The Mubadala Investment Company's board met on Wednesday to reviewed progress in procedures for merging Mubadala Development Company with International Petroleum Investment Company.

Presided over by H.H. Sheikh Mansour bin Zayed Al Nahyan, Deputy Prime Minister, Minister of Presidential Affairs and Chairman of Mubadala Investment Company, the meeting also discussed plans of the new entity and other topics on the agenda.

In his capacity as the Ruler of Abu Dhabi, President His Highness Sheikh Khalifa bin Zayed Al Nahyan, issued a law in January establishing Mubadala Investment Company.

As a public joint stock company, the new company will be an independent legal entity and enjoy financial and administrative independence and full legal capacity to exercise its activities and achieve its goals.

Stakes of the Government of Abu Dhabi in the Mubadala Development Company and International Petroleum Investment Company, will be transferred to the new company so that each of the two companies will be wholly owned by the new company.