Abu Dhabi’s Sovereign Fund Posts $1.2 Billion Loss in First Half of Year
Mubadala Development Co, the Abu Dhabi sovereign fund merging with International Petroleum Investment Co posted a $1.2 billion loss in the first half due to lower commodities prices and smaller gains from financial investments. The loss is similar to slump at IPIC, which in June said that it had a loss of $2.7 billion last year and that its assets had dropped to $58 billion from $66 billion in 2014.
“Mubadala Development Co, the Abu Dhabi sovereign fund merging with International Petroleum Investment Co posted a $1.2 billion loss in the first half.”
Abu Dhabi is merging two of its largest sovereign funds to create an entity with assets of about $125 billion and debt of about $42 billion. The combination of Mubadala and IPIC will form an asset pool more than twice the size of Russia’s Reserve Fund.
Related Reports: Bloomberg
About Mubadala Development Co.
Mubadala was established to strengthen Abu Dhabi’s growth potential, and to help the government meet its socioeconomic targets. While our investments are designed to generate sustainable profits over the long-term, they also deliver strong social returns to Abu Dhabi and the United Arab Emirates.
Focused on investment and development across multiple sectors, Mubadala’s portfolio is valued at more than US $63.5 billion. We are an active investor in sectors and geographies with long-term value propositions, working in partnership with world-class organizations to establish and manage joint ventures.
Visit: Mubadala Development Co
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