IMPEACH BUSH

NEW YORK (AFP) — US conglomerate General Electric announced Tuesday a joint venture with Abu Dhabi state investment firm Mubadala on "a broad range of initiatives" including commercial finance, energy research and aviation.

Under the arrangement, Mubadala plans "over time to become a long-term GE shareholder," according to a joint statement.

"The expectation is that Mubadala will become one of GE's top 10 institutional investors through the open market, as conditions allow," the statement said.

The move comes as the US industrial, financial and media giant seeks to reorganize to focus on more high-growth areas and curtail slow-growing activities such as appliances and consumer products.

In finance, the partnership will establish a jointly owned global commercial financial services business in Abu Dhabi with each firm providing four billion dollars in equity over a three-year period.

"The venture will expand GE's opportunity pipeline globally, particularly in the Middle East and Africa, while providing Mubadala with access to GE's best-in-class commercial finance capabilities," the statement said.

The venture will also establish a research and development technology center for clean energy in Masdar City, Abu Dhabi.

GE agreed to commit up to 50 million dollars to Masdar's second Clean-Tech Fund, and Mubadala will invest 200 million dollars in a partnership of investors focusing on health care, energy, and transportation industries.

The two groups will also seek to expand their aircraft engine maintenance project in the region and create a new corporate learning program for business leaders in the region.

"This partnership brings together two world-class organizations with complementary resources and a shared commitment to excellence," said GE chairman and chief executive Jeff Immelt.

"Mubadala has deep experience, a diversified portfolio of businesses, access to regional infrastructure opportunities and an exciting vision for growth. We are delighted to be partnering with them to capitalize on what we believe are significant opportunities in today's global financial marketplace."

GE and Mubadala have been working together for more than four years on infrastructure and other projects in the Middle East region.