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- Dubai 05:31 06:45 12:35 15:51 18:20 19:34
Abu Dhabi, General Electric and Credit Suisse Group plan to launch a $1 billion (Dh3.67bn) fund to invest in infrastructure in the first quarter. Abu Dhabi-owned investment firm Mubadala Development Company, GE, Credit Suisse are seeking regulatory approval for the fund, sources close to the deal have said.
They will invest in infrastructure, including projects in the Gulf Cooperation Council, the sources said. Flush with cash from four years of high oil prices, Gulf countries, such as the UAE, are using these funds to upgrade key infrastructure to accommodate rapid economic growth and to diversify their oil and gas dominated economies.
Funding requirements are the highest for power, water desalination, housing and transport infrastructure, with investments worth $395bn estimated to be required between 2007 and 2011 for energy projects in the Middle East and North Africa alone.
Mubadala, one of numerous Middle East state investors, is developing the world's largest aluminium smelter in Abu Dhabi with Dubai Aluminium Company.
The company is also investing in aviation and oil and gas among other sectors. Mubadala on January 14 signed a heads of agreement with Abu Dhabi's Aabar Petroleum Investments Company to acquire a 90 per cent stake in Pearl Energy unit for $877.5 million.
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