computer chips to renewable energy, at least Sildo in the the right place...and The Doc said he was in China
DUBAI, United Arab Emirates (AP) — A top United Arab Emirates official ordered the merger of two prominent government wealth funds on Wednesday, streamlining the country’s investment strategy as it weathers a slump in oil prices.
The decision by Abu Dhabi’s crown prince, Sheikh Mohammed bin Zayed Al Nahyan, will combine Mubadala Development Company and the International Petroleum Investment Company into a new entity that will hold roughly $135 billion in assets across businesses ranging from computer chips to renewable energy.
Both companies are owned by Abu Dhabi, the oil-rich capital of the seven-state Emirates federation, which includes the Gulf commercial hub of Dubai.
State news agency WAM said the tie-up would “create greater benefits and enhanced economic value” for the Abu Dhabi government.
The drop in oil prices over the past two years has led to a widening deficit and a slowdown in the UAE economy, and has prompted the government to cut back on generous energy subsidies. Abu Dhabi controls the bulk of the OPEC member’s 98 billion barrels of oil reserves, the world’s seventh largest.
Mubadala’s holdings include semiconductor maker Globalfoundries and renewable energy company Masdar, as well as stakes in Fairfield, Connecticut-based General Electric Co. and Washington-based private equity firm The Carlyle Group.
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