourism Virgin Gallactic holdings.
The latest financial statements of the companies in Abu Dhabi and suggest that the swap holds about $ 67 billion in assets and the International Petroleum Investment Company $ 68 billion.
Together carry about $ 42 billion in debt.
Merger plans come after 10 days, said First Gulf Bank in Abu Dhabi and
National Bank of Abu Dhabi and started talking about the possibility of a tie-up
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