DUBAI, 19 June 2007 — Mubadala Development Company PJSC (Mubadala), a strategic investment and development vehicle established and owned by Abu Dhabi, yesterday signed a Memorandum of Understanding (MOU) with Boeing company to forge an alliance to strengthen emirate’s emerging aerospace strategy.
The MOU was signed at the Paris Air Show by Waleed Al-Mokarrab Al-Muhairi, COO of Mubadala, and the leaders of the aerospace giant’s two biggest business units, Jim Albaugh, president and CEO of Boeing Integrated Defense Systems, and Scott Carson, president and CEO of Boeing Commercial Airplanes.
“This MOU reflects our mutual interest to identify, evaluate, research and define potential future projects in Abu Dhabi across a number of aerospace segments,” Al-Muhairi said. “We view this partnership as a significant step forward in our strategy to develop sustainable aerospace capabilities in Abu Dhabi and to further add synergies to develop a cluster dedicated to advanced materials and composites.”
The MOU sets up a framework for discussion where Boeing provides strategic guidance to Mubadala on the implementation of its aerospace strategy. Primarily, the MOU allows for the joint identification of potential partners and suppliers to become directly involved in the production of advanced material aerospace components and raw materials in Abu Dhabi. Together with Mubadala, Boeing will help to develop an Abu Dhabi-based aerospace Research and Development Center.
Mubadala’s entry into aerospace investment marks a major change of emphasis. Until now, the region has been a very large purchaser of aircraft, but has not played a significant role in aerospace investment. Now, in a sign of the Gulf states’ growing self-confidence, Abu Dhabi — which already has a track record of aviation assets — plans to be a very active producer and investor in the industry.