Abu Dhabi Investment Council is to be restructured and merged into the Mubadala Investment Co.
The investment arm of the Abu Dhabi government, which has $123 billion in assets according to the Sovereign Wealth Fund Institute, will be restructured by a law issued by the United Arab Emirates president, His Highness Sheikh Khalifa bin Zayed Al Nahyan, said a notice on Mubadala's website.
Mubadala Investment Co. currently manages 465.5 billion UAE dirham ($126.7 billion).
The new law will see the Mubadala Investment Co, board of directors become the board for the ADIC. The senior leadership of the ADIC will continue to manage the council, with Eissa Mohamed Al Suwaidi continuing as CEO and reporting to Khaldoon Khalifa Al Mubarak, Mubadala group CEO and managing director.
"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," said Crown Prince Sheikh Mohammed bin Zayed Al Nahyan, chairman of the Abu Dhabi executive council and chairman of the Mubadala board of directors, in the notice. "With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country's competitive position."
The move to bring the ADIC under Mubadala "is in line with Abu Dhabi's efforts to create world-class investment vehicles of scale," added Sheikh Mansour bin Zayed Al Nahyan, deputy prime minister, minister of presidential affairs and vice chairman of the Mubadala board of directors, also in the notice. "ADIC has a strong history of investment, diversification and financial return."
Spokesmen at Mubadala declined to comment beyond the notice. Spokesmen for the ADIC could not be reached for comment.
