World Economy

UAE to Merge Funds

UAE to Merge FundsUAE to Merge Funds

A top official in the United Arab Emirates has issued an order for the merging of two of the Persian Gulf nation’s most prominent government wealth funds, streamlining the country’s investment strategy as it weathers a slump in oil prices, AP reported. 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, which holds stakes in several energy-related companies and owns most of Abu Dhabi-based Aabar Investments. The companies’ most recent financial statements show that Mubadala holds about $67 billion in assets, while IPIC is slightly larger at $68 billion. They together carry about $42 billion in debt.