Mubadala, the Abu Dhabi investment and development company, and HNA Group, a global Fortune 500 company focused on Tourism, Logistics, and Financial Services, today announced that they have signed a Memorandum of Understanding (“MOU”) regarding expanded investment collaboration between the two organizations.
Following a series of senior leadership meetings in Abu Dhabi, Mubadala and HNA Group have agreed to explore co-development and co-investment opportunities across a range of sectors in tourism, logistics, and financial services. Together, Mubadala and HNA Group will also identify, evaluate and seek to carry out strategic and capital investment opportunities in areas such aerospace, advanced manufacturing, real estate and hospitality, healthcare, infrastructure, information technology and financial services.
The agreement was signed by Homaid Al Shimmari, Chief Executive Officer, Aerospace & Engineering Services, Mubadala, and Guang Yang, Chief Investment Officer, HNA Capital. The signing was witnessed by Khaldoon Al Mubarak, Group CEO and Managing Director, and Waleed Al Mokarrab Al Muhairi, Deputy Group CEO & Chief Executive Officer, Emerging Sectors, from Mubadala, and by Wang Jian, Chairman, Adam Tan, CEO, and Chen Wenli, Vice Chairman, from HNA Group.
Commenting on the announcement, Homaid Al Shimmari, CEO, Aerospace and Engineering Services at Mubadala said: “We are delighted to expand our relationship with HNA Group through this memorandum of understanding. This agreement will create opportunities to build on the deep rooted relationship between the UAE and China, and a diverse range of co-investment activities between our two nations.”
Adam Tan, CEO and Vice Chairman of HNA Group, said: “Mubadala is a world-class organization, and we are pleased to be building on our important partnership with them. This agreement is reflective of how HNA Group and Mubadala are working together to embrace the One Belt, One Road initiatives aimed at enhancing and strengthening connections between China and EMEA through commercial, investment and cultural exchanges. HNA Group looks forward to continuing to work closely with Mubadala as we continue to grow globally.”
The MOU signed this week builds on the announcement in July that Mubadala had agreed to sell a majority stake in SR Technics, a world leading MRO service provider for the civil aviation sector, to HNA Group. Following the close of that transaction, HNA Group, through its HNA Aviation business unit, and Mubadala will work closely together as shareholder partners in the company.