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Thu 12 Jan 2017 04:14 PM

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Mubadala CEO expects to see more mergers in Abu Dhabi

Khaldoon Khalifa al-Mubarak also says Mubadala may open offices in China and Asia if need arises

Mubadala CEO expects to see more mergers in Abu Dhabi
Mubadala CEO Khaldoon Al Mubarak

More mergers are likely in Abu Dhabi as institutions there tie up in ways that are positive for their business, Khaldoon Khalifa al-Mubarak, group chief executive of Abu Dhabi state fund Mubadala, said on Thursday.

"There's an appetite for more mergers. I expect to see mergers continue in a positive way in Abu Dhabi," Mubarak told reporters. He did not elaborate on which firms might merge.

Last June, the Abu Dhabi government said it would merge Mubadala and another state fund, International Petroleum Investment Co, responding to the impact of low oil prices by pooling their investment power and consolidating operations. Mubarak said on Thursday that the merger was in its final stages and would be completed within weeks.

Abu Dhabi's First Gulf Bank and National Bank of Abu Dhabi are also completing a merger.

Mubadala may open offices in China and Asia if the need arises, Mubarak said. India has huge growth potential and Mubadala is looking at it seriously, he added.

He confirmed that Mubadala was in talks with Japan's SoftBank to invest in a technology fund of up to $100 billion that the Japanese firm is putting together with Saudi Arabia and other interests.

He did not give details. A source familiar with the talks earlier told Reuters that Mubadala might invest between $10 billion and $15 billion, and that an agreement could be signed in the next few weeks.

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