Merger Announcement

Government of Abu Dhabi resolution to merge IPIC and Mubadala

His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the U.A.E. Armed Forces and Chairman of the Abu Dhabi Executive Council, has today issued a resolution to merge International Petroleum Investment Company PJSC (IPIC), a company wholly-owned by the Government of Abu Dhabi mandated to invest globally in energy and energy-related industries, and Mubadala Development Company PJSC (Mubadala), a business development and investment company wholly-owned by the Government of Abu Dhabi.

The resolution provides for the formation of a joint committee to be assigned with the responsibility of merging the businesses of IPIC and Mubadala. The joint committee will be chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, the Chairman of the board of directors of IPIC, a member of the ruling family of Abu Dhabi, the Deputy Prime Minister of the U.A.E. and the U.A.E. Minister of Presidential Affairs, with His Excellency Khaldoon Khalifa Al Mubarak, Group CEO and Managing Director of Mubadala and Chairman of the Abu Dhabi Executive Affairs Authority, serving as Vice Chairman.

IPIC and Mubadala will continue to operate independently until the joint committee concludes its assignment.