ECONOMY

Macron unveils 1-bn euro joint investment with UAE

French President Emmanuel Macron gestures during a news conference in Dubai, UAE, November 9, 2017. (Reuters)

French President Emmanuel Macron on Thursday announced a one-billion euro joint investment platform with the UAE whose funds are to be invested in France.

This agreement “will allow us to mobilise our economy with the investment strength of the Emirates”, Macron told members of the French community in Dubai on the second day of a visit to the UAE, his first as head of state to the Middle East.

The agreement was signed by Abu Dhabi-based sovereign fund Mubadala and the French Caisse des Depots group, which have pledged to contribute 500 million euros ($580 million) each.

In part, the fund serves as an extension of a 2014 collaboration between CDC International Capital, a subsidiary of Caisse des Depots, and Mubadala launched to support firms with “proven” growth potential, chiefly based in France.

But the new fund goes further with a collaboration between Mubadala and Bpifrance, also a subsidiary of Caisse des Depots, that will aim to support innovation in France, whether start-ups or more mature companies. 

Two corvettes for UAE 

France sold two Gowind-class corvettes of state-owned shipbuilder Naval Group to the UAE, President Emmanuel Macron told a new conference on Thursday.

The deal also includes an option for two more vessels, the French presidency said in a statement.

The president’s office did not disclose financial details.

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Last Update: Thursday, 9 November 2017 KSA 21:01 - GMT 18:01
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