UAE's Mubadala to invest in Russia's Verno funds

30th November 2010, Comments 0 comments

Abu Dhabi strategic investment fund Mubadala has agreed to invest 100 million dollars in Verno Capital, a specialist fund manager in the capital markets of Russia, the two companies said on Tuesday.

The Abu Dhabi-based Mubadala and Verno Capital "today (Tuesday) announced that Mubadala will invest 100 million dollars (76,866,674 euros) into Verno-managed funds," they said in a joint statement.

It said the move represents Mubadala's first investment in the Russian market.

"Russia's recent economic performance and the future potential for the broader region make it an exciting new market for Mubadala," said its chief executive officer Khaldoon al-Mubarak.

Mubadala, which has stakes in major international companies like Ferrari, was established in 2002 to diversify the still heavily oil-dependent Abu Dhabi economy.

© 2010 AFP

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