Mubadala seeks foray into financial sector in UAE

Abu Dhabi: Mubadala Development Company, an investment arm for the Abu Dhabi government, is seeking to invest in the UAE's financial sector, a company official revealed on Monday.

The company, which was established in October 2002, has already diverted significant investments to Abu Dhabi's real estate sector, establishing a specialised affiliate to look after mega developments.

"We are currently developing a strategy to invest in the UAE's financial services sector," Greg Fewer, Mubadala's project and corporate finance adviser, said.

The company is not looking for the acquisition of existing financial institutions, nor will it seek to establish new ones, but rather develop the business itself.

"We intend to tap the financial services sector through partnerships with international players," Fewer revealed on the sidelines of the fourth annual Middle East Project Finance Conference.