Dubai: Mubadala Development Company (Mubadala), the Abu Dhabi-based strategic investment company, Wednesday announced an agreement to sell 49 per cent of its equity interest in Manhal Development Company P.J.S.C., the developer, owner and operator of the campus of the Paris-Sorbonne University Abu Dhabi (PSUAD), to Mubadala Infrastructure Partners (MIP).

Mubadala, General Electric and Credit Suisse are co-sponsors of MIP, an infrastructure focused private equity fund investing in the Middle East, North Africa and Turkey, which includes regional and international institutional investors.

The PSUAD project is strategically important to Mubadala and not only positions Abu Dhabi as a centre for educational and cultural excellence, but sets an important benchmark for the development of future UAE social infrastructure projects.

The project also demonstrates Mubadala's expertise in developing and delivering Public-Private Partnership (PPP) projects.

Ali Eid Al Mehairi, Associate Director, Mubadala Infrastructure, said: "Mubadala is proud to have built in conjunction with Abu Dhabi Education Council and Paris Sorbonne, a global leader in education, a world class educational facility.

The sale of a minority equity stake allows Mubadala to realise a commercial benefit while being in line with its strategy of sharing project risk with other parties at appropriate times which is an important step in the development of the PPP market locally and in the region.

We have a strong relationship with MIP and look forward to leveraging their extensive experience to create further value."