ABU DHABI, 28th November, 2016 (WAM) — Mubadala Development Company and the HNA Group, a global Fortune 500 company specialising in tourism, logistics and financial services, signed a memorandum of understanding, MoU, to expand investment collaboration between the two sides.
Following a series of senior leadership meetings in Abu Dhabi, the companies agreed to explore co-development and co-investment opportunities across a range of sectors, including tourism, logistics and financial services. They would also identify, evaluate and carry out strategic and capital investment opportunities in areas such aerospace, advanced manufacturing, real estate and hospitality, healthcare, infrastructure, information technology and financial services.
Homaid Al Shimmari, Chief Executive Officer, Aerospace and Engineering Services, Mubadala, and Guang Yang, Chief Investment Officer, HNA Capital, signed the MoU in the presence of Khaldoon Al Mubarak, Group CEO and Managing Director, and Waleed Al Mokarrab Al Muhairi, Deputy Group CEO and Chief Executive Officer, Emerging Sectors, Mubadala, and Wang Jian, Chairman, Adam Tan, CEO, and Chen Wenli, Vice Chairman, of the HNA Group.
“We are delighted to expand our relationship with the 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,” Al Shimmari said, commenting on the initiative.
“Mubadala is a world-class organisation, and we are pleased to be building on our important partnership with them. This agreement is reflective of how the 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. The HNA Group looks forward to continuing to work closely with Mubadala as we continue to grow globally,” Adam Tan said.
The MoU, signed this week, came in the wake of the announcement made in July that Mubadala had agreed to sell majority stake in SR Technics, a world-leading maintenance, repair and overhaul (MRO) services provider to the civil aviation sector, to the HNA Group. Post that transaction, the HNA Group, through its HNA Aviation business unit, and Mubadala will work closely as shareholder partners in the company.