Millhouse

Mubadala and Ipic ... on the heels of the FGB/NBAD consolidation.

Abu Dhabi Plans Merger of Sovereign Funds Mubadala and IPIC - Bloomberg

Very good news. Hopefully this consolidation is a sign that we are finding the bottom.

Irishbeekeeper

Please explain. Does that mean things can only go up? Because I am down at 70% of earnings. And my studio in Disco is empty for the first time in 4 years

Millhouse

well, you never know. But when everyone starts consolidating you know that everyone is in trouble. Costs get cut and things improve.

iggle

I am working for Mub. WHAT DOES THIS MEAN FOR ME

DXBtoDOH

Get ready for the dreaded 'surplus to requirements' talk

Save every penny, forget about the fancy car, lie low and hope for the best.

iggle

They are the client, not my direct employer!

I don't know if this good or bad news..

Millhouse

It might not be bad, but I can tell you it won't be good either.

IKnowNothing

If the project is underway and is key to the look and feel of Abu Dhabi - like the Louvre for example, it will go ahead. if it's a new solar powered building that'll never get used (it needs clients to fill it) in Masdar, it probably won't.

Millhouse

In fairness IPIC has had its back against the wall for a while - especially after the 1MDB debacle with the Malaysians.

I assume Mubadala are taking them in to fix it. Poor Mubadala, they do have some stuff to get through - I remember Tabreed.

csdf

My forecast for what will happen:

Stage 1: The two headquarters are merged with cost savings by removal of duplicate functions. Given emiratisation quotas, this effectively means more expatriate redundancies. Will take a year or so.

Stage 2: The portfolios are rationalised: probably another year at least.