Under new law, Abu Dhabi Investment Council will become part of the Mubadala Investment Company
UAE President Sheikh Khalifa bin Zayed Al Nahyan has issued, in his capacity as the Ruler of Abu Dhabi, a law to combine Abu Dhabi Investment Council (ADIC) and the Mubadala Investment Company.
The new wealth fund will have assets of about $250 billion.
Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and chairman of the Mubadala Investment Company, said: "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.
"With an investment vehicle of significant scale, world-class talent and wide geographical reach, we enhance the country’s competitive position," he added in comments published by state news agency WAM.
Under the new law, the Mubadala Investment Company board of directors will now become the board of directors for the Abu Dhabi Investment Council.
The senior leadership of ADIC will continue to manage it, WAM said. Eissa Mohammed al Suwaidi will continue to lead the organisation as its CEO, and will report to Mubadala Group CEO and managing director Khaldoon Khalifa al Mubarak.