Mubadala GE Capital, a 50:50 joint venture between General Electric (GE) and the Mubadala Development Company (Mubadala), announced today that it has reached $2 billion in commitments in its first full year of operation.

Licensed in January 2010 by the UAE Central Bank, Mubadala GE Capital combines the international corporate finance experience of GE Capital with the regional insights of Mubadala.

Mubadala GE Capital is a specialized commercial finance company that offers an array of financing solutions – including commercial lending, leasing and equity finance. The company’s geographic investment focus spans the Middle East, Africa and select opportunities in global markets, covering key infrastructure sectors such as power and water, oil and gas, healthcare, industry and manufacturing, transportation, aviation and infrastructure, a statement said.

“We are extremely pleased to announce that we have successfully reached our $2 billion mark in commitments in our first year of operations,” said Ron Herman, chief executive officer, Mubadala GE Capital.

“We see significant future demand of commercial financing opportunities – initially here in the UAE, our home market, then across the Gulf and wider Middle East and Africa region.

“By providing growth capital to businesses in the region, we are helping them increase sales, better manage their balance sheets and achieve their long-term business objectives,” said Herman. “In turn, this will contribute to the economic growth and diversification of all the markets we serve from our strategically located headquarters in Abu Dhabi.”

“Mubadala GE Capital represents a very important business for us here in the vibrant Middle East region where the need for growth capital will remain significant for many years to come,” said Richard Laxer, president and chief executive officer, GE Capital, EMEA. “Mubadala is a true strategic partner for GE Capital in a region that is of fundamental importance to our business.”

“Building upon the complementary strengths of its founding shareholders, Mubadala GE Capital is uniquely positioned to provide capital and expertise to support the growth of companies here in the UAE and across the region,” said Carlos Obeid, CFO Mubadala Development Company and chairman of Mubadala GE Capital.

Over a five-year period, GE Capital and Mubadala will each allocate up to $4 billion in equity to support Mubadala GE Capital, which has two strategic pillars: access to investment opportunities generated through GE Capital’s existing global activities, and building a Middle East and Africa Origination platform with select focus areas aligned to both partners’ capabilities and regional presence. – TradeArabia News Service