Mubadala, Russia's Sberbank to explore co-investments, financing

Middle East & Africa

Reuters Staff

DUBAI (Reuters) - Abu Dhabi state investor Mubadala and Sberbank SBER.MM , Russia's biggest lender, have signed a strategic agreement to explore co-investments and opportunities in equity and debt financing, the two said on Tuesday.

Sberbank will establish a presence in Abu Dhabi by the end of 2020, they said in a joint statement.

The agreement will also cover cooperation in long-term financing of Mubadala’s projects in Russia and other territories, as well as advisory services.

“The Sberbank-Mubadala strategic partnership will unlock potential co-investment initiatives in both Russia and the Middle East, which are also expected to enhance bilateral trade between businesses in both regions,” the statement said.