Font Size
Share this article


Print Friendly Version
17 October 2019
BUSINESS

UAE’s Mubadala, RDIF signs six deals worth more than $2 billion

The agreements were signed following the official visit of Russian President Vladimir Putin to the UAE.

SHUTTERSTOCK/MARIANNA IANOVSKA


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.


RELATED STORIES: MUBADALA INVESTMENT COMPANY RUSSIAN DIRECT INVESTMENT FUND ARTIFICIAL INTELLIGENCE SVEZA NTECHLAB


RECOMMENDED NEWS



BRANDS MAGAZINES LATEST EDITION

OUR BRANDS



CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.


Subscribe to our News Letter

Subscribe

© 2019 CPI Financial. All rights reserved.

No part of this website may be reproduced or used in any form of advertising without prior permission in writing from the editor.