Abu Dhabi: Mubadala Development Company and China based HNA Group on Monday announced that they have signed a Memorandum of Understanding regarding expanded investment collaboration in a wide range of sectors including tourism, logistics, and financial services.
They will also identify, evaluate and seek to carry out strategic and capital investment opportunities in areas such as aerospace, advanced manufacturing, real estate and hospitality, health care, infrastructure, information technology and financial services, a statement by the two companies said.
The agreement was signed by Homaid Al Shimmari, Chief Executive Officer, Aerospace & Engineering Services, Mubadala, and Guang Yang, Chief Investment Officer, HNA Capital.
HNA Group is a global Fortune 500 company focused on tourism, logistics and financial services. The company has over $90 billion (Dh331 billion) of assets, $30 billion in annual revenues and an international workforce of nearly 200,000 employees, primarily across North America, Europe and Asia.
In July this year, Mubadala had agreed to sell a majority stake in SR Technics, a MRO (maintenance, repair and operations) service provider for the civil aviation sector, to HNA Group.
Commenting on the announcement, Homaid Al Shimmari, CEO, Aerospace and Engineering Services at Mubadala said: “This agreement will create opportunities to build on the deep-rooted relationship between the UAE and China, and a diverse range of co-investment activities between our two nations.”
Adam Tan, CEO and Vice Chairman of HNA Group, said the agreement is reflective of how HNA Group and Mubadala are working together to embrace the One Belt, One Road initiatives aimed at enhancing and strengthening connections between China and EMEA (Europe, the Middle East and Africa) through commercial, investment and cultural exchanges.