UAE - Mubasher: Mubadala Investment Company (Mubadala) has inked a strategic agreement with Sberbank, Russia’s largest bank, to cooperate in multiple areas.
Under the agreement, Mubadala and Sberbank will witness mutual benefits in several areas, including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories, advisory services, hedging FX, and credit risks, according to a press release on Tuesday.
In addition, both entities will cooperate in areas such as artificial intelligence (AI), cybersecurity, life sciences, venture capital, and Islamic finance.
The partnership will also explore potential co-investment opportunities in Russia and the Middle East to improve the bilateral trade between the two regions.
By the end of 2020, Sberbank will establish a presence in Abu Dhabi to coordinate with funds and financial institutions in the Middle East to develop projects of the bank’s clients in both conventional and Islamic finance.
The Group CEO and Managing Director of Mubadala, Khaldoon Khalifa Al Mubarak, said: "We have 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."
The CEO and Chairman of the Executive Board of Sberbank, Herman Gref, noted: "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."
