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20 May 2024

Mubadala signs investment deal with Japan's Nippon

By Agencies

Abu Dhabi's Mubadala Development Co plans to jointly identify investments in the United Arab Emirates, Asia and Africa with Japan's Nippon Export and Investment Insurance, the companies said on Sunday.

Mubadala, owned by the government of Abu Dhabi, is one of the state-agencies Abu Dhabi and other members of the UAE federation are using to invest their windfall from a five-fold increase in oil prices since 2002.

The partnership would "combine Japanese companies' managerial expertise and Mubadala's ample financial resources," Nippon Exports Chairman Hidehiro Konno said.

"We will encourage Japanese companies to join hands with Mubadala in projects in Abu Dhabi and third countries in Asia and Africa," Konno said after signing a deal with Mubadala. He gave no further details on the nature of the partnership.

Japan and the UAE said last month they planned to forge closer economic ties to ensure stable energy supplies to the world's second-largest economy. Abu Dhabi is the world's sixth-largest oil exporter.

Resource-poor Japan relies on the Middle East for roughly 90 per cent of its oil, and the UAE is its second-biggest supplier after Saudi Arabia, meeting about 25 per cent of its needs.

Mubadala's investments include a takeover of Swiss aircraft maintenance firm SR Technics in 2006, a 5 per cent stake in Italian sports car maker Ferrari and an 8.1 percent stake in U.S.-based Advanced Micro Devices Inc. (Reuters)