Abu Dhabi’s Mubadala Investment Company signed a preliminary agreement with Italian shipbuilder Fincantieri to start potential collaborations in the field of advanced technologies and services in the naval, marine and industrial sectors.
They will work together through specialised subsidiaries to jointly advance leading innovation and industrial projects, they said on Wednesday.
“Through this agreement, we are committed to advancing the role innovation in energy technologies can play to meet future energy demand with our partners at Fincantieri and other technology developers, operating companies and like-minded organisations,” said Abdulla Abdul Aziz Al Shamsi, head of UAE new initiatives at Mubadala.
“As a responsible long-term investor and an active player in the global energy transition sector, Mubadala has long pioneered and championed a balanced energy mix through a holistic and diversified energy portfolio in the UAE and abroad.
Mubadala’s $243.4 billion portfolio spans six continents with interests in multiple sectors and asset classes. It plays an important role in Abu Dhabi's efforts to diversify its revenue base and generate income from sources other than oil.
The company has interests in the aerospace, information and communications technology, semiconductor, metals and mining, oil and gas, renewable energy and petrochemicals sectors.
Abu Dhabi’s sovereign wealth fund Mubadala and Fincantieri will also identify other areas of collaboration, such as the development of integrated industrial services for waste transformation platforms for small and medium commercial and industrial facilities in line with the circular economy.
Mubadala, through its subsidiary Sanad, will also offer after sales services to Fincantieri products.
“This is a first step to strengthen our presence in the UAE,” said Giuseppe Bono, chief executive of Fincantieri.
“We will leverage our mutual know-how and investment capabilities to identify projects of common interest in the UAE and contributing to the development of the country’s advanced fields of technologies.”