ABU DHABI // Abu Dhabi's state-owned International Petroleum Investment Company (IPIC) is expanding its investment target to $30 billion (Dh110bn) after selling its stake in Barclays, the company said on Sunday. IPIC has a current investment portfolio of between $16 to $20 billion, Khadem al Qubaisi, the chief executive, told Reuters. He also said IPIC has closed deals worth $10-$12 billion since the middle of last year and is working on some 30 to 40 investment deals in the energy and other sectors.
Earlier this month IPIC sold a stake in Barclays Bank for about US$5.7 billion, making it among the first of the Gulf's large investors to reap profits from buying into troubled western financial institutions. IPIC made $2.4bn in profits from the sale, after stepping in to help the UK's third-biggest bank avoid a government bailout last October. Global stock markets have rallied since IPIC acquired a stake of more than 11 per cent in the bank, boosting the value of Barclays shares by 52 per cent.
*With Reuters
