Abu Dhabi state fund Mubadala Investment said on Thursday it planned to invest millions of euros in businesses and other organisations in France under a deal signed with French state-backed investment vehicles CDC International Capital and Bpifrance.
The agreement, signed during a visit of French President Emmanuel Macron to the emirate, aims to invest up to 1bn euros ($1.2bn) in the French economy. The deal didn’t give a timescale for the investment.
The first part of the plan involves raising the size and scope of an existing co-investment partnership, known as FEF, which was launched in 2014 by Mubadala and CDC International Capital, a subsidiary of French state-owned Caisse des Dépôts Group aimed at investing alongside sovereign wealth funds.
FEF has already pledged nearly 300m euros through long-term investments in healthcare, education, elderly care and property. The two partners now plan to raise the capacity of the investment up to 500m euros.
The second part of the agreement, dedicated to technology and innovation in France, will involve Bpifrance, co-owned by Caisse des Dépôts and the French government, and Mubadala investing up to 500m euros in startups and more mature technology companies through both direct investments and venture capital funds.
The programme will focus on information and communication technologies, biotech, green technology and other technology sectors.