Dubai - The law was issued by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan.
Published: Wed 21 Mar 2018, 10:55 PM
Updated: Thu 22 Mar 2018, 1:24 AM
Abu Dhabi is moving ahead with consolidating its state-controlled companies, and is combining two of its investment firms to form a wealth fund boasting assets of approximately $250 billion.
A law issued by the President, His Highness Sheikh Khalifa bin Zayed Al Nahyan, in his capacity as the Ruler of Abu Dhabi, restructured the Abu Dhabi Investment Council (Adic), making it part of Mubadala Investment Company group.
The new law also stipulates that the Mubadala Investment Company board of directors will become the board of Adic, with the latter's senior management to continue running the council.
The move follows a slew of actions made by the UAE capital. Last year, Mubadala sealed a merger with International Petroleum Investment Corp to create the world's 14th-largest fund with $125 billion of assets. On Tuesday, Abu Dhabi's Aldar Properties said it would form a joint venture with Dubai's Emaar Properties to develop local and international projects worth Dh30 billion.
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