| The surprise announcement from Abu Dhabi that it is to merge two of its sovereign wealth funds, International Petroleum Investment Company (IPIC) and Mubadala Development Company, has highlighted the tight corner that even the richest Middle East governments are in these days.
The merger was announced on June 29, following a decision by Sheikh Mohamed bin Zayed, crown prince of Abu Dhabi and the most important political figure in the UAE. According to the announcement by the official news agency WAM, the merger will allow for “synergies”, which is a polite way of saying cost-cutting...............................................Full Article: Source
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