Last year’s merger of Abu Dhabi state firms Mubadala and IPIC yielded a $125bn behemoth. The dust has now settled, and Mubadala is splashing the cash.

State firm Mubadala is an increasingly key element of Abu Dhabi’s energy strategy, flexing its muscles after last year's merger with fellow state investment vehicle IPIC (MEES, 24 February 2017). A planned merger with $127bn Abu Dhabi Investment Council will provide more firepower.

The firm, chaired by Crown Prince Muhammad...