ABU DHABI: His Highness Shaikh Mohammad Bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, has issued a resolution to merge International Petroleum Investment Company (Ipic) and Mubadala Development Company (Mubadala).
The resolution stipulated that a joint committee be created and assigned with the responsibility of merging the businesses of the two companies.
The joint committee will be chaired by Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, with Khaldoon Khalifa Al Mubarak serving as Vice Chairman and the membership of Suhail Mohamed Faraj Al Mazrouei, Hamad Al Hurr Al Suwaidi, and the Chairman of the Abu Dhabi Department of Finance.
Integrating the two entities would create greater benefits and enhanced economic value to the Government of Abu Dhabi.
The combined entity will realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments.
"This merger will further develop human capital in key sectors to realise our vision for a globally-competitive and sustainable economy" — أخبار محمد بن زايد (@MBZNews) June 29, 2016
It will also have the ability to contribute more significantly to the diversification of the economy, in line with the Abu Dhabi Plan and the country’s long-term vision. It would also build on the creation of quality, long-term employment and development of human capital in critical sectors for the emirate.
The two companies will continue to operate independently until the joint committee concludes its assignment.