Abu Dhabi President Sheikh Khalifa bin Zayed Al Nahyan issued a law to restructure Abu Dhabi Investment Council such that it will become a part of Mubadala Investment Co., several news sources reported.
Mubadala Chairman Sheikh Mohamed bin Zayed Al Nahyan said the restructuring is in line with Abu Dhabi's efforts to accelerate the diversification of the United Arab Emirates' economy. Both the Abu Dhabi Investment Council, or ADIC, and Mubadala are state-owned investment companies, and the merger will create an asset pool of $250 billion, Bloomberg News reported.
The move is part of Abu Dhabi's drive to consolidate state-owned companies, the newswire noted.
Under the new law, Mubadala's board of directors will also serve as the board for ADIC. ADIC CEO Eissa Mohamed al Suwaidi will continue in his role and report to Mubadala CEO and Managing Director Khaldoon Khalifa al Mubarak. ADIC's senior leadership will continue in their positions.