Abu Dhabi government has merged two of its governmental funds, to establish a company with a capital of $125bn to reinforce its financial status.
The new fund is established under the name ” Mobadala for investement company” , a merge between “Mobadala for development company ” and “IPIC”, which owns market shares in energy industry and other sectors around the world.
The UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, his capacity as the Ruler of Abu Dhabi, has issued a law establishing the Mubadala Investment Company.
As a public joint stock company, the new company will be an independent legal entity and enjoy financial and administrative independence and full legal capacity to exercise its activities and achieve its goals, said a Wam report.
Stakes of the Government of Abu Dhabi in the Mubadala Development Company and International Petroleum Investment Company (IPIC), will be transferred to the new company so that each of the two companies will be wholly owned by the new company.
According to the law, the company will run operations in acquisition, development, construction, financing, operation and investment in various sectors.
The law also provided for some amendments to the law that had established IPIC, including the company’s objectives, legal form, capital, management and its statute.
The law also included some amendments to the Emiri Decree regarding the establishment of the Mubadala Development Company, including the company’s objectives, the legal form, capital, management and its statute.
HH Sheikh Khalifa also issued a decree forming the board of directors of Mubadala Investment Company under the chairmanship of HH Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces.
The decree stated that Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, will be the vice chairman. Members of the board include Mohammed Ahmed Al Bowardi, Suhail Mohammed Al Mazrouei, Khaldoon Khalifa Al Mubarak as managing director, Hamad Al Hurr Al Suwaidi, Abdul Hamid Mohammed Saeed and Mahmood Ebraheem Al Mahmood.
