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Code: 38111 Visited: 1144 Publish Date: Feb 20 2017 - 2:23
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Abu Dhabi's $125 Billion Mubadala Fund to Start Work in May
Tehran, Feb. 20 (SENA) - Abu Dhabi’s $125 billion sovereign fund Mubadala Investment Co. will start operations in May through four divisions focusing on the Middle East emirate’s interests in energy, infrastructure, technology and aerospace.

Tehran, Feb. 20 (SENA) - Abu Dhabi’s $125 billion sovereign fund Mubadala Investment Co. will start operations in May through four divisions focusing on the Middle East emirate’s interests in energy, infrastructure, technology and aerospace.

The company’s board, formed from two other government-owned investment funds that announced a merger last year, approved an organizational structure and appointed senior managers, it said in an e-mailed statement. Bloomberg reported.

Chief Executive Officer Khaldoon Khalifa Al Mubarak, Chief Financial Officer Carlos Obeid and the heads of the four divisions all hold senior positions at Mubadala Development Co., one of the two companies that merged.

Abu Dhabi, the capital of the United Arab Emirates, holds about 6 percent of the world’s oil reserves. The energy-rich sheikhdom is merging Mubadala Development with International Petroleum Investment Co. to cut costs and combine complimentary businesses. Oil producers globally are slashing spending as they struggle with lower crude prices. Benchmark Brent crude is trading at about $56 a barrel compared with a 2014 peak of more than $115.

The new company’s two biggest units will be Petroleum & Petrochemicals and Alternative Investments & Infrastructure, according to the statement. Each will comprise about 31 percent of Mubadala Investment’s total assets.

The petroleum division will operate Spanish refiner Cepsa SA, chemical makers Nova Chemicals Corp and Borealis AG, and oil and natural gas producer Mubadala Petroleum, according to the statement. Musabbeh Al Kaabi, currently head of Mubadala Petroleum, will be CEO of the Petroleum & Petrochemicals segment.

Waleed Al Muhairi, deputy CEO of Mubadala Development, will hold the same post in the new company. He’ll lead the Alternative Investments & Infrastructure unit, which will focus on health care and real estate.

The Technology, Manufacturing & Mining division will hold about 22 percent of the new company’s assets, including semiconductor makers Globalfoundries Inc. and Advanced Micro Devices Inc., metals producers Emirates Global Aluminium and Minas de Aguas Tenidas SA. Ahmed Yahia Al Idrissi, currently Mubadala Development’s’s CEO of Technology & Industry, will head the unit.

The Aerospace, ICT & Renewables division will hold about 11 percent of Mubadala Investment’s assets, including renewable energy company Masdar and satellite communications provider Al Yahsat. Khaled Al Qubaisi, currently Mubadala’s Chief Human Capital Officer, will head the division.

 

 
By: Security and Exchange News Agency (SENA)
 
 
 
 
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