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Mon 16 Nov 2009 12:26 PM

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Boeing, Mubadala ink aerospace deal

UPDATE 1: US plane maker and UAE investment firm sign strategic pact after talks.

Boeing and Mubadala, the Abu Dhabi government-owned investment firm, on Monday signed a wide-ranging strategic framework agreement at the Dubai Air Show covering key areas of collaboration.

Under the agreement Boeing and Mubadala plan to develop initiatives in areas where there is strategic alignment between the two, the companies said in a joint statement.

Areas of collaboration will include composite manufacturing, engineering, research and development, commercial maintenance, repair and overhaul, military maintenance and sustainment, pilot training and people development.

The agreement is the start of a long-term mutual commitment to boost Abu Dhabi’s plans to become a global aerospace hub, the companies said.

“Mubadala’s strategy is to make Abu Dhabi a global aerospace hub based around manufacturing, MRO, education and training,” said Homaid Al Shemmari, associate director of Mubadala Aerospace.

“Building Abu Dhabi’s aerospace industry directly supports our mandate to create a high-tech, knowledge intensive economy, and provide career opportunities for the current and future UAE workforce.”

The two companies began exploring ways of working together two years ago, newswire Reuters reported earlier on Monday.Mubadala has been investing progressively in aerospace deals to boost the Abu Dhabi economy and said last week it would launch an aerospace components maker that is expected to produce advanced composites for firms including Boeing rival Airbus.

"Around the world there are growing aspirations for increased skills development and technology development,” Shepherd Hill, Boeing's vice president of strategy and president of Boeing International told the newswire.

“Boeing sees a world that is growing up in terms of its capability where we can reach out and benefit not just in selling products and services but in bringing enhanced capability into Boeing."

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