Aircraft

Abu Dhabi investment house Mubadala is partnering with General Electric on a diverse range of business ventures in the latest in a series of initiatives with leading aerospace companies aimed at creating an engineering hub in the oil-rich emirate.

Under the agreement, GE's engine division will expand its aftermarket activities in the region through Mubadala's maintenance, repair and overhaul subsidiary Abu Dhabi Aircraft Technologies. It follows a similar deal with Rolls-Royce announced at the Farnborough air show.

All 100 Airbus and Boeing aircraft ordered by Abu Dhabi flag carrier Eithad at Farnborough will be powered by GE or Rolls-Royce engines (or engines in which one of them has a stake), with the airline still to announce its choice on 35 Boeing 787s, 10 Airbus A380s and 20 A320s.

The GE agreement includes the setting up of a jointly owned commercial financial services business in Abu Dhabi as well as ventures in the oil and gas industries, clean energy and water research. Mubadala plans to become a long-term GE shareholder.

Mubadala also signed a supplier agreement with EADS at Farnborough and announced plans to build a composite aerostructures plant in the emirate.