Abu Dhabi plans to merge state investment funds Mubadala Development Company and International Petroleum Investment Company, the emirate's state news agency said on Wednesday. The combined fund would have assets worth around $135 billion, according to Reuters calculations based on both funds' latest financial statements.
"The merger of the two companies augments the investment advantages and economic revenue for Abu Dhabi, and creates a body capable of achieving the highest level of integration and growth in multiple sectors, including energy, technology and space industry," the agency said.
A committee headed by Deputy Prime Minister Sheikh Mansour bin Zayed al-Nahayan will oversee the merger, the statement added, without giving a timeframe for when the combination would be completed.
The merger comes as Gulf sovereign investment funds are adjusting to lower oil prices. Mubadala did not receive any new cash from the government in 2015 for the first time in at least eight years.