The Abu Dhabi-based sovereign wealth fund Mubadala has signed a strategic agreement with Russian institution, Sberbank.
The arrangement will see the two financial institutions explore opportunities of mutual benefit in multiple areas including co-investment, debt and equity financing, advisory services, hedging risk and the long-term financing of Mubadala projects in Russia.
It will also pave the way for potential collaboration and joint investment in new areas such as artificial intelligence, cyber security, Islamic finance and venture capital.
According to a statement, the two companies are currently developing a roadmap to detail how this collaboration will work across the aforementioned verticals.
As the largest bank in central and eastern Europe, Sberbank is looking to establish an Abu Dhabi office before the end of the year. Chairman and chief executive, Herman Gref, said that the agreement with Mubadala “reflects the deeper interest from Gulf countries in opportunities within Russia and vice versa”.
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