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65848
Mon, 06/15/2009 - 14:38
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Abu Dhabi's IPIC aims to invest US$30b
Abu Dhabi's International Petroleum Investment Company (IPIC) aims to raise its investment target to US$30 billion having sold its stake in British bank Barclays, the state-owned firm's chief executive said on Sunday according to a report from Agencies.
IPIC has a current investment portfolio of between US$16 billion to US$20 billion, CEO Khadem Al Qubaisi told Agencies in an interview.
He said IPIC had closed deals worth US$10-US$12 billion since the middle of last year and is working on some 30 to 40 investment deals in the energy sector and others.
In February, IPIC said its portfolio of investments was between US$12 billion and US$15 billion and it was targeting US$20 billion in five years.
"Now we have already achieved US$20 billion, that was our earlier target. So US$30 billion is not far away from us. We are keen to take it to more," the CEO said in a phone interview.
"There will be no change but I will be aggressive on the investment side. We have done transactions of around US$10 to US$12 billion deals from the middle of last year to now," he said when asked if there would be a change in IPIC's strategy.
"Our investment portfolio, we are currently talking about between US$16 billion to US$20 billion, only IPIC. We are targeting US$30 billion with our subsidiaries in the short term."
IPIC along with its subsidiary Aabar is currently working on some 30 to 40 deals in the energy and non-energy sector and expects to close major deals before the end of this year due to the opportunities in the market, he said.
"The markets, based on our judgement -there are opportunities now. If you want to make money, to buy value companies and value stocks, this is the right time to buy. That is why we bought in Barclays, Daimler and others," Qubaisi said.
"We are looking for more opportunities for IPIC in energy, refinery and shipping. We are keen to close mega deals by the end of this year."
Aabar will close at least one deal in the non-energy sector next month, he said, declining to elaborate. This month, IPIC sold more than 11 per cent of Barclays making US$2.5 billion from an investment that helped the British bank through the financial crisis. IPIC sold about 3.5 billion pounds worth of instruments that were due to convert into Barclays shares by the end of June.
"We wanted to transfer it to Aabar but Aabar is focusing on many things, so the right approach was not to push it to Aabar but to sell the stake," he said. "IPIC is in the energy sector, so it was a non-core business for IPIC and so we sold it."
IPIC has a current investment portfolio of between US$16 billion to US$20 billion, CEO Khadem Al Qubaisi told Agencies in an interview.
He said IPIC had closed deals worth US$10-US$12 billion since the middle of last year and is working on some 30 to 40 investment deals in the energy sector and others.
In February, IPIC said its portfolio of investments was between US$12 billion and US$15 billion and it was targeting US$20 billion in five years.
"Now we have already achieved US$20 billion, that was our earlier target. So US$30 billion is not far away from us. We are keen to take it to more," the CEO said in a phone interview.
"There will be no change but I will be aggressive on the investment side. We have done transactions of around US$10 to US$12 billion deals from the middle of last year to now," he said when asked if there would be a change in IPIC's strategy.
"Our investment portfolio, we are currently talking about between US$16 billion to US$20 billion, only IPIC. We are targeting US$30 billion with our subsidiaries in the short term."
IPIC along with its subsidiary Aabar is currently working on some 30 to 40 deals in the energy and non-energy sector and expects to close major deals before the end of this year due to the opportunities in the market, he said.
"The markets, based on our judgement -there are opportunities now. If you want to make money, to buy value companies and value stocks, this is the right time to buy. That is why we bought in Barclays, Daimler and others," Qubaisi said.
"We are looking for more opportunities for IPIC in energy, refinery and shipping. We are keen to close mega deals by the end of this year."
Aabar will close at least one deal in the non-energy sector next month, he said, declining to elaborate. This month, IPIC sold more than 11 per cent of Barclays making US$2.5 billion from an investment that helped the British bank through the financial crisis. IPIC sold about 3.5 billion pounds worth of instruments that were due to convert into Barclays shares by the end of June.
"We wanted to transfer it to Aabar but Aabar is focusing on many things, so the right approach was not to push it to Aabar but to sell the stake," he said. "IPIC is in the energy sector, so it was a non-core business for IPIC and so we sold it."
