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Mubadala explores tech ventures with Hyundai

Jaehoon Chang, president and CEO of Hyundai Motor Company (left) and Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala sign pact to jointly explore business opportunities for future mobility and technology

South Korea’s Hyundai Motor Company and the UAE’s Mubadala Investment Company are exploring potential business opportunities in mobility and clean technologies.

The agreement will allow joint investment in fields such as green steel production, green aluminum production and recycling, as well as advanced air mobility and infrastructure for electric vehicles, the companies said in a joint statement.

“This strategic partnership with Hyundai 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,” said Waleed Al Mokarrab Al Muhairi, deputy group CEO of Mubadala.

Last week Khaldoon Al Mubarak, the Mubadala CEO, said that the second-biggest sovereign wealth fund in Abu Dhabi will shift its investment focus towards Asia, though the US remains a major market.

“The US will remain an unbelievably attractive market and a key market for us,” he told the Milken Institute Middle East and Africa Summit.

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