Mubadala Investment Company PJSC (Mubadala, Arabic for exchange) resulted as the merger of the Mubadala Development Company and the International Petroleum Investment Company (IPIC) in 2017, and it subsequently absorbed the Abu Dhabi Investment Council (ADIC) in 2019, although it has not fully integrated it yet. Mubadala has a deep focus on capital intensive industries such as aerospace, real estate, semiconductors, healthcare and renewable energy, including a number of portfolio companies.