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NBAD head office, Abu Dhabi |
The world’s biggest bank M&A deal so far in 2016 could suggest a new push for consolidation by the sheikhs and government advisers who mastermind the Gulf’s corporate sector.
Ten days after announcing the combination of National Bank of Abu Dhabi (NBAD) and First Gulf Bank (FGB), Abu Dhabi said its two private equity-style state investment funds, Mubadala Development Co and the International Petroleum Investment Co (Ipic) would also merge. The proximity of the two deals only heightened expectations that persistently low oil prices might finally bring more domestic M&A in the UAE and beyond.
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