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Abu Dhabi’s attention has turned to its unwieldy tangle of sovereign wealth funds (SWF) as it looks to streamline its public sector.
It announced the planned merger of International Petroleum Investment Company (IPIC) and Mubadala Development Company on 29 June. The combined entity will have assets of around $135bn according to their latest results.
As with its fellow GCC countries, the UAE and dominant emirate Abu Dhabi in particular have been hit hard by the collapse in oil prices. Despite cutting spending by 4% in real terms in its 2016 budget, the UAE still expects to run a second consecutive deficit this year, of 4% of GDP. (CONTINUED - 1102 WORDS)
DATA INSIDE THIS ARTICLE
|table||Abu Dhabi State Funds Ipic & Mubadala: Key Oil, Gas & Power Assets|