Middle East

United Arab Emirates to merge 2 Abu Dhabi investment funds

  • FILE - In this Sunday, Jan. 16, 2011 file photo, People visit the Masdar Institute campus, part of Masdar City, a Mubadala company, in Abu Dhabi, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices. (AP Photo/Kamran Jebreili, File)

    FILE - In this Sunday, Jan. 16, 2011 file photo, People visit the Masdar Institute campus, part of Masdar City, a Mubadala company, in Abu Dhabi, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices. (AP Photo/Kamran Jebreili, File)  (The Associated Press)

  • FILE - In this Sunday, Jan. 16, 2011 file photo, shows a Wind Tower that brings upper level wind to the public square at the Masdar Institute campus as a part of Masdar City, a Mubadala company, in Abu Dhabi, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices. (AP Photo/Kamran Jebreili, File)

    FILE - In this Sunday, Jan. 16, 2011 file photo, shows a Wind Tower that brings upper level wind to the public square at the Masdar Institute campus as a part of Masdar City, a Mubadala company, in Abu Dhabi, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices. (AP Photo/Kamran Jebreili, File)  (The Associated Press)

  • FILE- In this Wednesday, May 30, 2012 file photo, a ship docks at the refuelling station in Fujairah, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices.  (AP Photo/Kamran Jebreili, File)

    FILE- In this Wednesday, May 30, 2012 file photo, a ship docks at the refuelling station in Fujairah, United Arab Emirates. A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices. (AP Photo/Kamran Jebreili, File)  (The Associated Press)

A top official in the United Arab Emirates has issued an order for the merging of two of the Gulf nation's most prominent government wealth funds, streamlining the country's investment strategy as it weathers a slump in oil prices.

The decision by Abu Dhabi's crown prince, Sheikh Mohammed bin Zayed Al Nahyan, will combine Mubadala Development Company and the International Petroleum Investment Company, which holds stakes in several energy-related companies and owns most of Abu Dhabi-based Aabar Investments.

Mubadala's holdings include semiconductor maker Globalfoundries and stakes in General Electric and Washington-based private equity firm The Carlyle Group.

The Abu Dhabi companies' most recent financial statements show that Mubadala holds about $67 billion in assets, while IPIC is slightly larger at $68 billion. They together carry about $42 billion in debt.