Hyundai Motor, UAE’s Mubadala to collaborate on future business projects

South Korea’s top automaker Hyundai Motor Co. and the United Arab Emirates’ sovereign wealth fund Mubadala Investment Co. have agreed to jointly pursue future business projects, including eco-friendly hydrogen production and advanced air mobility (AAM) services.

The two companies also agreed to jointly explore investment opportunities and strengthen fintech and other digital financial capabilities.

Chang Jae-hoon, chief executive of Hyundai Motor, and Waleed Al Mokarrab Al Muhairi, the UAE sovereign wealth fund’s deputy group CEO, signed a memorandum of understanding on cooperation in Abu Dhabi on Friday.

“This strategic partnership with Hyundai Motor 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 the Mubadala executive.

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“Through our combined strengths and expertise, we will seek new investment opportunities that are in line with our strategic growth ambitions and sustainability agendas. We look forward to collaborating with Hyundai Motor and expanding our presence in South Korea,” he said.

Established in 2002, Mubadala is one of the UAE’s three leading state investors and currently expanding its investment scope into eco-friendly and future technologies.

Under the initial agreement, the partners will jointly seek investment opportunities and share expertise, leveraging Mubadala’s business acumen and Hyundai Motor’s strengths in future mobility and clean technologies such as the use of hydrogen in green steel and green aluminum production, AAM and electric vehicle infrastructure.

In the eco-friendly mobility sector, Hyundai and Mubadala agreed to launch projects to build EV charging infrastructure on the Iberian Peninsula in southwestern Europe, and to create a hydrogen ecosystem, including the rollout of hydrogen-powered commercial vehicles, in the UAE.

“Hyundai Motor will continue to pursue diverse partnerships to achieve a sustainable future and contribute to the global energy transition,” said Hyundai Motor CEO Chang.

Write to Sungsu Bae at baebae@hankyung.com


In-Soo Nam edited this article.