Mubadala Aerospace on Wednesday said it would manufacture commercial aircraft in Abu Dhabi within eight years.
Mubadala Development Company is a catalyst for the economic diversification of Abu Dhabi. Its sole shareholder is the Government of the Emirate of Abu Dhabi.
Mubadala's Aerospace Associate Director, Humaid Al Shemmari, said that the company has adopted a long-term strategy with its partners in the aircraft industry to manufacture the aircraft.
Speaking shortly after the signing of a multi-faceted aviation agreement with GE Aviation in the French capital, Al Shemmari alluded to Mubadala's investment in a number of world's prominent aerospace companies including Italian aerospace company Piaggio Aero Industries, in which Mubadala owns a 31 per cent share.
This will enhance the strategy of the emirate to embark on aircraft manufacturing enormously, bringing out its first fully manufactured aircraft between 2016 and 2018, Al Shemmari said.
He added that the company's commercial strategy is built on the management of long-term, capital-intensive investments that deliver not only strong financial returns but tangible social benefits for the people of Abu Dhabi.