Abu Dhabi has moved closer to completing the merger of Mubadala Development Company and International Petroleum Investment Company (IPIC) with the establishment of Mubadala Investment Company that will own the assets of both companies.

The two companies, are said to have combined assets of about $130bn.

The new entity was created on 21 January by a decree from Abu Dhabi Ruler and UAE President Sheikh Khalifa bin Zayed al-Nahyan.

The decree says that Mubadala Investment Company will be a public joint stock company that will be an independent legal entity and enjoy financial and administrative independence and full legal capacity to exercise its activities and achieve its goals.

The chairman of Mubadala Investment Company will be Abu Dhabi Crown Prince and Deputy Supreme Company and the UAE Armed Forces Sheikh Mohamed bin Zayed al-Nahyan.

Sheikh Mansour bin Zayed al-Nahyan, Deputy Prime Minister and Minister of Presidential Affairs, will be Vice Chairman.

The other members of the board include Mohammed Ahmed al-Bowardi, Suhail Mohammed al-Mazrouei, Khaldoon Khalifa al-Mubarak as managing director, Hamad al-Hurr al-Suwaidi, Abdul Hamid Mohammed Saeed and Mahmood Ebraheem al-Mahmood.