Press Release

Mubadala in Talks with Top-Tier OEM's to Develop an Abu Dhabi-Based, Regional Center of Excellence for Military Aircraft Sustainment

release date: 12th November 2007

Mubadala Development Company (Mubadala), a strategic investment and development vehicle established and wholly-owned by the Government of the Emirate of Abu Dhabi, today announced that it is holding advanced discussions with top-tier Original Equipment Manufacturers (OEM's) to develop an Abu Dhabi-based, regional center of excellence for Military Aircraft Sustainment.

Mubadala has invited Lockheed Martin, Boeing and Thales to jointly discuss participation in a joint venture company to deliver world-class technical services and aircraft sustainment solutions to the UAE Armed forces, and other Air Forces in the region that are potentially seeking to outsource their maintenance, repair and overhaul (MRO) needs to a world-class provider.

This news comes one week after Mubadala launched Abu Dhabi Aircraft Technologies, the former Gulf Aircraft Maintenance Company (GAMCO) that has been repositioned to expand their current capabilities to provide more quality MRO services to the growing number of fleets in the region.

According to Waleed Al Mokarrab Al Muhairi, COO of Mubadala, the proposed joint venture company will commence by taking over the Military MRO operations of Abu Dhabi Aircraft Technologies, with the aim of transforming them into a world class operation under the joint management of the consortium.

The discussions were initiated after Mubadala signed Memorandum of Understandings (MOUs) with both Boeing and Lockheed Martin during the Paris Air show, while Thales has been invited to the discussions due to its global footprint in the Avionics sector and its contribution to many of the aircraft platforms operated within the region.

"Mubadala sees a tremendous opportunity in the military aircraft sustainment business, specifically when joining forces with the Primes to establish a center of excellence of a global stature" explained Waleed Al Mokarrab Al Muhairi, COO of Mubadala. "This will be achieved by re-structuring and consolidating the existing capabilities currently scattered between the UAE Air Force, Abu Dhabi Aircraft Technologies and elsewhere in the Emirate of Abu Dhabi, and by adhering to the best industry practices while maintaining innovative sustainment solutions."

"This center will be a primary provider for military maintenance, repair and overhaul services, catering for Air Forces and Military Aircraft operators in the Middle East region as well as South Asia and North Africa", continued Al Muhairi.

About Mubadala Development Company:

Mubadala is a strategic investment and development company headquartered in Abu Dhabi, the capital of the United Arab Emirates. Mubadala's mission is to create and maximize long-term returns as an engaged investor in high performing businesses and promising new ventures that will benefit partners, the Emirate of Abu Dhabi and its people.

The company currently employs over 250 staff and is a principal investor in, and manager of, large-scale industry-leading ventures with significant interests in energy, heavy industry, telecommunications, infrastructure and aerospace.

Mubadala also manages a growing and diversified international portfolio with stakes in global operations including the U.S. private equity firm Carlyle Group, Dutch fleet management giant LeasePlan Corporation and Italian car manufacturer Ferrari.

Mubadala develops and invests in major aviation and aerospace projects. The company is committed to assisting in the building of the UAE capital's intellectual property and knowledge base of the industry. Mubadala's joint ventures and wholly-owned companies are designed to generate strong financial returns for its partners as well as provide outstanding service and products for customers.

Mubadala is looking to be a global aerospace player and has assembled a highly skilled team to achieve this goal. It already has a significant aerospace community presence with wholly-owned subsidiaries Horizon International Flight Academy and Abu Dhabi Aircraft Technologies, as well as stakes in Abu Dhabi UAV Investments, the Swiss airline technical services provider SR Technics and Italian aerospace outfit Piaggio Aero Industries.