Mubadala Eyes Investment in French Firms |
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DUBAI - Mubadala Development CompanyMubadala Development Company
, an investment arm of the Abu Dhabi government, on Tuesday signed a deal to explore joint investment opportunities in French companies.
The memorandum of understanding between MubadalaMubadala and France's Fonds Strategique d'Investissement, or FSI, aims to set up a framework for investing in sectors that are of mutual interest to both the companies.
Potential areas for investment in listed or private French companies include technology, health sciences, bio-technology and renewable energy.
The MoU was signed during a visit by French President Nicolas Sarkozy to the UAE capital.
"This partnership fits into our strategy to work with leading international organisations across a range of industries to develop and operate businesses that not only generate outstanding financial returns but also contribute to the economic diversification of Abu Dhabi and bring real and lasting benefits to its people," said MubadalaMubadala CEO and Managing Director Khaldoon Khalifa Al Mubarak.
Earlier this month, MubadalaMubadala increased its holding in General ElectricGeneral Electric to 65.8 million shares as it moved towards becoming a top 10 shareholder in the largest conglomerate in the US.?Commenting on the deal, FSI CEO Gilles Michel said: "This agreement reflects FSI's determination to boost its investment capacity by joining forces with leading long-term and strategic investment firms. The FSI is strengthening its investment potential and thereby boosting the competitive position of France; we are looking forward to working with MubadalaMubadala in order to carry out our first joint investments."
MubadalaMubadala published its annual earnings report for the first time last month, which revealed an asset base of Dh54 billion.
By Abdul Basit
© Khaleej Times 2009
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