Mubadala ties up with Korea’s Woori for global investments

Mubadala Investment Co., Abu Dhabi’s sovereign wealth fund, has joined hands with Woori Financial Group, South Korea’s fourth-largest financial holding company, to expand global investment opportunities.

Mubadala Capital, the wholly owned asset management subsidiary of the United Arab Emirates state-run company, and Woori Venture Partners, 100%-owned by the South Korean group, said on Wednesday they signed a memorandum of understanding for a long-term strategic partnership.

Mubadala Capital, which manages $22 billion in assets, is set to explore global investment opportunities in various sectors with Woori Venture Partners.

“We look forward to working with them to unlock investment opportunities in key markets around the world,” said Mubadala Capital CEO and Managing Director Hani Barhoush in a statement. “Long-term partnerships are fundamental to how we operate, and we are keen to explore the synergies that exist between our two companies.”

GROUP PARTNERSHIP

Mubadala Investment and Woori Financial Group are likely to expand the cooperation between their subsidies for their joint global businesses leveraged by the UAE’s oil resources, industry sources in Seoul said.

“The cooperation with Mubadala Capital, which has an investment network across the world, is expected to significantly contribute to Woori Venture Partners’ future growth,” its CEO and President Kim Chang Kyu said.

"We hope it will lead to strengthening cooperation between group companies in the future."

Woori Venture Partners has invested in some 2,000 companies so far, of which about 300 firms have gone public.

Write to Hyeong-Gyo Seo at seogyo@hankyung.com
 

Jongwoo Cheon edited this article.