Abu Dhabi Investment Council (Adic) will become part of the Mubadala Investment Company as Abu Dhabi continues to consolidate its state owned investment vehicles and operating companies.

A decree issued by UAE President Sheikh Khalifa bin Zayed al-Nahyan in his capacity as the Ruler of Abu Dhabi on 21 March ordered the restructuring of Adic and it becoming part of Mubadala.

The restructuring means Mubadala Investment Company’s board of directors will now become the board of directors for Adic. The senior management of Adic will remain. Eissa Mohammed al-Suwaidi will continue to CEO reporting to Mubadala Group CEO and managing director Khaldoon Khalifa al-Mubarak.

Abu Dhabi has merged several entities in recent years. Mubadala has merged with International Petroleum Investment Company (Ipic), Abu Dhabi National Oil Company (Adnoc) has consolidated its operating companies under one umbrella, and First Gulf Bank has merged with National Bank of Abu Dhabi to form First Abu Dhabi Bank.