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Abu Dhabi Plans Merger of Sovereign Funds Mubadala and IPIC

  • Merger would create entity with assets of about $135 billion
  • Emirate is also pursuing merger of largest banks, NBAD and FGB
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Abu Dhabi is planning to merge two of its largest sovereign investment funds as the sheikhdom pursues a strategy of consolidation after the slump in oil prices.

The combination of International Petroleum Investment Co. and Mubadala Development Company PJSC would pool assets of about $135 billion and debt of about $42 billion, according to Bloomberg calculations. U.A.E. Deputy Prime Minister Sheikh Mansour bin Zayed Al Nahyan and oil minister Suhail Al Mazroui will be part of the committee charged with overseeing the deal, according to a statement on state-run WAM news agency Wednesday.