By Stanley Carvalho
Chief operating officer says commercial finance joint venture will book business worth $1bn in 2009.
Abu Dhabi government-owned investment company Mubadala said its commercial finance joint venture with General Electric was aiming for at least $4 billion in business next year.
"We are booking about $1 billion business this year and hoping to get $4 or $5 business next year," Waleed Al Muhairi, chief operating officer told an energy conference on Monday.
The $8 billion Abu Dhabi-based joint venture with commitments of $4 billion each by Mubadala and GE was set up earlier this year.
GE has been burdened by heavy provisions with writedowns going into the next two or three quarters, said Muhairi.
"If you are able to reset and start from scratch the opportunities, we think it will provide excellent risk adjusted returns," he said.
The joint venture will have assets in excess of $40 billion within 14-18 months, Mubadala said in July. (Reuters)