Toyota recalls models
IPIC and Mubadala to join forces
Two of Abu Dhabi’s biggest investment funds - International Petroleum Investment Company (IPIC) and the Mubadala Development Company - are to merge.
The move is part of a plan to diversify the emirate’s and UAE’s economy and prepare it for the post-oil era.
State news agency WAM reported that the move would “build on the creation of quality, long-term employment and development of human capital in critical sectors for the emirate”.
HH Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council, issued the resolution yesterday.
Sheikh Mohamed wrote on Twitter: “This merger will further develop human capital in key sectors to realise our vision for a globally-competitive and sustainable economy.”
WAM reported that a committee has been tasked with merging the huge companies.
It said: “Integrating the two entities would create greater benefits and enhanced economic value to the Government of Abu Dhabi. “The combined entity will realise synergies and growth in multiple sectors including the energy and utilities sector, technology, aerospace, industry, health care, real estate and financial investments.”
IPIC is a major investment company which owns stakes in energy, chemical and industrial firms around the world, along with operating oil pipelines in Abu Dhabi. Mubadala is tasked with diversifying the emirate’s economy has interests in aviation, renewables, healthcare and defence. It is also known for running the capital’s annual tennis tournament and owning Masdar City. Toyota is recalling 1.43 million vehicles for defective air bags and another 2.87 million vehicles for faulty fuel emissions controls. Some 932,000 vehicles are involved in both recalls, so the total number of affected vehicles is 3.37 million. Al Futtaim Motors will recall 130 Lexus CT200h’s from the model years 2010 to 2012 as part of Toyota’s recall.