By Andrei Skvarsky.
Russia’s biggest lender Sberbank and Abu Dhabi state investment fund Mubadala have signed an agreement to collaborate in multiple fields, including investment, Islamic finance, venture capital and risk hedging.
Artificial intelligence, cybersecurity, natural science, telemedicine and education are among areas where the Russian bank and United Arab Emirates company are going to join forces under the agreement.
Sberbank and Mubadala have jointly developed a road map for putting the deal into practice.
Mubadala, which has a portfolio of 853 Emirati dirhams ($232bn), opened an office in Moscow in 2019. It also has offices in New York, San Francisco and Rio de Janeiro besides its headquarters in Abu Dhabi.
Sberbank, which is active in the United States, Europe, Asia and the Commonwealth of Independent States besides Russia, is planning to open an investment subsidiary in Abu Dhabi by the end of 2020.
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