Two investment state funds in the capital of Abu Dhabi, Mubadala Development Company and the International Petroleum Company (IPIC), will be merging, state news agency WAM reported Wednesday.

Both funds would have total assets worth approximately $135 billion, according to calculations by Reuters.

The merger resolution was issued by His Highness Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi, Deputy Supreme Commander of the UAE Armed Forces and Chairman of the Abu Dhabi Executive Council.

The resolution demands the creation of a joint committee responsible for overseeing the merger. The joint committee will be chaired by His Highness Sheikh Mansoor bin Zayed Al Nahyan, Deputy Prime Minister of the UAE and Minister of Presidential Affairs, with HE Khaldoon Khalifa Al Mubarak serving as vice-chairman, and the membership of HE Suhail Mohamed Faraj Al Mazrouei, HE Hamad Al Hurr Al Suwaidi and the chairman of the Abu Dhabi Department of Finance.

No timeframe was provided for when the merger would be completed, but, until then, both entities will continue to operate independently.

“Integrating the two entities would create greater benefits and enhanced economic value to the government of Abu Dhabi. The combined entity will realise synergies and growth in multiple sectors, including the energy and utilities sector, technology, aerospace, industry, healthcare, real estate and financial investments,” the statement read.

“It will also have the ability to contribute more significantly to the diversification of the economy, in line with the Abu Dhabi Plan and the country’s long-term vision. It would also build on the creation of quality, long-term employment and development of human capital in critical sectors for the emirate,” it added.

According to international news agency Reuters, IPIC, which is tasked with investing in the energy sector, is in the midst of a row with 1Malasyia Development Berhad, a state-owned Malaysian strategic development company. The fund had reportedly asked a London court to arbitrate in a dispute with the Malaysian state fund over a debt restructuring in which IPIC is claiming roughly $6.5 billion.

Meanwhile, Mubadala did not receive “new cash” from the government in 2015, the first time in at least eight years, Reuters reported.

Mubadala also controls companies such as clean energy firm Masdar and satellite operator Yahsat. It also has stakes in General Electric and Carlyle Group.