Hamburg/Abu Dhabi, Nov. 14th, 2007 (WAM) - Mubadala Development Company (Mubadala), a strategic investment and development company established and wholly-owned by the Government of the Emirate of Abu Dhabi, and Germany's Lufthansa Technical Training GmbH (LTT), intend to set up a joint venture establishing an aviation training centre to be headquartered in Abu Dhabi - the capital of the UAE.

Both companies have signed a Memorandum of Understanding (MOU) today paving the way for the joint venture which will develop market opportunities and deliver high-quality training courses for the aviation industry throughout the Middle East and North Africa.

"The aim is for the joint venture to ultimately become the benchmark for training in the region across a wide spectrum of aviation functions, including MRO, airport security, and ground handling," said Waleed Al Mokarrab Al Muhairi, COO, Mubadala.

"Together with Lufthansa Technical Training we aim to provide value-enhanced professional training/qualification programs to meet the growing demands of many of the leading airlines, including Etihad Airways, and for the rapidly increasing airport-operations as well as for MRO facilities like the independent technical services provider Abu Dhabi Aircraft Technologies, (formerly known as GAMCO). These services will also be offered to residents of countries from all of the MENA region." LTT will assign highly qualified management resources to oversee all operational issues, including the build-up of in-house capabilities.

"The training programs being offered will be based on our successful curricula and will utilize the latest training technology being employed by LTT at their worldwide training facilities," stated LTT's Managing Director Christoph Meyerrose.

In the long term, the training provided by the joint venture could eventually form part of an aviation university program that will deliver aviation undergraduate and graduate degrees to residents based in the United Arab Emirates and the MENA regions.

"This MOU is aligned with Mubadala's strategy in partnering with world-class organizations to further progress the long-term goal of positioning Abu Dhabi as a center for aerospace excellence," said Al Muhairi.

"Existing training facilities in the UAE, including Horizon International Flight Academy and the Institute of Applied Technologies (IAT), work well together to meet local and regional market demand. This relationship with LTT will enhance the training programs that Abu Dhabi brings to the aerospace sector." LTT says the joint venture will not only benefit from its own training expertise, but also that of its subsidiary TRAINICO, which provides vocational re-training for technical and commercial personnel within the aviation industry.

"We will of course ensure that the training offered by the joint venture will meet all international and regional standards, including those of EASA, JAA and the local GCAA," said Meyerrose