(Bloomberg) -- Abu Dhabi plans to combine its defense and technology firms, creating one of the biggest defense groups in the Middle East, as the oil-rich emirate pushes ahead with consolidation efforts.
The new holding firm called Edge will put 25 companies, including businesses that were once under Emirates Defense Industries Co., under its umbrella, said Chief Executive Officer Faisal Al Bannai, who is the founder of cyber-security firm DarkMatter.
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Abu Dhabi, home to about 6% of global oil reserves, is stepping up efforts to consolidate its entities as the emirate adapts to lower oil prices. It has combined banks and sovereign wealth funds, as well as joined 11 entities, including ports and airports, under Abu Dhabi Development Holding Co.
To contact the reporters on this story: Mahmoud Habboush in Abu Dhabi at mhabboush@bloomberg.net;Layan Odeh in Dubai at lodeh3@bloomberg.net
To contact the editors responsible for this story: Claudia Maedler at cmaedler@bloomberg.net, Shaji Mathew
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