Abu Dhabi: Mubadala Development Company, the Abu Dhabi-based investment firm, is looking to establish a new manufacturing facility producing carbon fibres used for aircraft parts, with construction on the Al Ain facility expected to start in 2017.
According to Homaid Al Shemmari, chief executive officer of Aerospace and Engineering Services at Mubadala, production of the carbon fibres at the facility is set to start in 2019.
The company is still working on reaching an agreement with another entity, however, to finalise plans for the manufacturing facility.
Speaking on Monday at the Global Aerospace Summit in Abu Dhabi, Al Shemmari said that Mubadala has not changed its investment plans as a result of lower oil prices.
“Mubadala is a long-term investor, and you shouldn’t expect any waves. This is the cyclical nature of the industry, and we’re going to deal with it. Our long term plans are still as solid as ever, and we’re going to continue delivering on that. We must not allow this downturn in the price of oil to deter us from our plans,” Al Shemmari told Gulf News.
