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FINANCIAL NEWS
UAE’s Mubadala projects not affected on falling oil prices
18 Dec 2014
(MENAFN) Mubadala Development Company, the Abu Dhabi-based investment firm, said that the falling in oil prices will not have an effect on its planned projects for next year
“I’m not expecting any delays or cancellations of any projects for Mubadala”” From our perspective, more and more we are actually moving away from that government dependency.” Chief executive of Mubadala Aerospace and Engineering Services said.
The company said that it expects that its non-oil divisions are likely to generate more cash next year, which will cover any losses suffered by Mubadala’s one directly linked oil division, Mubadala Petroleum.
Mubadala Aerospace, which manufacturers some parts for the European and American aero plane manufacturers, also said that it is still in discussion with both Boeing and Airbus for a similar deal, with the company saying that it expects that the deals will be finalized with the international companies by the end of June next year.
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