Press release : H.E. Bruno Le Maire, French Minister of the Economy and Finance: “Finance and technology are at the core of our strategic partnership” [ar]
H.E. Bruno Le Maire, French Minister of the Economy and Finance pays new visit to the United Arab Emirates, witnesses the signing of a new MoU between Mubadala and Bpifrance
Monday, February 24, Abu Dhabi – One year after his first visit to the United Arab Emirates, in February 2019, French Minister of the Economy and Finance, H.E. Bruno Le Maire, was back in Abu Dhabi on Monday to follow up on joint projects pursued by France and the UAE in the field of trade, investment, renewable energies and technologies.
The French Finance Minister met with His Highness Sheikh Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi and deputy supreme commander of the UAE Armed forces. The discussions focused on the enhancement of the economic partnership between France and the UAE and on the implementation of joint plans in a wide range of sectors such as finance, renewable energies, transportation, artificial intelligence and spatial cooperation.
Bruno Le Maire also met with His Excellency Khaldoon al Mubarak, Chairman of the Abu Dhabi Executive Affairs Authority and Mubadala Group Chief Executive Officer and Managing Director.
On this occasion, Mubadala Investment Company (“Mubadala”), one of the world’s leading sovereign wealth funds, announced the signing of a Memorandum of Understanding (MoU) with Bpifrance, the French national investment bank, to commit upon the first closing of the LAC I Fund, a multibillion fund managed by Bpifrance.
The fund targets to raise €10 billion which will be invested in approximately 15 listed companies taken from a large pool of French world leading corporations over the next decade. The MoU was signed by Waleed Al Mokarrab Al Muhairi from Mubadala and Nicolas Dufourcq from Bpifrance, in presence of Minister Bruno Le Maire.
Bruno Le Maire declared: “I am delighted to be back in the UAE, one year ahead of my previous visit. Today, in Abu Dhabi, I was honored to meet again His Highness Sheikh Mohamed bin Zayed Al Nahyan, whom I also thank for his continuous and decisive support to the French-Emirati strategic and economic partnership.”
The French Minister of the Economy and Finance also stated: “Today’s signing between Mubadala and Bpifrance is a great illustration of the trustful and long-term partnership between our two countries. It demonstrates the renewed interest of Mubadala, a major sovereign wealth fund, for the French economy and deepens the strong partnership established in 2017 with BPI. This Emirati investment in the LAC I fund will contribute to strengthening the French flagship companies.”
On his previous visit to the UAE, in February 2019, Le Maire had laid the foundations of a strengthened partnership in the field of artificial intelligence, through the signing of a new memorandum of understanding with the UAE authorities.
Le Maire hailed the growing figures of bilateral trade as well as the dynamism of the French business community in the UAE : “The UAE is a top trading partner for France in the region. The French business community in the UAE – 600 companies and a regional French tech hub – has an essential role in the UAE’s development plans. And we are fully committed for the success of Expo 2020 Dubai, where the French pavilion will showcase the best examples of French know-how and innovation.”