Mubadala to team up with Italy's Finmeccanica

Abu Dhabi: Mubadala Development, Abu Dhabi's strategic investment company, is seeking joint ventures with Italy's Finmeccanica in a range of aerospace and defence projects.

"Mubadala is seeking to invest in the fields of technology development and aerospace not only in the UAE, but also in other countries," a Finmeccanica official told Gulf News yesterday.

Italy has already developed several partnerships with the UAE in recent years, including the Abu Dhabi Systems Integration (ADSI) joint venture between Selex Sistemi Integrati and Abu Dhabi Ship Building.

The two companies are negotiating several ambitious projects, including the production of Alenia-Aermacchi's M346 and M311 training aircraft.

"The UAE air force is replacing all its trainer aircraft, we are bidding for this tender, but for them this project provides excellent opportunities," the official said.

Finmeccanica said that other areas under consideration are coastal and port surveillance and automatic licence plate recognition.