DUBAI AIR SHOW, Nov. 12, 2007 (PRIME NEWSWIRE) -- Mubadala Development Company (Mubadala), a strategic investment and development vehicle established and wholly-owned by the government of the emirate of Abu Dhabi, today signed a memorandum of agreement (MoA) with Northrop Grumman Corporation (NYSE:NOC) to collaborate on various high technology aerospace and aviation educational and training programs to further strengthen the emirate's economic development strategy.
The MoA was signed at the Dubai Air Show by Waleed Al Mokarrab Al Muhairi, chief operating officer, and Duke Dufresne, president of Northrop Grumman ISS International, Inc. It is the first agreement signed between both companies at the Dubai Air Show as Mubadala continues its momentum to promote Abu Dhabi's well-established presence in the international aerospace and educational arena.
"This MoA signifies our mutual interest in exploring ways in which we may both collaborate and address specific high technology aerospace programs and aviation educational and training courses that are in growing demand worldwide," said Al Muhairi. "Some of our key areas of emphasis include aviation education, unmanned aerial vehicles, composites and program management."
"We're honored to work with Mubadala to support its goals to be best-in-class and create and maximize long-term returns in high-performing businesses and promising new ventures. Northrop Grumman understands its vision to encourage, strengthen and develop the future economy of Abu Dhabi and its future business leaders through profitable, strategic, commercial and industrial global investments and partnerships," Dufresne said. "I look forward to a long and very successful collaborative working relationship."
"This agreement further underscores Mubadala's desire to select partners of global standing to achieve the economic diversification mandate of the Abu Dhabi government," said 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.
About Northrop Grumman
Northrop Grumman Corporation is a $30 billion global defense and technology company whose 120,000 employees provide innovative systems, products, and solutions in information and services, electronics, aerospace and shipbuilding to government and commercial customers worldwide.
CONTACT: Mubadala Development Company Jacquelyn Miller 971 050 611 6798 firstname.lastname@example.org Northrop Grumman Corporation Dianne Baumert-Moyik (New York) Cell 516-754-2645 Dianne.email@example.com Ken Beedle (London) 44 207 747 1910 firstname.lastname@example.org