UAE’s Mubadala Investment Company (Mubadala) has signed a series of six cooperation agreements worth more than AED 7 billion ($2 billion) with the Russian Direct Investment Fund (RDIF) as part of the sovereign wealth funds’ long-term investment partnership that began in 2013.
In a joint statement, the two entities said that more than 45 investments have been jointly made by RDIF and Mubadala and the six new cooperation agreements cover a wide range of sectors such as advanced technologies, Artificial Intelligence (AI) as well as healthcare, and transport and logistics.
RDIF and Mubadala agreed to explore collaboration on Russia’s National Projects across various sectors with a focus on Artificial Intelligence (AI) projects and the parties will jointly implement investment projects in key areas of Russia’s five-year strategic development plans.
Khaldoon Khalifa Al Mubarak, Mubadala’s Group Chief Executive Officer & Managing Director, said, “We remain committed to supporting these new initiatives and to maintaining our productive partnership with RDIF in the long term.”
The duo also agreed to jointly consider an investment into a new pulp mill project with Sveza, one of Russia’s leading woodworking companies. The project size is expected to be around to (AED 10 billion) $2.8 billion and will have a design capacity output of over 1.3 million tonnes of wood pulp per year—focusing on Russian and key European and Asian markets.
Additionally, RDIF and Mubadala also agreed to partner with Russia’s NtechLab, a face recognition technologies developer, to support the firm’s expansion into the Middle East.