Rapidly growing Middle East pipeline demonstrates potential of the region
Abu Dhabi, December 13, 2010: Mubadala GE Capital PJSC, a 50:50 joint venture between General Electric (NYSE: GE) and the Mubadala Development Company PJSC (Mubadala), announced today that it has reache US$2 billion in commitments in its first full year of operation demonstrating the high level of appeal of its commercial finance solutions.
Licensed in January 2010 by the UAE Central Bank, Mubadala GE Capital combines the international corporate finance experience of GE Capital with the regional insights of Mubadala.
Mubadala GE Capital is a specialized commercial finance company that offers an array of financing solutions - including commercial lending, leasing and equity finance. The company's geographic investment focus spans the Middle East, Africa and select opportunities in global markets, covering key infrastructure sectors such as power & water, oil & gas, healthcare, industry & manufacturing, transportation, aviation and infrastructure.
"We are extremely pleased to announce that we have successfully reached our US$2 billion mark in commitments in our first year of operations," said Ron Herman, Chief Executive Officer, Mubadala GE Capital. "We see significant future demand of commercial financing opportunities - initially here in the UAE, our home market, then across the Gulf and wider Middle East and Africa region.
"By providing growth capital to businesses in the region, we are helping them increase sales, better manage their balance sheets and achieve their long-term business objectives," said Herman. "In turn, this will contribute to the economic growth and diversification of all the markets we serve from our strategically located headquarters in Abu Dhabi."
"Mubadala GE Capital represents a very important business for us here in the vibrant Middle East region where the need for growth capital will remain significant for many years to come," said Richard Laxer, President and Chief Executive Officer, GE Capital, EMEA. "Mubadala is a true strategic partner for GE Capital in a region that is of fundamental importance to our business."
"Building upon the complementary strengths of its founding shareholders, Mubadala GE Capital is uniquely positioned to provide capital and expertise to support the growth of companies here in the UAE and across the region," said Carlos Obeid, CFO Mubadala Development Company & Chairman of Mubadala GE Capital. "Bringing together two world-class organizations with best-in-class origination, risk management capabilities and industrial management expertise, Mubadala GE Capital represents a breakthrough public-private partnership model for the UAE and wider Middle East."
Over a five-year period, GE Capital and Mubadala will each allocate up to US$4 billion in equity to support Mubadala GE Capital, which has two strategic pillars: access to investment opportunities generated through GE Capital's existing global activities, and building a Middle East and Africa Origination platform with select focus areas aligned to both partners' capabilities and regional presence.
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About Mubadala GE Capital:
Mubadala GE Capital PJSC is a specialized commercial finance company based in Abu Dhabi, United Arab Emirates. Mubadala GE Capital PJSC offers structured financing solutions to help businesses grow and adapt in rapidly evolving economic environments. We offer commercial lending and leasing financing solutions plus energy and infrastructure finance. We are a joint venture between Mubadala Development Company PJSC (Mubadala) and General Electric Capital Corporation (GE) and are regulated by the Central Bank of the UAE. For further information about Mubadala GE Capital PJSC, please visit www.mubadala-ge.com
Mubadala GE Capital PJSC is a specialized commercial finance company based in Abu Dhabi, United Arab Emirates. Mubadala GE Capital PJSC offers structured financing solutions to help businesses grow and adapt in rapidly evolving economic environments. We offer commercial lending and leasing financing solutions plus energy and infrastructure finance. We are a joint venture between Mubadala Development Company PJSC (Mubadala) and General Electric Capital Corporation (GE) and are regulated by the Central Bank of the UAE. For further information about Mubadala GE Capital PJSC, please visit www.mubadala-ge.com
About General Electric:
General Electric (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world's toughest challenges. From aircraft engines and power generation to financial services, medical imaging, and television programming, GE operates in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at: www.ge.com.
About Mubadala Development Company:
Mubadala Development Company (Mubadala) is a catalyst for the economic diversification of Abu Dhabi. Established and owned by the Government of Abu Dhabi, the company's strategy is built on the creation of partnerships and on long-term, capital-intensive investments that deliver strong financial returns and tangible social benefits for the Emirate of Abu Dhabi, and that contribute to the growth and diversification of its economy.
Mubadala brings together and manages a multi-billion dollar portfolio of local, regional and international investments and partners with leading global organizations to operate businesses across a wide range of industry sectors. These include aerospace, energy, healthcare, information communications and technology, infrastructure, real estate and hospitality, and services ventures. For more information about Mubadala please visit http://www.mubadala.ae.
For all media enquiries, please contact:
Dina Aslan
Mubadala GE Capital PJSC
Abu Dhabi, UAE
Tel: 971 2 401 3100
Mobile: 971 50 754 4486
Fax: 971 2 401 3001
E-mail: dina.aslan@mubadala-ge.com
For further information about Mubadala GE Capital, please contact:
Nicholas Nesson/Tameem Alkintar
ASDA'A Burson-Marsteller
Dubai, UAE
Tel: 971-4-3355969
Fax: 971-4-3356080
E-mail: n.nesson@asdaa.com/t.alkintar@asdaa.com
© Press Release 2010
