GE, Mubadala ink joint venture deal

ABU DHABI — General Electric and Mubadala Development Co. announced the signing of their commercial finance joint venture agreement and establishment of a regional training center for next-generation business leaders, demonstrating significant progress on key aspects of a broader strategic partnership forged by the companies last year. 

“The global financial services business proposed under the agreement combines Mubadala’s regional investment expertise with GE’s global origination excellence in one of the world’s fastest-growing markets,” GE Chairman of the Board and Chief Executive Officer Jeff Immelt said. “Having grown its Middle East-based revenues more than 60 percent in the past two years, GE clearly shares Mubadala’s view of high-growth opportunities in the region.”

Ensuring such regional growth remains sustainable and diversified, meanwhile, “demands developing world-class local leadership talent, which is the charter of the newly formed Abu Dhabi Leadership Development Center,” Mubadala Chief Executive Officer and Managing Director Khaldoon Khalifa Al Mubarak added. “Educating innovative business leaders for tomorrow is a top-priority focus for Mubadala and a core competency of our partner GE.” 

Key elements of both initiatives include Commercial Finance Joint Venture and Corporate Learning. GE and Mubadala each will allocate up to $4 billion in equity for the joint venture over a three-year period. The venture will have two strategic pillars; access to investment opportunities generated through GE Capital’s existing global origination platform; and building a Middle East and Africa platform with select focus areas aligned to both partners’ capabilities and regional presence.