Abu Dhabi

Mubadala Investment Company signed an agreement with French firms CDC international Capital and Bpifrance to develop an integrated platform to invest up to €1 billion to support the development of French enterprises as well as technology start-ups.

The agreement was signed during the official visit of France President Emmanuel Macron to the UAE. According to the announcement made on Thursday, the investment platform will comprise of two strategic components.

The first component pursues and increases the size and scope of the existing co-investment partnership known as “FEF” which was launched by CDC International Capital and Mubadala in 2014 to support the development of French enterprises with a proven growth potential.

FEF has already committed nearly 300 million euros through long-term investments in health care, education, elderly care and real estate. Building on this track record, the two partners will jointly increase the capacity of this program up to 500 million euros, the statement said.

A second component, dedicated to technology and innovation in France, will see Bpifrance and Mubadala invest up to 500 million euros in start-ups and more mature technology companies through both direct investments and venture capital funds. The program will focus on information and communication technologies, biotech, green tech and other fast-rising technology sectors.

“We see France as a significant growth market, in both established and new enterprises. We want to build on our successful partnership by expanding our investments in areas we believe hold long-term commercial potential for both France and the United Arab Emirates,” said Waleed Al Mokarrab Al Muhairi, CEO of Mubadala’s Alternative Investments and Infrastructure Platform and Mubadala’s Deputy Group CEO.