Mubadala sells MIP 49% stake in Manhal

22 Apr 2011

(MENAFN) Mubadala Infrastructure Partners’ (MIP) CEO, Philip Haddad, said that it bought forty nine percent of Manhal Development Company which developed and manages the Paris-Sorbonne University Abu Dhabi from Mubadala Development, reported The National.

Haddad added that the Sorbonne project would add to MIP’s profits, in addition, it would give it the opportunity to take a part in Mubadala’s value creation through operational improvements.

He also said that selling the stake in Manhal Development Company would allow Mubadala to gain commercial benefit while at the same time the company would still be in line with its strategy of sharing project risk with other parties in order to develop UAE and regional markets.

It is worth noting that the USD500 million funded MIP was established three years ago, focusing on investments in Middle East, North Africa and Turkey. It is co-sponsored by Mubadala, General electric and Credit Suisse whereas its investors include local and foreign institutions.

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