The investment will go towards eight to 10 investments in a variety of sectors
Mubadala and a number of Chinese partners have committed $1 billion towards 10 opportunities as part of the $10 billion joint investment plan between Abu Dhabi and Beijing set up in December 2015, according to a company official.
“We have made over 10 investment decisions jointly [with our Chinese partners] and committed close to $1 billion across eight to 10 investments,” Khaled Al Shamlan, Mubadala Capital’s head of sovereign investment partnerships was quoted by local media as saying at the Abu Dhabi Global Market’s Belt-and-Road financial summit in Beijing.
“In our short operations of two-and-a-half years in the Chinese market, we have managed to evaluate more than 150 investments,” he added. “Some of them are at the closing phase.”
Al Shamlan Shamlan added that Mubadala and its Chinese partners are investing in a variety of sectors. He did not, however, give a time frame for when the funds would be deployed.
“This investments vehicle has the agility to invest across different sectors and when it comes to asset classes [is] agnostic,” he is quoted as saying by the National.
Emirates Global Aluminium, a Mubadala portfolio company, recently opened offices in Shanghai.
Additionally, Mubadala – through semiconductor manufacturer GlobalFoundries – recently established a joint venture with the government of Chongqing to establish a local manufacturing facility.
According to Al Shamlan, the project has made progress and a “big announcement” will be at some point over the course of 2018.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.