Tue 22-09-2020 19:00 PM
ABU DHABI, 22nd September, 2020 (WAM) -- Mubadala Investment Company, Mubadala, an Abu Dhabi-based sovereign investor, and Sberbank, the largest bank of Eastern and Central Europe, today signed a strategic agreement to explore opportunities of mutual benefits.
The agreement covers cooperation in multiple areas, including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories, advisory services, forex hedging and credit risks, among others.
Furthermore, the agreement paves the way for potential cooperation and investments in areas such as artificial intelligence, cybersecurity, life sciences, venture capital, Islamic finance, telemedicine and education. Sberbank and Mubadala are jointly developing a more detailed roadmap outlining engagement and cooperation plans across these verticals.
The Sberbank-Mubadala strategic partnership will unlock potential co-investment initiatives in both Russia and the Middle East, which are also expected to enhance bilateral trade between businesses in both regions.
Commenting on the partnership, Khaldoon Khalifa Al Mubarak, Group Chief Executive Officer and Managing Director, Mubadala, said, "We're pleased to formalise our relationship with Sberbank and establish a new and exciting platform to unlock investment and financing opportunities in Russia and the UAE.
"We've successfully invested in Russia over the last decade, and with the establishment of Mubadala's Moscow office last year coupled with today's new partnership with Sberbank, we are in a position to further broaden our presence in Russia."
Herman Gref, CEO, Chairman of the Executive Board, Sberbank, added, "The signing of an agreement with a reputable international investment company such as Mubadala reflects a deeper interest from Gulf countries’ in opportunities within Russia and vice versa. Today, Russian businesses are showing considerable development potential. We are becoming pioneers in financial collaboration between Russia and the UAE and are confident that the horizons of this partnership will continue to expand. This strategic agreement exhibits a mutual understanding regarding the main areas of cooperation, including joint investments, support for innovative projects, and development of digital technology; as well as our readiness to apply our expertise in these areas to the fullest extent."
In line with its commitment, Sberbank will establish a presence in Abu Dhabi by the end of 2020 and aims to promote investment activity by implementing projects of the bank’s clients in both conventional and Islamic finance through cooperation with funds, financial institution and other entities in the Middle East.