Korean industrial giant Hyundai has signed a new deal with the Mubudala Investment company to develop opportunities in mobility and clean tech, including electric vehicles, recycling and green steel and aluminium
A new deal signed this week brings the UAE and South Korea closer increasing the integration of the two countries in sustainable projects.
Hyundai Motor Company and Mubadala Investment Company “Mubadala”, an Abu Dhabi-based global sovereign investor, have signed a memorandum of understanding (MOU) to jointly “explore potential business opportunities and synergies for future mobility and technologies”.
The signing ceremony, which took place in Abu Dhabi, was attended by Jaehoon Chang, President and CEO of Hyundai Motor Company, and Waleed Al Mokarrab Al Muhairi, Deputy Group Chief Executive Officer of Mubadala Investment Company. “This marks the beginning of a strategic collaboration that will drive progress in future mobility and clean technologies,” said a press statement made after the event.
The agreement will allow both parties to jointly invest and share expertise, leveraging the advantages of Mubadala’s investments and Hyundai Motor’s expertise in various fields, including green steel production, green aluminum production and recycling, as well as advanced air mobility (AAM), and infrastructure for electric vehicles.
“In addition, Hyundai Motor and Mubadala will seek to unlock potential investment opportunities,” said the statement. Mubadala is a sovereign investor managing a diverse portfolio of assets in the UAE and abroad, with a focus on future sustainability.
“This collaboration capitalizes on the organic synergy between Hyundai Motor’s eco-friendly and futuristic business strategies, including hydrogen, green steel, green aluminum as well as future mobility technologies, and Mubadala’s investment portfolio,” said Jaehoon Chang, President and CEO of Hyundai Motor Company. “Hyundai Motor will continue to pursue diverse partnerships to achieve a sustainable future and contribute to the global energy transition.”
Waleed Al Mokarrab Al Muhairi, Deputy Group CEO of Mubadala Investment Company – which has US$276 bn managed assets – said: “This strategic partnership with Hyundai Motor Company marks a significant milestone in our journey to further diversify our portfolio across sectors that are shaping the future of the global economy such as mobility, green technology, and energy.
“Through our combined strengths and expertise, we will surface new investment opportunities that are in line with our strategic growth ambitions and sustainability agendas. We look forward to collaborating with Hyundai Motor Company and expanding our presence in South Korea.”
