UAE's Mubadala inks deal for $1.1bn French investment fund

Abu Dhabi-based Mubadala Investment Company has signed an new agreement to set up in a 1 billion Euros ($1.16 billion) investment vehicle aimed at private and direct investments in the French economy.

The company will join CDC International Capital, a subsidiary of Caisse des Dépôts Group, and Bpifrance, co-owned by Caisse des Dépôts and the French government, to establish the investment platform.

Signed during the official visit of the French President in Abu Dhabi for the opening of the emirate's Louvre museum, the platform will increase the size and scope of the existing co-investment partnership known as FEF which was launched by CDC International Capital and Mubadala in 2014. 

FEF has already committed nearly 300 million Euros through long-term investments in healthcare, education, elderly care and real estate. Building on this track record, the two partners will jointly increase the capacity of this program up to 500 million Euros, a statement said.

The platform will also be dedicated to technology and innovation in France, and will see Bpifrance and Mubadala invest up to 500 million Euros in startups and more mature technology companies through both direct investments and venture capital funds. 

Waleed Al Mokarrab Al Muhairi, CEO of Mubadala’s Alternative Investments and Infrastructure Platform and Mubadala’s deputy Group CEO, said: “We see France as a significant growth market, in both established and new enterprises. 

"We want to build on our successful partnership by expanding our investments in areas we believe hold long-term commercial potential for both France and the United Arab Emirates."