IPIC to look at investments in agriculture and industry

01/06/2011 - Dubai Investment News Posted by Bob Brunskill
IPIC to look at investments in agriculture and industry

Abu Dhabi's International Petroleum Investment Co (IPIC) has announced it is to look at investments in agriculture and industry.The announcement comes as the government fund looks to diversify its investment portfolio. Abu Dhabi is, of course, investing billions of dollars in infrastructure, real estate and tourism in a bid to diversify its economy.For 2030, in fact, the capital of the UAE hopes for sustainable growth which is less dependent on the oil and gas industry."IPIC has made it a priority to create new economic opportunities to achieve comprehensive growth and increase its entry into new investments in sectors it hasn't visited before such as investment in the agriculture and industrial sectors," Khadem Qubaisi, the managing director, commented.Last year the government fund saw its assets rise 15 per cent.Abu Dhabi has already confirmed that it intends to review the investments they hold to ease through the sale of sovereign bonds.