Paris, Abu Dhabi, 26 May 2009 (WAM) - The Fonds Strategique d'Investissement (FSI) and Mubadala Development Company PJSC (Mubadala), a business development and investment company that is a catalyst for the economic diversification of the Emirate of Abu Dhabi, today signed a Memorandum of Understanding (MOU) in Abu Dhabi establishing a cooperation framework to explore joint investments in French companies in sectors that are of mutual interest to both companies such as technology, health sciences and biotechnology, renewable energy and clean technologies.
The MOU was signed during the French Presidents visit to Abu Dhabi, by H.E. Khaldoon Khalifa Al Mubarak, CEO and Managing Director of Mubadala and Gilles Michel, CEO of FSI. This partnership is the first of its kind for both parties and is designed to pool the work and resources of FSI and Mubadala. The cooperation framework established under this MOU provides for joint review of investment opportunities in listed or private French companies with a focus on companies with high-growth potential. It also contemplates the possibility of joint investments in dedicated investment vehicles or in private equity funds. As such, the MOU envisages the sharing of expertise and resources between two investors with compatible strategic objectives. "We are pleased to expand upon our existing relationship with France and look forward to working with FSI to identify suitable investment opportunities in French businesses that are consistent with our mutual objectives.," said Khaldoon Khalifa Al Mubarak, CEO and Managing Director of Mubadala. "This partnership fits into our strategy to work with leading international organizations 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."Gilles Michel, CEO of FSI, stated: "This agreement reflects FSIs determination to boost its investment capacity by joining forces with leading long-term and strategic investment firms. We are delighted to have the opportunity to team up with an investor with whom we share a similar vision. In line with its mission, the FSI is strengthening its investment potential and thereby boosting the competitive position of France; we are looking forward to working with Mubadala in order to carry out our first joint investments."FSI and Mubadala will set up a Steering Committee which will comprise at least two members of senior management from both entities. The Committees mission is to identify, study and select investment opportunities and to manage the joint working teams staffed by the two entities that will carry out the approved projects. The first meeting of this Committee will be held within a month. The FSI is a societe anonyme (French public limited company) 51% held by the Caisse des Depots and 49% by the French State. The FSI is an experienced equity investor taking minority interests in French high-potential industrial companies that add value and improve the competitive position of the economy. Mubadala Development Company is a catalyst for the economic diversification of the Emirate of Abu Dhabi. The companys commercial strategy is built on the management of long-term, capital-intensive, investments that deliver not only strong financial returns but tangible social benefits for the people of Abu Dhabi. In doing so Mubadala is expanding the economic base of the Emirate and in turn significantly contributing to the growth and diversification of the Abu Dhabi economy. Mubadala brings together and manages a multi-billion dollar portfolio of local, regional, and international investments, projects and initiatives. The company works independently and as an active and diligent partner with leading global organizations to deliver projects across a wide range of industry sectors including energy and industry, healthcare, infrastructure, real estate and information communications and technology. Unbound by convention, Mubadalas dynamism and innovation are complemented by a focused and diligent approach to realizing value. Mubadalas sole shareholder is the Government of Abu Dhabi.Copyright Emirates News Agency (WAM) 2009.
