$125 Billion Dollar Mubadala Fund of Abu Dhabi to begin working in May

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Abu Dhabi’s 125 billion dollar sovereign fund Mubadala Investment can begin operations in May by way of 4 divisions that specialize in the Middle East emirate’s interests in infrastructure, energy, technology, and aerospace.

In a statement made, the company’s board, created from 2 government-owned investment funds that proclaimed a union last year, supported an organizational structure and tasked senior managers. CEO Khaldoon Khalifa Al Hosni Mubarak, Chief Finance Officer Carlos Obeid, and the heads of the 4 divisions all have senior positions at Mubadala Development, one of the two companies that merged.

UAE capital, Abu Dhabi, possess about six percent of the world’s oil reserves. The energy-rich sheikhdom will merge Mubadala Development with International Petroleum Investment to lessen expense and combine complimentary businesses. International Oil producers are cutting on spending as they battle with lower crude prices. Benchmark Brent crude is trading at about 56 dollar a barrel compared with a 2014 peak of more than 115 dollars.

In a recent statement the new company’s 2 largest units will be Petroleum & Petrochemicals, and Alternative Investments & Infrastructure, according to the statement. Each will comprise about 31 percent of Mubadala Investment’s overall assets.
The petroleum division will manage Spanish refiner Cepsa, chemical makers Nova Chemicals, Borealis, and oil and natural gas producer Mubadala Petroleum. Musabbeh Al Kaabi, the present head of Mubadala Petroleum, will be CEO of the Petroleum & Petrochemicals segment.

Waleed Al Muhairi, deputy CEO of Mubadala Development, will have the same position in the new company. He will manage the Alternative Investments & Infrastructure unit, which will attend to health care and real estate.
The Technology, Manufacturing & Mining division will have around 22 percent of the new company’s assets, including semiconductor makers Globalfoundries & Advanced Micro Devices, metals producers Emirates Global Aluminium and Minas de Aguas Tenidas. Ahmed Yahia Al Idrissi, currently Mubadala Development’s’s CEO of Technology & Industry, will head the unit.

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

 

Mohamed Dekkak

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