Is Mubadala interested in electric vehicles?

Abu Dhabi already helped put a shine to electric vehicles when Aabar Investments took a four per cent a stake in Tesla in July. But could Mubadala Development Co. also be interested in a more strategic play into the emerging sector?

In early November, the MIT Arab Alumni Association hosted a conference entitled "Global Energy Challenges and Opportunities". Omar Albaity, listed as "project manager, Mubadala EV/PVEH Infrastructure" was scheduled to speak at a panel discussion but canceled at the last minute.

EV stands for electric vehicle, and after a little digging it's not hard to learn that PVEH is one of the acronyms to describe plug-in hybrids and electric vehicles.

Mubadala is already working to develop the aerospace and technology industries in Abu Dhabi, but it has not said anything yet about its interest in electric vehicles. So what does this all mean?

It seems it is too early to really say. A Mubadala spokesman confirmed that Mr Albaity is in Mubadala's automotive division, whose investments include a 17 per cent stake in Spyker, a Dutch sports car maker. But the spokesman said Mubadala was not in a position to talk electric vehicles.

 "We would consider investing in electric vehicles if an opportunity arose with potential to support our investment criteria," the company said. Watch this space...