GE, Abu Dhabi Investment Company Agree To Partnership
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NEW YORK (AP) - Fairfield-based General Electric and an Abu Dhabi government-owned investment company have agreed to a global partnership.
The partnership includes commercial finance, research for clean energy and water and plans to expand GE's aircraft engine service and repair in the Middle East.
GE and the Mubadala Development Company say they will build on an already strong relationship, aiming for high growth opportunities in the Middle East and around the globe.
Mubadala is based in Abu Dhabi, the capital of the United Arab Emirates.
For the commercial finance venture, GE and Mubadala plan to each allocate four billion dollars in equity over three years.
GE also plans to commit up to 50 million dollars for global investments in clean technology and companies that reduce dependency on traditional energy sources.
(Copyright 2008 by The Associated Press. All Rights Reserved.) |
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