Abu Dhabi: Mubadala Investment Company created after the merger of Mubadala Development Company and International Petroleum Investment Company began operations on Monday with the company unveiling its new logo.
The new company, with total assets of $125 billion (Dh459 billion), was formed earlier this year with President His Highness Shaikh Khalifa Bin Zayed Al Nahyan in his capacity as Ruler of Abu Dhabi, issuing a law to create one of the largest state-owned investment funds in the world.
The company has 68,000 employees with business partnerships and presence in more than 30 countries globally, Mubadala said in a statement. Its assets include stakes in General Electric and private equity firm Carlyle, Spanish energy firm Cepsa and Austrian energy firm OMV, Unicredit, Global Foundries, Virgin Galactic and UAE construction firm Arabtec.
According to Mubadala, the work includes the development of global industrial champions in sectors such as aerospace, ICT, semi-conductors, metals & mining and renewable energy, and the management of diverse financial holdings.
“We build on legacy expertise in oil and gas to invest across the hydrocarbon spectrum, and enhance the UAE’s growth potential through investments in health care, real estate and defence services.”
“Our investment approach prioritises partnership with best-in-class organisations and a commitment to the highest standards of governance,” the company said.
Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala Investment Company, addressed employees at an internal event to mark the first day of operations for the new company in Abu Dhabi.
The new entity is expected to accelerate Abu Dhabi’s economic diversification as it is active in thirteen sectors with petroleum and petrochemicals, alternative investments and infrastructure sectors, technology, manufacturing and mining dominating the investment portfolio.