Mubadala GE Capital has $2 bln financing ties -CEO

Mubadala GE Capital has $2 bln financing ties -CEO

Over 45 transactions were closed across 14 different industries, he said, declining to give further details.

December 13, 2010 11:58 by Reuters

Mubadala GE Capital has committed $2 billion in financing 45 deals in its first year in the Middle East and Africa, tapping into growing demand for finance in the region, its chief executive said on Monday.

The 50:50 financing joint venture between General Electric and Abu Dhabi investment fund Mubadala began commercial operations in 2009 with an equity of $8 billion.

“As of Dec. 13, we reached $2 billion in commitments. We see significant future demand of commercial financing opportunities in the United Arab Emirates and across the Gulf and wider Middle East and Africa,” he told reporters.

Over 45 transactions were closed across 14 different industries, he said, declining to give further details.

Mubadala GE Capital offers commercial lending, leasing and equity finance across key sectors such as power and water, infrastructure, energy, healthcare, aviation and industry.

Recent deals include acquisition finance for an oil and gas company in the United Arab Emirates and a corporate finance deal for a company in Jordan, he said.

The firm also plans to close in two weeks an aircraft financing deal for an Abu Dhabi-based company, he said, declining to give details.

It will make a secondary acquisition of a minority equity interest in a Gulf power asset towards the end of the week, he added.

“Throughout the region, there is a good market for financing. And leasing penetration is a fraction here of what it is in Europe and elsewhere,” he said.

(Reporting by Stanley Carvalho; Editing by Jason Benham)