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Investment authorities: Mubadala expands its reach

Abu Dhabi investment vehicle builds global partnerships.

Mubadala Development Company goes from strength to strength. The Abu Dhabi state-owned fund entered into agreements last month in Africa and Europe that total billions of dollars of investment.

In its biggest deal, Mubadala signed an agreement with Dubai Aluminium (Dubal) and Algerian state-owned energy company Sonatrech to build a $5 billion aluminium smelter in the north African country. The smelter is expected to produce 700,000 tonnes of aluminium a year, largely for export.

Mubadala also completed the financing of two independent water and power projects in Oman. On March 14, the company completed a limited-recourse financing of the Barka 2 Independent Water and Power project. It also concluded the acquisition of the Al Rusail Power Company. Mubadala co-financed the transactions with Suez Energy and Oman’s National Trading Company. The three investors financed the deals via an $800 million syndicated loan led by HSBC and Sumitomo Mitsui.

The Abu Dhabi company is also in negotiations with Dubal, BHP Billiton and Canada’s Global Alumina Corporation to form a venture to operate Global Alumina’s refinery project in Guinea.

In Italy, Mubadala is seeking joint ventures with Finmeccanica in a range of aerospace and defence projects.

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