Definition of the Global Petroleum Investment Company (IPIC)
The Global Petroleum Investment Company (IPIC) is a government-owned investment workforce that manages the sovereign wealth fund for Abu Dhabi, United Arab Emirates (UAE). The purpose of the IPIC is to invest internationally throughout the hydrocarbons industries. In 2016, the IPIC merged with Mubadala Development Company to create the Mubadala Investment Company.
Working out the Global Petroleum Investment Company (IPIC)
The IPIC used to be as soon as established on Would possibly 29, 1984, during the Abu Dhabi government. Abu Dhabi is the capital of the United Arab Emirates (UAE). It has a population of with reference to 3 million and holds 9% of the world’s oil reserves and 5% of the world’s gas reserves. The IPIC used to be as soon as created with the aim to use Abu Dhabi’s natural petroleum wealth—from oil resources discovered inside the 1950s—to increase the monetary device and assemble essential infrastructure for the future of Abu Dhabi’s voters.
One of the IPIC’s first investments used to be as soon as in 1988 when it received a large minority stake in Cespa, the Spanish refiner. The IPIC specializes in international energy-related industries related to hydrocarbons: exploration and production, delivery and pipelines, retail and promoting and advertising, and industrial services and products, among others. Its investments are long-term-focused.
Merger With Mubadala Development Company
Mubadala Development Company used to be as soon as established in 2002 to further diversify Abu Dhabi’s monetary device. The IPIC merged with Mubadala Development Company on June 29, 2016. A strategic selection used to be as soon as then made during the President of the United Arab Emirates and Ruler of Abu Dhabi, Khalifa bin Zayed bin Sultan Al Nahyan, in 2017 to create a brand spanking new company, Mubadala Investment Company, which may come with of every the IPIC and Mubadala Development Company.
Mubadala Investment Company is known as a global investment powerhouse for Abu Dhabi. It has a quite a lot of investment portfolio that spans more than 50 countries and 13 sectors, comparable to aerospace, semiconductors, renewable energy and utilities, healthcare, and exact belongings. When the merger used to be as soon as complete, the company’s property totaled kind of $125 billion, making it the 14th largest sovereign wealth fund on this planet. It is now known as Abu Dhabi’s major strategic investment company.
