Toy­ota re­calls mod­els

IPIC and Mubadala to join forces

7 Days in Dubai - - BUSINESS -

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.

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