ABU DHABI / AGENCIES
President His Highness Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as the Ruler of Abu Dhabi, a law restructuring Abu Dhabi Investment Council (ADIC) whereby it will become part of the Mubadala Investment Company group.
Abu Dhabi is combining two of its investment firms to create a wealth fund with assets of about $250 billion as the emirate moves ahead with consolidation of state-controlled companies.
His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council, and Chairman of the Mubadala Investment Company Board of Directors, said, “ADIC becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy. With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”
“Merging the funds make sense,” said Issam Kassabieh, senior financial analyst at Mena Corp Financial Services in Dubai. “They could be looking to create, among the companies they own or control, bigger players that can compete on a larger scale and become global companies.”
Under the new law, the Mubadala Investment Company Board of Directors will now become the Board of Directors for the Abu Dhabi Investment Council. The senior leaders-hip of ADIC will continue to manage the Council.
Mubadala, partners to invest $1bn in Malaysia gas project
Abu Dhabi / WAM
Mubadala Petroleum and its partners PETRONAS Carigali Sdn Bhd (PETRONAS Carigali) and Sarawak Shell Berhad have reached the final investment decision for the Pegaga gas field development in Block SK 320, offshore Malaysia. The project will now proceed to the construction and installation stage.
Mubadala Petroleum is operator of Block SK 320 with 55 percent interest, PETRONAS Carigali holds 25 percent, and Sarawak Shell Berhad 20 percent interest respectively. Mubadala Petroleum and its partners are expected to invest in excess of $1 billion into the development with first gas expected by third quarter of 2021.
Mubadala Petroleum has been present in Malaysia since 2010.