Clean Environment Tilt to GE and Mubadala's $8 Billion Global Partnership

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Researched by Industrial Info Resources (Sugar Land, Texas)--Mubadala Development Company, the investment arm of the government of Abu Dhabi, capital of the United Arab Emirates, and General Electric (NYSE:GE) (Fairfield, Connecticut) are establishing a jointly owned commercial services business over the next 12 months with headquarters in Abu Dhabi.

The partners will each invest $4 billion into the venture over the next three years to promote best-in-class origination, funding and risk management financial services across a range of activities. The venture will draw on the $40 billion GE Capital opportunity pipeline with an emphasis on the Middle East and Africa. In the city of Masdar, in which GE is already an anchor partner, the company will establish a clean energy technology center that will have up to 100 technologists developing new sustainable energy, water and other environmental technologies. Masdar is being developed as a new carbon-neutral, zero-waste city in Abu Dhabi. GE will establish an "ecoimagination" center in Masdar to showcase ecologically friendly, energy-efficient products. GE has four other research centers worldwide. In the first quarter of 2009, a corporate learning program will be launched in Masdar drawing from GE's Crotonville executive education program.

GE will put $50 million into Masdar's "cleantech" fund, which is focused on reducing dependency on traditional energy sources and cleaner energy generation. Mubadala will invest $200 million into GE Industrial Investment Partners, set up to select global investors to provide growth capital to companies in healthcare, energy and transportation.

Mubadala's aviation maintenance, repair and overhaul company, Abu Dhabi Aircraft Technologies (ADAT), will look at expanding their capabilities to support the increasing number of GE aircraft engines in service in the region, and GE will broaden the scope of its joint venture with ADAT, Gulf Turbine Services, to include field service and repairs capability for the oil and gas industry in the United Arab Emirates.

Over a period, Mubandala aims to become one of GE's top 10 institutional investors through open market equity purchases. Mubadala has a broad portfolio of regional and international investments including UAE Integrated Telecomm, Abu Dhabi Ship Building and a 51% stake in the major gas producer Dolphin Energy. It has holdings in oil exploration in Africa and Malaysia, as well as car-leasing company LeasePlan Corporation (Almere, Netherlands). It also has a 5% stake in Ferrari, 8.1% in American Micro Devices Incorporated (NYSE:AMD) and 7.5% in the Carlyle Group.

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