Mubadala pens agreement with Russia’s Sberbank

Mubadala pens agreement with Russia’s Sberbank

UAE - Mubasher: Mubadala Investment Company (Mubadala) has inked a strategic agreement with Sberbank, Russia's largest bank, to cooperate in multiple areas.

Under the agreement, Mubadala and Sberbank will witness mutual benefits in several areas, including co-investments, debt and equity financing, long-term financing of Mubadala projects in Russia and other territories, advisory services, hedging FX, and credit risks, according to a press release on Tuesday.

In addition, both entities will cooperate in areas such as artificial intelligence (AI), cybersecurity, life sciences, venture capital, and Islamic finance.

The partnership will also explore potential co-investment opportunities in Russia and the Middle East to improve the bilateral trade between the two regions.

By the end of 2020, Sberbank will establish a presence in Abu Dhabi