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Thu 21 Jun 2012 02:26 PM

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Abu Dhabi's Mubadala eyes more Brazil business

Development firm is looking for renewable energy joint ventures in South American giant

Abu Dhabi's Mubadala eyes more Brazil business
Mubadala owns stakes in companies including General Electric and the Carlyle Group.

Abu Dhabi’s Mubadala Development Company is looking to increase its investments in Brazil, three months after it struck a US$2bn deal with Brazilian tycoon Eike Batista, it was reported on Wednesday.

The Abu Dhabi-backed investment and development is eying large Brazilian companies in order to set up partnerships in the renewable-energy sector, director of a Mubadala unit told the Wall Street Journal newspaper.

"We have been interested in Brazil for some time. Brazil's high on our agenda," Nawal Al-Hosany, director of Mubadala's Masdar unit, was quoted as saying on the sidelines of the Rio+20 sustainable-development summit in Rio de Janeiro.

In addition to renewable energy projects, Al-Hosany said Mubadala is also interested in health care, information technology, infrastructure and aerospace investments.

Mubadala expects to spend about AED20.1bn (US$5.47bn) this year as its seeks to expand a diverse line of businesses ranging from oil and gas to semiconductors.

Its interest in Brazil comes three months after it struck a US$2bn deal with Brazilian tycoon Eike Batista, the world’s tenth richest man, to invest in his future investments and expansion plans.

The investment and development company signed a partnership agreement with Batista, who is reportedly worth around US$30bn, to acquire 5.63 percent equity in a holding firm named Centennial Asset Brazilian Equity Fund.

Under the agreement, Mubadala will benefit from Batista’s future investment opportunities, such as technology companies, cement, fertilisers, entertainment and others, as well as those through his Rio de Janeiro-based business conglomerate EBX Group.

Batista, the world’s 10th richest man, is raising money to help him build his oil and mining business in Brazil and diversify from commodity companies.

Mubadala owns stakes in companies including General Electric and the Carlyle Group.

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