Mubadala, Adic in $200 billion consolidation
ANOTHER STEP IN ABU DHABI’S EFFORTS TO ACCELERATE DIVERSIFICATION OF ECONOMY
Abu Dhabi Investment Council (Adic) will become part of the Mubadala Investment Company with the value of the combined portfolio to be more than $200 billion.
President His Highness Shaikh Khalifa Bin Zayed Al Nahyan in his capacity as the Ruler of Abu Dhabi has issued a law restructuring Abu Dhabi Investment Council yesterday, according to a statement on Wam.
The Adic becoming part of the Mubadala Group is yet another step in Abu Dhabi’s efforts to accelerate the diversification of the UAE’s economy, said His Highness Shaikh Mohammad Bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces, Chairman of the Abu Dhabi Executive Council, and Chairman of the Mubadala Investment Company Board of Directors.
Eissa Mohammad Al Suwaidi will continue to lead Adic as its Chief Executive Officer, and will report to Mubadala Group CEO and Managing Director Khaldoon Khalifa Al Mubarak.
“Adic has a strong history of investment, diversification and financial return, and will build on its record of creating value as part of the Mubadala Group, which is one of Abu Dhabi’s most respected and recognised global institutions,” said Shaikh Mansour Bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Vice-Chairman of the Mubadala Investment Company Board of Directors.
The Abu Dhabi Investment Council, which started its operations in 2007, is an investment arm of the Government of Abu Dhabi with $123 billion assets.
Mubadala has total assets of more than $125 billion.
With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position.”
Shaikh Mohammad Bin Zayed
Mubadala Petroleum and its partners will invest more than $1 billion (Dh3.67 billion) in the development of an offshore gasfield in Malaysia with first gas expected by third quarter of 2021.
According to an announcement yesterday, the Pegaga gasfield development in Block SK 320 will be taken up by Mubadala Petroleum, in partnership with Malaysian companies Petronas Carigali and Sarawak Shell Berhad.
“The Pegaga gas project is Mubadala Petroleum’s first development in Malaysia and represents an important milestone for us to have brought Pegaga from discovery to the point of sanction with the support from Petronas and our partners,” Bakheet Al Katheeri, CEO of Mubadala Petroleum, said in a statement yesterday. The Pegaga gasfield is located in the Central Luconia province, offshore Sarawak, at about a 108-metre water depth and with a gas capacity of 550 million standard cubic feet of gas per day plus condensate.
As part of the development of the project, Mubadala Petroleum has issued the letter of award for the Engineering, Procurement, Construction, Installation and Commissioning (EPCIC) contract to Sapura Fabrication Sdn Bhd, a wholly owned subsidiary of Sapura Energy Berhad.
Mubadala Petroleum, owned by the government of Abu Dhabi, has assets across eight countries with a primary focus on the Middle East and south-east Asia.
$1 b what Mubadala and partners will invest in project