Summary
General Electric Company (GE) announced a significant framework agreement on July 22, 2008, with Mubadala Development Company, an Abu Dhabi-based entity. This strategic global partnership spans multiple sectors, including commercial finance, clean energy research and development, aviation, industry, and corporate learning. A key component is the establishment of a jointly owned global commercial financial services business headquartered in Abu Dhabi, with both GE and Mubadala committing $4 billion in equity over three years. This venture is expected to manage targeted assets exceeding $40 billion. The agreement also highlights GE's commitment to sustainability through a clean energy technology center in Masdar City, Abu Dhabi, focusing on developing new environmental technologies and showcasing GE's 'ecomagination' products. Further collaborations include investment funds in clean technology and industrial sectors, expansion of aviation maintenance and repair capabilities, and the establishment of a corporate learning program.
Key Highlights
- 1GE and Mubadala announce a broad global partnership covering commercial finance, clean energy R&D, aviation, and corporate learning.
- 2Jointly owned global commercial financial services business to be established in Abu Dhabi, with each company committing $4 billion in equity over three years.
- 3The new financial services venture aims to manage over $40 billion in targeted assets.
- 4Establishment of a clean energy technology center in Masdar City, Abu Dhabi, to extend GE's global research network.
- 5GE to commit up to $50 million to Masdar's Clean-Tech Fund, focusing on clean technology investments.
- 6Mubadala plans to invest up to $200 million in GE Industrial Investment Partners, targeting growth capital in healthcare, energy, and transportation.
- 7Exploration of expanded aviation maintenance, repair, and overhaul (MRO) capabilities with Abu Dhabi Aircraft Technologies (ADAT).